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Z-Com Inc (8176) Fair Value & Analysis

Technology · TW · Market cap 699M TWD (≈ $22.1M) · ISIN TW0008176009

What is Z-Com Inc really worth?

ZC Z-Com Inc 8176 · TWO
Price9.77 TWD
Fair Value6.78 TWD
Upside−30.6%
Quality68/100

A solid business, but trading 44% above our fair value of 6.78 TWD.

As of Aug 13, 2026, the fair value of Z-Com Inc is 6.78 TWD per share against a price of 9.77 TWD, so the fair value sits 31% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −2.0 %/yr)
!Thin margins · 2.9% net margin
!Mixed vs. peers (7/13)
!Narrow moat 24/100
!Evidence only low, so the estimate is less certain
!Weak on past: 7 out of 100
!Weak on dividend: 28 out of 100
Evidence: Low Range 5.49 TWD – 8.47 TWD

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from 6.81 TWD to 6.78 TWD (−0.4%) since Jul 23, 2026. Share price −0.3% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (8.47 TWD). The favourable scenario is already priced in.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

20.40 TWD 7.80 TWD Fair Value 6.78 TWD Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 7.80 TWD – 20.40 TWD · fair‑value band 5.49 TWD – 8.47 TWD · the 9.77 TWD price screens above the 6.78 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Z-Com Inc (8176) currently trades at 9.77 TWD, while our model-based Fair Value estimate is 6.78 TWD, implying the stock looks roughly 44.1% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 17.52 TWD per share, and 11 of the 24 models we run sit above the 9.77 TWD price. Bear case: the Dividend Discount group reads lowest at 1.21 TWD, and 13 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Z-Com Inc generated revenue of 312M TWD at a net margin of 2.9%. Revenue declined 48.4% year over year. It earns a return on equity of 1.6%. The balance sheet holds a net cash position of 101M TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 5.49 TWD (bear case) to 8.47 TWD (bull case); at 9.77 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −52% fair-value upside, at −31%, 8176 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.2729 TWD per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
FCF DCF best evidence 21.98 TWD 27.00 TWD 35.43 TWD 82
Growth DCF 22.51 TWD 27.27 TWD 34.65 TWD 80
Owner Earnings 10.13 TWD 11.55 TWD 13.95 TWD 78
All 24 models by family
DCF Models
FCF DCF best evidence 21.98 TWD 27.00 TWD 35.43 TWD 82
Owner Earnings 10.13 TWD 11.55 TWD 13.95 TWD 78
5Y Revenue Exit 12.77 TWD 13.32 TWD 14.06 TWD 74
5Y EBITDA Exit 14.21 TWD 15.81 TWD 17.93 TWD 77
5Y P/E Exit 16.73 TWD 20.17 TWD 24.33 TWD 72
10Y Revenue Exit 16.76 TWD 17.52 TWD 18.08 TWD 68
10Y EBITDA Exit 17.56 TWD 18.92 TWD 20.15 TWD 70
10Y P/E Exit 18.96 TWD 21.39 TWD 23.58 TWD 65
Earnings-Based
Graham-Dodd 2.72 TWD 3.33 TWD 3.74 TWD 67
EPV 5.50 TWD 5.51 TWD 5.51 TWD 74
Dividend Discount
Gordon GGM 1.13 TWD 1.21 TWD 1.34 TWD 69
DDM Multi-Stage 1.13 TWD 1.34 TWD 1.62 TWD 67
Multiples
P/E Multiple 8.41 TWD 11.21 TWD 14.02 TWD 63
P/S Multiple 5.11 TWD 6.81 TWD 8.51 TWD 58
P/B Multiple 5.11 TWD 6.81 TWD 8.51 TWD 55
EV/EBIT 5.74 TWD 5.84 TWD 5.95 TWD 66
EV/EBITDA 8.59 TWD 9.64 TWD 10.70 TWD 67
EV/Revenue 5.59 TWD 5.65 TWD 5.72 TWD 54
Asset-Based
NCAV (Graham) 4.14 TWD 5.55 TWD 8.28 TWD 54
Growth DCF
Growth DCF 22.51 TWD 27.27 TWD 34.65 TWD 80
Rev-Margin DCF 12.77 TWD 13.75 TWD 15.25 TWD 74
Economic Profit
Residual Income 5.95 TWD 5.87 TWD 5.16 TWD 76
ROIC Compounder 5.50 TWD 5.51 TWD 5.51 TWD 72
Growth Earnings
Growth-Adj P/E 5.88 TWD 8.40 TWD 10.92 TWD 67

Widest divergence: DCF Models (17.52 TWD) versus Dividend Discount (1.21 TWD). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 24.4
P/S ratio 1.81 P/E × margin
EPS (TTM) 0.4000 TWD price ÷ EPS = P/E 24.4
Dividend yield 1.4% payout 34.7%
Net margin 7.4% FY2025
Return on equity 1.6% TTM
More key figures
Profitability
Return on assets (EBIT) 0.6% avg 5y
Operating margin −9.1% TTM
Growth
Revenue (TTM) 312M TWD TTM
Revenue growth (YoY) −48.4% 3y avg +4.6%
EPS growth (YoY) −86.6%
Balance sheet & cash flow
Free cash flow 141M TWD FY2025
Net cash 101M TWD FY2023

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 71 · Market factors (momentum, volatility) 38

Profitability 33
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Z-Com, Inc. engages in the research, development, design, manufacture, and sale of software, hardware, and system integration for wireless communication systems Taiwan, Asia, Europe, and internationally.

Full company description

Z-Com, Inc. engages in the research, development, design, manufacture, and sale of software, hardware, and system integration for wireless communication systems Taiwan, Asia, Europe, and internationally. The company provides wireless LAN controllers, indoor and outdoor access points, serial device servers, industrial cellular gateway, cellular gateway, Wi-fi module, and accessories. It also offers new energy fields and communication management, private network, surveillance, wireless hotels, in-vehicle Wi-fi, smart campus, carrier-grade Wi-fi, and rural Wi-fi solutions. In addition, the company provides zMEC edge, a computing platform; and ZOAM, an operation administration maintenance system. Further, it offers communication and network equipment, electronics products, and modems. Z-Com, Inc. was founded in 1995 and is headquartered in Hsinchu City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Z-Com Inc reported revenue of 373M TWD in FY2025 versus 260M TWD in FY2021, a compound +9.5%/yr. Reported net income was 27.7M TWD in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
373M TWD
Latest YoY
−33.6%
Avg. revenue growth/yr (3Y) ⓘ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.
+4.6%
Avg. revenue growth/yr (5Y) ⓘ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.
−2.0%
Avg. revenue growth/yr (22Y) ⓘ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.
−8.9%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
≈ +15.4% (approximate, leans on 2025) · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+14.0%
Dividend yield1.4%
Operating margin (EBIT) ⓘ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.−23.4% (2020) → 0.3% (2025) · rising
Worst earnings drop373% (2021) (loss year, drop beyond 100%) · in TWD
⚠ Revenue per share shrinking 14.1%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate leans on 2025: that final year sits 51% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +9.5%/yr
FY21 260M TWD
FY22 326M TWD
FY23 432M TWD
FY24 562M TWD
FY25 373M TWD
Net income
FY21 −61.0M TWD
FY22 −64.9M TWD
FY23 5.8M TWD
FY24 30.8M TWD
FY25 27.7M TWD

8176 screens 44% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "Z-Com Inc Fair Value". https://www.fairvalue-calculator.com/stock/8176.TWO

Peer Group

Communication Equipment · 302 stocks

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.

Quality Score 68 · Top 25%
Fair Value upside −31% · Above median
Return on equity (TTM) 2% · Below median
Return on assets −1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) −9% · Bottom 25%
Revenue growth −48% · Bottom 25%
Dividend yield (TTM) 1.4% · Above median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 24.4× · Cheaper than median
P/B 1.22× · Cheaper than median
P/S (TTM) 2.24× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 37
PAST7 · sector 15
HEALTH100 · sector 98
DIVIDEND28 · sector 22

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $109.20 $61.53 −44%
Zhongji Innolight Co 300308 ¥866.12 ¥171.09 −80%
Foxconn Industrial Internet Co 601138 ¥61.83 ¥28.65 −54%
Eoptolink Technology Inc 300502 ¥429.90 ¥176.99 −59%
Nokia Oyj NOK $10.21 $3.78 −63%
Motorola Solutions, Inc MSI $491.24 $236.33 −52%
Yangtze Optical Fibre And Cable Joint Stock Limited 601869 ¥400.03 ¥201.38 −50%
Suzhou TFC Optical Communication Co 300394 ¥276.25 ¥43.67 −84%
Telefonaktiebolaget LM Ericsson (publ), ERIC $10.13 $19.85 +96%
Accton Technology Corporation 2345 2,270 TWD 1,135 TWD −50%

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Frequently asked questions

Is Z-Com Inc (8176) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 6.78 TWD versus a price of 9.77 TWD, about −31% upside (overvalued).
What is the fair value of 8176?
Our model-based fair value for Z-Com Inc is 6.78 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 9.77 TWD.
What is the quality score of 8176?
Z-Com Inc has a Quality Score of 68/100. 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 Z-Com Inc (8176)?
Our model-based price target is the fair value of 6.78 TWD (as of Aug 13, 2026) from 24 valuation models. Cautious scenario 5.49 TWD, optimistic scenario 8.47 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Z-Com Inc stock forecast for 2026?
Our models put fair value at 6.78 TWD, about −31% upside versus a price of 9.77 TWD (overvalued). Cautious scenario 5.49 TWD, optimistic scenario 8.47 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Z-Com Inc (8176)?
Z-Com Inc reported trailing-twelve-month revenue of about 312M TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 8176?
The net profit margin of Z-Com Inc is about 2.9%, meaning it keeps roughly 2.9% of revenue as net income. Based on the latest reported figures.
Does Z-Com Inc pay a dividend?
Z-Com Inc currently shows a dividend yield of about 1.42% relative to its recent price (as of Aug 13, 2026).
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