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Cleanaway Co Ltd (8422) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Cleanaway Co Ltd TWD 15.18, price TWD 25.55, upside -40.6%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Industrials · TW · ISIN TW0008422007

CC Thin data Sep 24, 2026

Cleanaway Co Ltd

8422 · TW

Weakest SetupStrongly overvalued and low quality.

!Fair value 15.18 TWD · Strongly overvalued (−41%)
!Quality 42/100
!Weak Growth (revenue 5y +12.3 %/yr)
✓Highly profitable · 29.2% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (5/13)
✓Wide moat 71/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

246.50 TWD 20.90 TWD Fair Value 15.18 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 20.90 TWD – 246.50 TWD · fair‑value band 8.08 TWD – 21.70 TWD · the 25.55 TWD price screens above the 15.18 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Cleanaway Company Limited operates as an intermediate treatment solidification company in the waste disposal process in Taiwan, Mainland China, Vietnam, Malaysia, and internationally.

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Cleanaway Company Limited operates as an intermediate treatment solidification company in the waste disposal process in Taiwan, Mainland China, Vietnam, Malaysia, and internationally. It operates through eight segments: Solidification and Excavation Department, Landfill Department, Transportation Department, Mainland Business Department, Investment Department, Papermaking Department, Power Sales Department and Ready-Mixed Concrete Department. The company offers intermediate treatment for hazardous industrial waste and pollution; undertakes disposal site remediation projects; contaminated and illegal dump sites cleanup; landfill for hazardous industrial waste intermediate treatment products and general industrial waste; and waste removal services. It also manufactures and sells kraft paper, paper for electronic carriers, paper for paper tubes, and other types of paper products. In addition, the company offers solar power generation and renewable energy power sales; and manufacturing and sales of ready-mixed concrete. The company was formerly known as Cleanaway Kang Lien Co Ltd. and changed its name to Cleanaway Company Limited in May 2009. Cleanaway Company Limited was incorporated in 1999 and is headquartered in Kaohsiung, Taiwan.

Stock analysis

Cleanaway Co Ltd (8422) currently trades at 25.55 TWD, while our model-based Fair Value estimate is 15.18 TWD, implying the stock looks roughly 68.3% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 23.01 TWD per share, and 1 of the 16 models we run sit above the 25.55 TWD price.

Bear case: the Asset-Based group reads lowest at 4.98 TWD, and 15 of the 16 models stay below the price. Evidence for this calculation is low.

Scenario range: 8.08 TWD (bear) to 21.70 TWD (bull), the price of 25.55 TWD sits above 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 42/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Cleanaway Co Ltd reported revenue of 4.8B TWD in FY2025 versus 3.0B TWD in FY2021, a compound +12.1%/yr. Reported net income was 1.5B TWD in FY2025, compounding +6.1%/yr from FY2021.

Key figures

Market cap 34.2B TWD (≈ $1.1B) · P/E ratio 23.0 · P/S ratio 7.03 · EPS (TTM) 1.11 TWD · Dividend yield 3.7% · Net margin 30.5% · Return on equity 13.0% · Return on assets (EBIT) 11.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 90% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −18% fair-value upside, at −41%, 8422 screens richer than that median.

Fair Value models

Bear 8.08 TWD Fair Value 15.18 TWD Bull 21.70 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.8120 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. Evidence ⓘEvidence = 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.
Highest evidence
EPV 5.55 TWD 7.02 TWD 8.24 TWD 74
Residual Income 7.39 TWD 9.06 TWD 16.27 TWD 73
ROIC Compounder 5.55 TWD 7.02 TWD 8.79 TWD 72
All 16 models by family
Earnings-Based
Graham-Dodd 8.73 TWD 24.32 TWD 31.97 TWD 65
Lynch FV 4.89 TWD 6.98 TWD 9.08 TWD 61
PEG = 1.0 4.89 TWD 6.98 TWD 9.08 TWD 57
EPV 5.55 TWD 7.02 TWD 8.24 TWD 74
Dividend Discount
Gordon GGM 7.65 TWD 13.78 TWD 18.97 TWD 68
DDM Multi-Stage 7.65 TWD 11.36 TWD 14.72 TWD 67
Multiples
P/E Multiple 20.21 TWD 26.95 TWD 33.69 TWD 63
P/S Multiple 6.31 TWD 8.41 TWD 10.51 TWD 58
P/B Multiple 16.36 TWD 21.82 TWD 27.27 TWD 55
EV/EBIT 16.58 TWD 23.83 TWD 31.09 TWD 65
EV/EBITDA 15.41 TWD 22.28 TWD 29.15 TWD 67
EV/Revenue 0.1100 TWD 2.38 TWD 4.65 TWD 46
Asset-Based
NCAV (Graham) 3.71 TWD 4.98 TWD 7.43 TWD 54
Economic Profit
Residual Income 7.39 TWD 9.06 TWD 16.27 TWD 73
ROIC Compounder 5.55 TWD 7.02 TWD 8.79 TWD 72
Growth Earnings
Growth-Adj P/E 16.11 TWD 23.01 TWD 29.91 TWD 67

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Quality Score breakdown

Overall quality 42/100

Of which business quality 42 · Market factors (momentum, volatility) 25

Profitability 48
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 13
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.5%
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.
−3.0%
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.
+12.3%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 16 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.
+11.7%
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.
+3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)3.7%
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.0% vs 0%, steady
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.56% → 41%
Start year 2020 (pandemic)

8422 screens 68% overvalued. Compare with Waste Management, Inc →

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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.Waste Management · 167 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 42 · Below median
Fair Value upside −41% · Below median
Profitability
Return on equity (TTM) 13% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) 34% · Top 25%
Growth and dividend
Revenue growth −24% · Bottom 25%
Dividend yield (TTM) 3.7% · Above median
Balance sheet
Debt / equity 1.08× · Highest 25%

Valuation Multiplesvs Waste Management median · lower = cheaper

P/E (TTM) 23.0× · Pricier than median
P/B 4.05× · Priciest 25%
P/S (TTM) 7.72× · Priciest 25%
EV/EBITDA 19.1× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 20
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)52 · sector 26
HEALTH (low debt)46 · sector 80
DIVIDEND (yield)75 · sector 44

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

Context: sector, industry, market

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 Waste Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $207.68 $228.45 +10%
Republic Services, Inc RSG $213.88 $128.02 −40%
Waste Connections, Inc WCN $155.42 $170.96 +10%
Veolia Environnement SA VIE €31.56 €24.17 −23%
Clean Harbors, Inc CLH $312.85 $155.37 −50%
GFL Environmental Inc GFL $42.34 $34.72 −18%
Fomento de Construcciones y Contratas, S.A FCC €10.72 €7.30 −32%
Umicore SA UMI €21.70 €25.28 +16%
Casella Waste Systems, Inc CWST $85.76 $14.75 −83%
GEM Co 002340 ¥6.26 ¥5.27 −16%

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Cite: Fair Value Calculator (2026). "Cleanaway Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8422

Frequently asked questions

Is Cleanaway Co Ltd (8422) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.18 TWD versus a price of 25.55 TWD, about −41% upside (overvalued).
What is the fair value of 8422?
Our model-based fair value for Cleanaway Co Ltd is 15.18 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 25.55 TWD.
What is the quality score of 8422?
Cleanaway Co Ltd has a Quality Score of 42/100. 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 Cleanaway Co Ltd (8422)?
Our model-based price target is the fair value of 15.18 TWD (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 8.08 TWD, optimistic scenario 21.70 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Cleanaway Co Ltd stock forecast for 2026?
Our models put fair value at 15.18 TWD, about −41% upside versus a price of 25.55 TWD (overvalued). Cautious scenario 8.08 TWD, optimistic scenario 21.70 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Cleanaway Co Ltd (8422)?
Cleanaway Co Ltd reported trailing-twelve-month revenue of about 4.4B TWD (latest available figure, as of Sep 24, 2026).
Does Cleanaway Co Ltd pay a dividend?
Cleanaway Co Ltd currently shows a dividend yield of about 3.73% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Cleanaway Co Ltd (8422)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cleanaway Co Ltd it is 15.18 TWD per share (as of Sep 24, 2026), against a price of 25.55 TWD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Cleanaway Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8422 trades above its calculated fair value: price 25.55 TWD, fair value 15.18 TWD, a gap of about −41% (overvalued). 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 8422?
No. The price is what the market pays today (25.55 TWD); the fair value is what the company's own numbers justify (15.18 TWD). For Cleanaway Co Ltd the two are 10.37 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Cleanaway Co Ltd worth?
The market values Cleanaway Co Ltd at about 34.2B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 25.55 TWD; our models calculate a fair value of 15.18 TWD per share.
What do the bullish and bearish scenarios say about 8422?
Our models span a range for Cleanaway Co Ltd: cautious scenario 8.08 TWD, base 15.18 TWD, optimistic 21.70 TWD per share (as of Sep 24, 2026, price 25.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8422?
Cleanaway Co Ltd trades at a price-to-earnings ratio of 23.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 15.18 TWD is built from several models across several years. Other multiples: P/B 4.1, P/S 7.7, EV/EBITDA 19.1.
How solid is the balance sheet of Cleanaway Co Ltd (8422)?
Balance-sheet figures for Cleanaway Co Ltd (as of Sep 24, 2026): return on equity 13.0%, debt of 1.08 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 8422 from its 52-week high?
Cleanaway Co Ltd trades at 25.55 TWD, about 90% below its 52-week high of 246.50 TWD and 22% above the low of 20.90 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 15.18 TWD is for.
Which stocks are comparable to Cleanaway Co Ltd?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 Cleanaway Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 25.55 TWD, calculated fair value 15.18 TWD (−41%), Quality Score 42/100, from 16 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 8422 calculated?
We run Cleanaway Co Ltd through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 15.18 TWD, 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 14.1 % above its aggregate fair value. Cleanaway Co Ltd itself currently trades above fair value. 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 Cleanaway Co Ltd (8422)?
The closing price on Sep 24, 2026 was 25.55 TWD. Our model-based fair value is 15.18 TWD, about −41% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cleanaway Co Ltd right now?
The price sits above even our optimistic bull case (21.70 TWD). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (8.08 TWD to 21.70 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Cleanaway Co Ltd (8422) come from?
Earnings per share at Cleanaway Co Ltd grew −2.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.7 %, EBIT margin −5.3 %, tax rate −1.0 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Cleanaway Co Ltd

How large is the market capitalisation of Cleanaway Co Ltd (8422)?
The market capitalisation of Cleanaway Co Ltd is 34.2B TWD (≈ $1.1B). 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 Cleanaway Co Ltd (8422)?
The price-to-sales ratio of Cleanaway Co Ltd is 7.03 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cleanaway Co Ltd (8422)?
Earnings per share at Cleanaway Co Ltd are 1.11 TWD (price ÷ EPS = P/E 23.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cleanaway Co Ltd (8422)?
The dividend yield of Cleanaway Co Ltd is 3.7% (payout 85.8%). 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 Cleanaway Co Ltd (8422)?
The net margin of Cleanaway Co Ltd is 30.5% (fiscal year 2025). 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 Cleanaway Co Ltd (8422)?
The return on equity (ROE) of Cleanaway Co Ltd is 13.0% (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 Cleanaway Co Ltd (8422)?
On an EBIT basis the return on assets of Cleanaway Co Ltd is 11.4% (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 Cleanaway Co Ltd (8422)?
The operating margin of Cleanaway Co Ltd is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cleanaway Co Ltd (8422)?
Revenue at Cleanaway Co Ltd is growing −23.8% versus a year earlier (3y avg −3.0%). 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 Cleanaway Co Ltd (8422)?
Earnings per share at Cleanaway Co Ltd are growing −41.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Cleanaway Co Ltd (8422) generate?
The free cash flow of Cleanaway Co Ltd is −37.9M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Cleanaway Co Ltd (8422) carry?
The net debt of Cleanaway Co Ltd is 7.8B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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