Forest Water Environmental Engineering Co (8473) Fair Value & Analysis
Industrials · TW · Market cap 8.0B TWD
Fair value as of: Jul 21, 2026
From 26 valuation models · updated 20 days ago
Share price −7.2% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Our model range runs from 34.15 TWD (bear) to 56.92 TWD (bull), base 45.53 TWD. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 56/100 (solid quality) with medium evidence: read the verdict with care.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 24.80 TWD – 56.00 TWD · fair‑value band 34.15 TWD – 56.92 TWD · the 42.30 TWD price screens below the 45.53 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Forest Water Environmental Engineering Co (8473) currently trades at 42.30 TWD, while our model-based Fair Value estimate is 45.53 TWD, implying the stock looks roughly 7.7% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Forest Water Environmental Engineering Co generated revenue of 5.2B TWD at a net margin of 9.9%. Revenue grew 10.3% year over year. It earns a return on equity of 7.5%. Net debt stands at 1.8B TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 34.15 TWD (bear case) to 56.92 TWD (bull case); at 42.30 TWD, the current price sits within 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 26% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -40% fair-value upside, at 8%, 8473 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 26 models by family
Widest divergence: DCF Models (92.73 TWD) versus Earnings-Based (18.42 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 67
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.
About the company
Forest Water Environmental Engineering Co., Ltd., together with its subsidiaries, engages in environmental engineering business in Taiwan. It is involved in environmental protection engineering construction; wastewater treatment; waste disposal and resource recycling; and composting and recycling of kitchen waste.
Full company description
Forest Water Environmental Engineering Co., Ltd., together with its subsidiaries, engages in environmental engineering business in Taiwan. It is involved in environmental protection engineering construction; wastewater treatment; waste disposal and resource recycling; and composting and recycling of kitchen waste. The company also designs, builds, and operates municipal and industrial water systems; converts organic waste into renewable power for industrial and municipal applications; and recycles waste materials into secondary raw materials for construction and industrial use. In addition, it offers engineering services, technology integration, and construction management; facility operations; and public-private partnerships. The company was founded in 2004 and is headquartered in Taipei, Taiwan. Forest Water Environmental Engineering Co., Ltd. is a subsidiary of Ho Ching Enterprises Co., Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Forest Water Environmental Engineering Co reported revenue of 5.1B TWD in FY2025 versus 4.0B TWD in FY2021, a compound +6.6%/yr. Reported net income was 462M TWD in FY2025, compounding +8.2%/yr from FY2021.
of which total revenue +9.6 pp · buybacks/dilution −5.5 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
Waste Management · 166 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.
Valuation Multiples vs Waste Management median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Waste Management stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Waste Management, Inc WM | $233.33 | $128.02 | -45% |
| Republic Services, Inc RSG | $219.20 | $122.01 | -44% |
| Waste Connections, Inc WCN | C$242.43 | C$78.67 | -68% |
| Veolia Environnement SA VIE | €37.51 | €24.50 | -35% |
| Clean Harbors, Inc CLH | $303.64 | $155.37 | -49% |
| GFL Environmental Inc GFL | C$55.40 | C$94.12 | +70% |
| Fomento de Construcciones y Contratas, S.A FCC | €12.20 | €7.30 | -40% |
| GEM Co 002340 | ¥6.32 | ¥5.27 | -17% |
| Zhejiang Weiming Environment Protection Co 603568 | ¥16.18 | ¥20.91 | +29% |
| Cleanaway Waste Management Limited CWY | A$2.34 | A$1.18 | -50% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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