Nan Ya Printed Circuit Board Corp (8046) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nan Ya Printed Circuit Board Corp stock TWD 1,731, price TWD 875, upside +97.8%, quality 69 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 76.60 TWD – 1,505 TWD · fair‑value band 1,175 TWD – 2,386 TWD · the 875.00 TWD price screens below the 1,731 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Nan Ya Printed Circuit Board Corporation manufactures and sells printed circuit boards (PCBs) in Taiwan, the United States, Mainland China, Korea, and internationally.
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It offers conventional PCBs that are used in the motherboards of desktops and notebooks, and home electrical appliances; high density connector boards that are used in smartphones, game consoles, navigation systems, GPS, PDAs, automobile appliances, and MP3 players; and soft and hard composite boards used in high-end handheld devices and notebook computers.
The company also provides flip chip substrates comprising pin/land grid arrays for microprocessors; and ball grid arrays for graphic chips, northbridge chipsets, high-end ASIC chipsets, and digital TV chipsets.
In addition, it offers wire bond substrates for MCP, southbridge chipsets, communication, and networking applications, as well as for use in memory, portable devices, handsets, consumer electronics, and PC peripheral devices.
Further, the company provides electronic product sales and investment; ABF (Ajinomoto Build-upFilm) substrate, and PP (Prepreg) substrate businesses. The company was founded in 1997 and is headquartered in Taipei City, Taiwan.
Nan Ya Printed Circuit Board Corporation operates as a subsidiary of Nan Ya Plastics Corporation.
Stock analysis
Nan Ya Printed Circuit Board Corp (8046) currently trades at 875.00 TWD, while our model-based Fair Value estimate is 1,731 TWD, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 2,764 TWD per share, and 19 of the 25 models we run sit above the 875.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 360.30 TWD, and 6 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 1,175 TWD (bear) to 2,386 TWD (bull), the price of 875.00 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Technology sector.
Mixed Growth: Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Nan Ya Printed Circuit Board Corp reported revenue of 40.2B TWD in FY2025 versus 52.2B TWD in FY2021, a compound −6.4%/yr. Reported net income was 1.9B TWD in FY2025, compounding −34.5%/yr from FY2021.
Key figures
Market cap 866B TWD (≈ $26.4B) Large · P/E ratio 100.1 · P/S ratio 12.1 · EPS (TTM) 8.74 TWD · Dividend yield 0.2% · Net margin 11.7% · Return on equity 11.9% · Return on assets (EBIT) 12.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 42% below its 52-week high and 273% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 98%, 8046 screens cheaper than that median.
Fair Value models
Bear1,175 TWDFair Value 1,731 TWDBull2,386 TWD
Price 875.00 TWD · Upside +97.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (5.76 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Revenue growth 1 year
+24.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.9%
Dividend (yield on the price)0.2%
Per share before 2011divided by the spin-off factor 1.03
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−11.9% vs 4.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+56.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +54.5% a year for the forecasts.
AI conclusion: AI demand supports stronger margins via integrated production of high-end IC substrates and PCB materials, yet persistently low returns on equity and assets signal a weak moat in the commoditized components sector.
Main risk: Rivals such as Unimicron, Ibiden and Shinko could capture more contracts for advanced IC substrates and HDI boards used in AI servers and GPUs, squeezing Nan Ya's prices and margins in those segments.
Bull case: Nan Ya could defend or expand its position by matching rivals' yields and capacity in high-layer AI boards while leveraging its broad customer base across segments.
Bear case: If Unimicron and other peers continue to outpace Nan Ya in advanced substrate ramps and win share from key chipmakers, the company could lose ground in the fastest-growing parts of the PCB market.
Our models see it as undervalued. Nan Ya PCB benefits from the AI-driven surge in demand for high-end IC substrates and PCB materials, where supply shortages have enabled price increases and stronger margins through its integrated production lines. Yet rapid capacity additions across the broader supply chain could ease those shortages. Will its pricing power and product mix gains outpace the risk of normalizing supply conditions?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 651 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+97.8% · Top 25%
Profitability
Return on equity (12 months)11.9% · Above median
Return on assets3.2% · Below median
Net margin (12 months)11.7% · Above median
Operating margin (12 months)21.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)41.7% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nan Ya Printed Circuit Board Corp Fair Value". https://www.fairvalue-calculator.com/stock/8046
Frequently asked questions
Is Nan Ya Printed Circuit Board Corp (8046) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 1,731 TWD versus a price of 875.00 TWD, about +98% upside (undervalued).
What is the fair value of 8046?
Our model-based fair value for Nan Ya Printed Circuit Board Corp is 1,731 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 875.00 TWD.
What is the quality score of 8046?
Nan Ya Printed Circuit Board Corp has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nan Ya Printed Circuit Board Corp (8046)?
Our model-based price target is the fair value of 1,731 TWD (as of Nov 6, 2026) from 25 valuation models. Cautious scenario 1,175 TWD, optimistic scenario 2,386 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Nan Ya Printed Circuit Board Corp stock forecast for 2026?
Our models put fair value at 1,731 TWD, about +98% upside versus a price of 875.00 TWD (undervalued). Cautious scenario 1,175 TWD, optimistic scenario 2,386 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Nan Ya Printed Circuit Board Corp (8046)?
Nan Ya Printed Circuit Board Corp reported trailing-twelve-month revenue of about 46.9B TWD (latest available figure, as of Nov 6, 2026).
Does Nan Ya Printed Circuit Board Corp pay a dividend?
Nan Ya Printed Circuit Board Corp currently shows a dividend yield of 0.23% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Nan Ya Printed Circuit Board Corp (8046) and when is the ex-dividend date?
Nan Ya Printed Circuit Board Corp pays a dividend of 2.00 TWD per share a year, a dividend yield of 0.2%. The last ex-dividend date was Jun 25, 2026. The payout ratio is 22.9% of earnings. Free cash flow covers the dividend 0.48 times. Our assessment: Token dividend. At a yield of 0.2% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.2% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What growth is priced into Nan Ya Printed Circuit Board Corp (8046)?
For today's price to be fair in a discounted-cash-flow model, Nan Ya Printed Circuit Board Corp would have to grow free cash flow by more than 80 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 8046 use?
Our models discount Nan Ya Printed Circuit Board Corp at 12.2 %: a base by market capitalisation (large), damped by beta 2.11, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nan Ya Printed Circuit Board Corp that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Nan Ya Printed Circuit Board Corp (8046) delivered so far?
Over the past 5 years revenue at Nan Ya Printed Circuit Board Corp grew +0.9 % a year. The price currently implies free-cash-flow growth of more than 80 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nan Ya Printed Circuit Board Corp (8046) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Nan Ya Printed Circuit Board Corp (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nan Ya Printed Circuit Board Corp (8046)?
The free-cash-flow yield on the price is 0.11 %: that much free cash flow Nan Ya Printed Circuit Board Corp produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nan Ya Printed Circuit Board Corp (8046)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nan Ya Printed Circuit Board Corp it is 1,731 TWD per share (as of Nov 6, 2026), against a price of 875.00 TWD. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Nan Ya Printed Circuit Board Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 8046 trades below its calculated fair value: price 875.00 TWD, fair value 1,731 TWD, a gap of about +98% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 8046?
No. The price is what the market pays today (875.00 TWD); the fair value is what the company's own numbers justify (1,731 TWD). For Nan Ya Printed Circuit Board Corp the two are 856.01 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Nan Ya Printed Circuit Board Corp worth?
The market values Nan Ya Printed Circuit Board Corp at about 866B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 875.00 TWD; our models calculate a fair value of 1,731 TWD per share.
What do the bullish and bearish scenarios say about 8046?
Our models span a range for Nan Ya Printed Circuit Board Corp: cautious scenario 1,175 TWD, base 1,731 TWD, optimistic 2,386 TWD per share (as of Nov 6, 2026, price 875.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8046?
Nan Ya Printed Circuit Board Corp trades at a price-to-earnings ratio of 100.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,731 TWD is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 34.9. Other multiples: PEG 11.3, P/B 18.8, P/S 18.5, EV/EBITDA 67.7.
What is the PEG ratio of 8046?
The PEG ratio of Nan Ya Printed Circuit Board Corp is 11.28 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nan Ya Printed Circuit Board Corp (8046)?
Balance-sheet figures for Nan Ya Printed Circuit Board Corp (as of Nov 6, 2026): return on equity 11.9%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 8046 from its 52-week high?
Nan Ya Printed Circuit Board Corp trades at 875.00 TWD, about 42% below its 52-week high of 1,505 TWD and 273% above the low of 234.50 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 1,731 TWD is for.
Which stocks are comparable to Nan Ya Printed Circuit Board Corp?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nan Ya Printed Circuit Board Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 875.00 TWD, calculated fair value 1,731 TWD (+98%), Quality Score 69/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 8046 calculated?
We run Nan Ya Printed Circuit Board Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 1,731 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Nan Ya Printed Circuit Board Corp currently trades 49% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nan Ya Printed Circuit Board Corp (8046)?
The closing price on Nov 6, 2026 was 875.00 TWD. Our model-based fair value is 1,731 TWD, about +98% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nan Ya Printed Circuit Board Corp right now?
The price is below even our cautious bear case (1,175 TWD). The market is more pessimistic than our downside scenario. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1,175 TWD to 2,386 TWD) leaves room in how you read the outcome.
Key figures of Nan Ya Printed Circuit Board Corp
How large is the market capitalisation of Nan Ya Printed Circuit Board Corp (8046)?
The market capitalisation of Nan Ya Printed Circuit Board Corp is 866B TWD (≈ $26.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nan Ya Printed Circuit Board Corp (8046)?
The price-to-sales ratio of Nan Ya Printed Circuit Board Corp is 12.1 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nan Ya Printed Circuit Board Corp (8046)?
Earnings per share at Nan Ya Printed Circuit Board Corp are 8.74 TWD (price ÷ EPS = P/E 100.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nan Ya Printed Circuit Board Corp (8046)?
The dividend yield of Nan Ya Printed Circuit Board Corp is 0.2% (payout 22.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nan Ya Printed Circuit Board Corp (8046)?
The net margin of Nan Ya Printed Circuit Board Corp is 11.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nan Ya Printed Circuit Board Corp (8046)?
The return on equity (ROE) of Nan Ya Printed Circuit Board Corp is 11.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nan Ya Printed Circuit Board Corp (8046)?
On an EBIT basis the return on assets of Nan Ya Printed Circuit Board Corp is 12.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nan Ya Printed Circuit Board Corp (8046)?
The operating margin of Nan Ya Printed Circuit Board Corp is 21.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nan Ya Printed Circuit Board Corp (8046)?
Revenue at Nan Ya Printed Circuit Board Corp is growing +41.7% versus a year earlier (3y avg −14.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nan Ya Printed Circuit Board Corp (8046)?
Earnings per share at Nan Ya Printed Circuit Board Corp are growing +533% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nan Ya Printed Circuit Board Corp (8046) hold?
Nan Ya Printed Circuit Board Corp holds more cash than debt, 6.4B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026