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Forward Graphic Enterprise Co Ltd (8906) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Forward Graphic Enterprise Co Ltd stock TWD 18.09, price TWD 24.95, that is 27.5% below the price, quality 16 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials TW · ISIN TW0008906009

FG Forward Graphic Enterprise Co Ltd logo Thin data Nov 10, 2026

Forward Graphic Enterprise Co Ltd

8906 · TWO
Expensive, weak quality

Our calculation puts a fair price 27% below what the stock costs today.

Moderate debt
Revenue last quarter 19% below a year ago.
Fair value 18.09 TWD · Overvalued
Quality 16/100
Weak Growth (revenue 5y +1.6 %/yr in TWD)
Loss-making · -18.1% net margin (TTM)
Negative free cash flow
Trails peers (0/11)
Narrow moat 9/100 · thin data
Thin data
Estimate
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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

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Price vs Fair Value

62.10 TWD 13.43 TWD Fair Value 18.09 TWD May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 13.43 TWD – 62.10 TWD · fair‑value band 13.57 TWD – 22.61 TWD · the 24.95 TWD price screens above the 18.09 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Forward Graphic Enterprise Co., Ltd. engages in the manufacture and sale of printed matter, plastic products, handicrafts, and cardboard and paper products in Taiwan.

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The company also provides box, gift box, chocolate box, and bag products; book; notebook; catalogue/flyer; calendar; and special, DIY, and eco friendly products. In addition, it offers product design, prepress, printing equipment, and post press services.

The company was incorporated in 1968 and is based in New Taipei City, Taiwan.

Stock analysis

Forward Graphic Enterprise Co Ltd (8906) currently trades at 24.95 TWD, while our estimate is 18.09 TWD, 27% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 13.57 TWD (bear) to 22.61 TWD (bull), the price of 24.95 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 16/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Forward Graphic Enterprise Co Ltd reported revenue of 202M TWD in FY2025 versus 219M TWD in FY2021, a compound −2.0%/yr. Reported net income was −32.8M TWD in FY2025.

Key figures

Market cap 1.1B TWD (≈ $32.1M) Micro · P/S ratio 5.50 · EPS (TTM) −0.8700 TWD · Net margin −18.1% · Return on equity −7.8% · Return on assets (EBIT) −0.7% (5-year average) · Operating margin −15.9% · Revenue (TTM) 201M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (low confidence).

What moves the price

The share trades about 37% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at −27%, 8906 screens richer than that median.

Fair Value

Bear 13.57 TWD Fair Value 18.09 TWD Bull 22.61 TWD
Price 24.95 TWD · Downside -27.5%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 16/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 4
How much profit the company makes from its sales and capital
Quality Growth 14
Are margins and returns getting better?
Cashflow 20
Do the profits arrive as real cash?
Financial strength 6
Debt, balance sheet and risk of trouble
Investment 17
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 33
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 10
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

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. 3/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−13.4%
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.
−4.1%
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.
+1.6%
Start year 2020 (pandemic)
Revenue growth 8 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.
+0.5%
Profit margin (trend) ⓘ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.
−2.7% (2020) → −11.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

8906 screens overvalued: fair value 27% below the price. Compare with Cintas Corporation →

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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.Specialty Business Services · 242 stocks

Beats the industry median on 0/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 16 · Bottom 25%
Fair Value upside −26.0% · Below median
Profitability
Return on assets −1.1% · Bottom 25%
Net margin (12 months) −18.1% · Bottom 25%
Operating margin (12 months) −15.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −18.9% · Bottom 25%
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.58× · Highest 25%

Valuation Multiplesvs Specialty Business Services median · lower = cheaper

P/B 2.19× · Pricier than median
P/S (12 months) 5.12× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 40
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)0 · sector 35
HEALTH (low debt)71 · sector 94
DIVIDEND (yield)0 · sector 56

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 Specialty Business Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wolters Kluwer N.V WKL €88.82 €98.05 +10% vs 8906
RB Global, Inc RBA C$135.56 C$149.12 +10% vs 8906
Copart, Inc CPRT $32.45 $35.15 +8% vs 8906
Global Payments Inc GPN $97.77 $87.83 −10% vs 8906
Brambles Limited BXB A$22.01 A$19.10 −13% vs 8906
Cintas Corporation CTAS $223.16 $188.90 −15% vs 8906
Rentokil Initial plc RTO $23.87 $19.63 −18% vs 8906
Thomson Reuters Corporation TRI $108.30 $70.75 −35% vs 8906
Aramark ARMK $54.74 $23.04 −58% vs 8906
UL Solutions Inc ULS $81.19 $33.46 −59% vs 8906

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Forward Graphic Enterprise Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Forward Graphic Enterprise Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8906

Frequently asked questions

Is Forward Graphic Enterprise Co Ltd (8906) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 18.09 TWD versus a price of 24.95 TWD, about 27% lower (overvalued).
What is the fair value of 8906?
Our estimate for Forward Graphic Enterprise Co Ltd is 18.09 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 24.95 TWD.
What is the quality score of 8906?
Forward Graphic Enterprise Co Ltd has a Quality Score of 16/100. 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 Forward Graphic Enterprise Co Ltd (8906)?
Our calculated price target is the estimate of 18.09 TWD (as of Nov 10, 2026). Cautious scenario 13.57 TWD, optimistic scenario 22.61 TWD. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Forward Graphic Enterprise Co Ltd stock forecast for 2026?
Our estimate puts fair value at 18.09 TWD, about 27% lower versus a price of 24.95 TWD (overvalued). Cautious scenario 13.57 TWD, optimistic scenario 22.61 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Forward Graphic Enterprise Co Ltd (8906)?
Forward Graphic Enterprise Co Ltd reported trailing-twelve-month revenue of about 201M TWD (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Forward Graphic Enterprise Co Ltd (8906)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forward Graphic Enterprise Co Ltd it is 18.09 TWD per share (as of Nov 10, 2026), against a price of 24.95 TWD.
Is Forward Graphic Enterprise Co Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 8906 trades above its calculated fair value: price 24.95 TWD, fair value 18.09 TWD, a gap of about −27% (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 8906?
No. The price is what the market pays today (24.95 TWD); the fair value is what the company's own numbers justify (18.09 TWD). For Forward Graphic Enterprise Co Ltd the two are 6.86 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Forward Graphic Enterprise Co Ltd worth?
The market values Forward Graphic Enterprise Co Ltd at about 1.1B TWD (market capitalisation, as of Nov 10, 2026). Per share that is 24.95 TWD; our models calculate a fair value of 18.09 TWD per share.
What do the bullish and bearish scenarios say about 8906?
Our models span a range for Forward Graphic Enterprise Co Ltd: cautious scenario 13.57 TWD, base 18.09 TWD, optimistic 22.61 TWD per share (as of Nov 10, 2026, price 24.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Forward Graphic Enterprise Co Ltd (8906)?
Balance-sheet figures for Forward Graphic Enterprise Co Ltd (as of Nov 10, 2026): return on equity −7.8%, debt of 0.58 per unit of equity. They feed the Quality Score of 16/100, which measures business quality independently of the share price.
How far is 8906 from its 52-week high?
Forward Graphic Enterprise Co Ltd trades at 24.95 TWD, about 37% below its 52-week high of 39.90 TWD and 6% above the low of 23.50 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 18.09 TWD is for.
Which stocks are comparable to Forward Graphic Enterprise Co Ltd?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments 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 Forward Graphic Enterprise Co Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price 24.95 TWD, calculated fair value 18.09 TWD (−27%), Quality Score 16/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Forward Graphic Enterprise 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 Forward Graphic Enterprise Co Ltd (8906)?
The closing price on Nov 10, 2026 was 24.95 TWD. Our estimate is 18.09 TWD, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forward Graphic Enterprise Co Ltd right now?
The price sits above even our optimistic bull case (22.61 TWD). The favourable scenario is already priced in. Weak quality (16/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Forward Graphic Enterprise Co Ltd

How large is the market capitalisation of Forward Graphic Enterprise Co Ltd (8906)?
The market capitalisation of Forward Graphic Enterprise Co Ltd is 1.1B TWD (≈ $32.1M). 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 Forward Graphic Enterprise Co Ltd (8906)?
The price-to-sales ratio of Forward Graphic Enterprise Co Ltd is 5.50 (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 Forward Graphic Enterprise Co Ltd (8906)?
Earnings per share at Forward Graphic Enterprise Co Ltd are −0.8700 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Forward Graphic Enterprise Co Ltd (8906)?
The net margin of Forward Graphic Enterprise Co Ltd is −18.1% (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 Forward Graphic Enterprise Co Ltd (8906)?
The return on equity (ROE) of Forward Graphic Enterprise Co Ltd is −7.8% (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 Forward Graphic Enterprise Co Ltd (8906)?
On an EBIT basis the return on assets of Forward Graphic Enterprise Co Ltd is −0.7% (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 Forward Graphic Enterprise Co Ltd (8906)?
The operating margin of Forward Graphic Enterprise Co Ltd is −15.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forward Graphic Enterprise Co Ltd (8906)?
Revenue at Forward Graphic Enterprise Co Ltd is growing −18.9% versus a year earlier (3y avg −4.1%). 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 Forward Graphic Enterprise Co Ltd (8906)?
Earnings per share at Forward Graphic Enterprise Co Ltd are growing −84.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Forward Graphic Enterprise Co Ltd (8906) generate?
The free cash flow of Forward Graphic Enterprise Co Ltd is −879M 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 Forward Graphic Enterprise Co Ltd (8906) carry?
The net debt of Forward Graphic Enterprise Co Ltd is 2.3B 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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