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Alexander Marine Co (8478) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 14.3B TWD

AM Alexander Marine Co 8478 · TW
Price147.00 TWD
Fair Value186.94 TWD
Upside+27.2%
Quality38/100
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Expensive Growth
Highly profitable · 27.0% net margin
Low debt · negative free cash flow
4.30% dividend yield
Ranks above peers (8/13)
Wide moat 71/100
Evidence: High Range 130.85 TWD – 243.04 TWD Share as image

Fair value as of: Jul 21, 2026

From 17 valuation models · updated 20 days ago

Share price −4.5% over the past month.

Below-average quality, screening 27% undervalued on our models.

What matters now

  • A fairly wide model range (130.85 TWD to 243.04 TWD) leaves room in how you read the outcome.
  • Our model range runs from 130.85 TWD (bear) to 243.04 TWD (bull), base 186.94 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 38/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

614.13 TWD 38.64 TWD Fair Value 186.94 TWD Mar 2021 Aug 2026

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 38.64 TWD – 614.13 TWD · fair‑value band 130.85 TWD – 243.04 TWD · the 147.00 TWD price screens below the 186.94 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Alexander Marine Co (8478) currently trades at 147.00 TWD, while our model-based Fair Value estimate is 186.94 TWD, implying the stock looks roughly 27.2% undervalued today. The Quality Score stands at 38/100 (below-average quality), in the Consumer Cyclical 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: high), always confirm before acting.

Over the trailing twelve months, Alexander Marine Co generated revenue of 5.2B TWD at a net margin of 23.8%. Revenue grew 124.8% year over year. It earns a return on equity of 14.1%. Net debt stands at 3.5B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 130.85 TWD (bear case) to 243.04 TWD (bull case); at 147.00 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 38% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 6% fair-value upside, at 27%, 8478 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.

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
Residual Income 93.40 TWD 116.80 TWD 271.23 TWD 76
ROIC Compounder 100.21 TWD 138.55 TWD 183.93 TWD 72
Gordon GGM 45.91 TWD 95.45 TWD 151.43 TWD 70
All 17 models by family
DCF Models
Owner Earnings 68.72 TWD 130.88 TWD 239.03 TWD 31
Earnings-Based
Graham-Dodd 90.09 TWD 417.89 TWD 574.00 TWD 54
Lynch FV 110.17 TWD 157.39 TWD 204.60 TWD 50
PEG = 1.0 110.17 TWD 157.39 TWD 204.60 TWD 46
EPV 98.86 TWD 116.67 TWD 132.25 TWD 59
Dividend Discount
Gordon GGM 45.91 TWD 95.45 TWD 151.43 TWD 70
DDM Multi-Stage 45.91 TWD 80.49 TWD 100.18 TWD 61
Multiples
P/E Multiple 218.59 TWD 291.46 TWD 364.32 TWD 63
P/S Multiple 50.10 TWD 66.80 TWD 83.50 TWD 58
P/B Multiple 168.91 TWD 225.22 TWD 281.52 TWD 55
EV/EBIT 160.30 TWD 216.39 TWD 272.48 TWD 53
EV/EBITDA 119.61 TWD 162.14 TWD 204.67 TWD 54
EV/Revenue 38.78 TWD 58.82 TWD 78.86 TWD 43
Asset-Based
NCAV (Graham) 48.18 TWD 64.56 TWD 96.36 TWD 50
Economic Profit
Residual Income 93.40 TWD 116.80 TWD 271.23 TWD 76
ROIC Compounder 100.21 TWD 138.55 TWD 183.93 TWD 72
Growth Earnings
Growth-Adj P/E 180.32 TWD 257.60 TWD 334.88 TWD 68

Widest divergence: Growth Earnings (257.60 TWD) versus Asset-Based (64.56 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 5.7B TWD
Revenue growth (YoY) +51.1%
Net margin 27.0%
Return on equity 16.9%
Free cash flow −157M TWD FY2025
P/E ratio 11.7
More key figures
Operating margin 25.8%
EPS (TTM) 12.97 TWD
Dividend yield 4.3%
EPS growth (YoY) +489%
Net debt 3.5B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 38 · Market factors (momentum, volatility) 26

Profitability 49
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 7
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 32
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.

About the company

Alexander Marine Co., Ltd. engages in the manufacture and sale of yachts in Taiwan, the United States, and Australia. It is also involved in the lease of real estate; sale of yacht repair parts; and provision of aftersales services. The company was incorporated in 1978 and is headquartered in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alexander Marine Co reported revenue of 5.2B TWD in FY2025 versus 4.6B TWD in FY2021, a compound +3.5%/yr. Reported net income was 1.2B TWD in FY2025, compounding +9.9%/yr from FY2021.

Growth Quality 45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
5.2B TWD
Latest YoY
+5.8%
Avg. 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.
−2.0%
Avg. 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.
+4.4%
Avg. growth/yr (13Y) 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.
+20.5%
Revenue +3.5%/yr
FY21 4.6B TWD
FY22 5.6B TWD
FY23 6.3B TWD
FY24 4.9B TWD
FY25 5.2B TWD
Net income +9.9%/yr
FY21 855M TWD
FY22 1.8B TWD
FY23 2.1B TWD
FY24 938M TWD
FY25 1.2B TWD
Character of growth · EPS growth decomposed (2014-2025) +17.7 % p.a.
Revenue per share +12.7 pp

of which total revenue +14.1 pp · buybacks/dilution −1.4 pp

EBIT margin +7.7 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −2.0 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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Cite: Fair Value Calculator (2026). "Alexander Marine Co Fair Value". https://www.fairvalue-calculator.com/stock/8478

Peer Group

Recreational Vehicles · 37 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 38 · Below median
Fair Value upside +27% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 26% · Top 25%
Revenue growth 51% · Top 25%
Dividend yield (TTM) 4.3% · Top 25%
Debt / equity 0.40× · Higher than median

Valuation Multiples vs Recreational Vehicles median · lower = cheaper

P/E (TTM) 11.7× · Cheaper than 75% of peers
P/B 1.58× · Pricier than median
P/S (TTM) 2.50× · Pricier than 75% of peers
EV/EBITDA 9.4× · Pricier than median

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.

VALUE 70 · sector 33
FUTURE 100 · sector 15
PAST 67 · sector 18
HEALTH 80 · sector 88
DIVIDEND 86 · sector 57

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Recreational Vehicles stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

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Zhejiang Cfmoto Power Co 603129 ¥293.01 ¥199.10 -32%
Brunswick Corporation BC $80.45 $16.76 -79%
BRP Inc DOO C$85.96 C$86.81 +1%
Polaris Inc PII $67.40 $29.83 -56%
THOR Industries, Inc THO $72.86 $97.14 +33%
Trigano S.A TRI €149.60 €273.48 +83%
Patrick Industries, Inc PATK $82.70 $85.54 +3%
Harley-Davidson, Inc HOG $26.81 $64.09 +139%
LCI Industries, LCII $108.17 $156.35 +45%
Sanlorenzo S.p.A SL €38.30 €40.65 +6%

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Frequently asked questions

Is Alexander Marine Co (8478) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 186.94 TWD versus a price of 147.00 TWD, about +27% (undervalued).
What is the fair value of 8478?
Our model-based fair value for Alexander Marine Co is 186.94 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 147.00 TWD.
What is the quality score of 8478?
Alexander Marine Co has a Quality Score of 38/100. 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 revenue of Alexander Marine Co (8478)?
Alexander Marine Co reported trailing-twelve-month revenue of about 5.2B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 8478?
The net profit margin of Alexander Marine Co is about 23.8%, meaning it keeps roughly 23.8% of revenue as net income. Based on the latest reported figures.

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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