Forward Graphic Enterprise Co (8906) Fair Value & Analysis
Industrials · TW · Market cap 1.1B TWD
Fair value as of: Jul 22, 2026
From 1 valuation models · updated 19 days ago
Share price +1.4% over the past month.
Below-average quality, and screening another 74% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (11.18 TWD). The favourable scenario is already priced in.
- Weak quality (13/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (5.59 TWD to 11.18 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
60‑month range 13.43 TWD – 62.10 TWD · fair‑value band 5.59 TWD – 11.18 TWD · the 28.95 TWD price screens above the 7.49 TWD fair value. Dashed = 300-day average. As of Jul 22, 2026.
Analysis
Forward Graphic Enterprise Co (8906) currently trades at 28.95 TWD, while our model-based Fair Value estimate is 7.49 TWD, implying the stock looks roughly 74.1% overvalued today. The Quality Score stands at 13/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, Forward Graphic Enterprise Co generated revenue of 211M TWD at a net margin of -15.9%. Revenue grew 18.0% year over year. It earns a return on equity of -7.3%. Net debt stands at 2.3B TWD. Fundamentals as of Jul 22, 2026
Our scenario range runs from 5.59 TWD (bear case) to 11.18 TWD (bull case); at 28.95 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 30% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at -74%, 8906 screens richer 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 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 17 · Market factors (momentum, volatility) 41
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
Forward Graphic Enterprise Co., Ltd. engages in the manufacture and sale of printed matter, plastic products, handicrafts, and cardboard and paper products in Taiwan. The company also provides box, gift box, chocolate box, and bag products; book; notebook; catalogue/flyer; calendar; and special, DIY, and eco friendly products.
Full company description
Forward Graphic Enterprise Co., Ltd. engages in the manufacture and sale of printed matter, plastic products, handicrafts, and cardboard and paper products in Taiwan. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Forward Graphic Enterprise Co 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.
8906 screens 74% overvalued. Compare with Cintas Corporation →
Peer Group
Specialty Business Services · 253 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 Specialty Business Services 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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Cintas Corporation CTAS | $206.25 | $95.30 | -54% |
| RELX PLC RELX | $33.70 | $32.49 | -4% |
| Thomson Reuters Corporation TRI | C$133.87 | C$70.40 | -47% |
| Copart, Inc CPRT | $27.61 | $28.59 | +4% |
| Global Payments Inc GPN | $80.49 | $69.67 | -13% |
| RB Global, Inc RBA | C$156.43 | C$49.14 | -69% |
| Brambles Limited BXB | A$18.79 | A$12.28 | -35% |
| UL Solutions Inc ULS | $87.76 | $33.62 | -62% |
| Wolters Kluwer N.V WKL | €62.56 | €103.99 | +66% |
| Aramark ARMK | $56.74 | $13.73 | -76% |
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Frequently asked questions
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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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