Taiwan Cogeneration Corp (8926) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Cogeneration Corp TWD 46.42, price TWD 58.80, upside -21.1%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Taiwan Cogeneration Corporation, together with its subsidiaries, engages in the operation and management of cogeneration plants in Taiwan. It operates through Guantian Cogeneration Plant, and Construction and Consulting Services segments.
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Taiwan Cogeneration Corporation, together with its subsidiaries, engages in the operation and management of cogeneration plants in Taiwan. It operates through Guantian Cogeneration Plant, and Construction and Consulting Services segments. The company is also involved in the engineering, planning, design, procurement, installation, construction, and financing planning of cogeneration plants; and environmental protection and procurement of fuel for cogeneration systems and related businesses. In addition, it provides cogeneration research and development, and related technical and consultation services; manufactures, assembles, leases, installs, repairs, and sells cogeneration equipment; invests in geothermal, green power, and cogeneration plants; trades in related products; and installs electric equipment. Further, the company undertakes power engineering projects; and engages in power generation activities. Taiwan Cogeneration Corporation was founded in 1992 and is based in Taipei, Taiwan.
Stock analysis
Taiwan Cogeneration Corp (8926) currently trades at 58.80 TWD, while our model-based Fair Value estimate is 46.42 TWD, implying the stock looks roughly 26.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 32.94 TWD per share, and 0 of the 24 models we run sit above the 58.80 TWD price.
Bear case: the Multiples group reads lowest at 5.29 TWD, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 46.12 TWD (bear) to 67.50 TWD (bull), the price of 58.80 TWD sits inside 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 59/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Taiwan Cogeneration Corp reported revenue of 7.6B TWD in FY2025 versus 6.4B TWD in FY2021, a compound +4.4%/yr. Reported net income was 1.8B TWD in FY2025, compounding +18.8%/yr from FY2021.
Key figures
Market cap 54.1B TWD (≈ $1.7B) · P/E ratio 24.8 · P/S ratio 5.83 · EPS (TTM) 2.37 TWD · Dividend yield 4.1% · Net margin 23.5% · Return on equity 14.5% · Return on assets (EBIT) 2.4%.
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 27% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −21%, 8926 screens cheaper than that median.
Fair Value models
Bear 46.12 TWDFair Value 46.42 TWDBull 67.50 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.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.
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.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+12.5%
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.
+4.9%
Revenue growth 22 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%
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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.
+12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.5%
Dividend (yield on the price)4.1%
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.9% vs 4%, picking up
Profit margin 2018 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.7% → 8%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +8.2% a year for the price.
Compare Taiwan Cogeneration Corp with another stock
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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.Engineering & Construction · 822 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−21% · Below median
Profitability
Return on equity (TTM)15% · Above median
Return on assets2% · Below median
Net margin (TTM)15% · Top 25%
Operating margin (TTM)6% · Above median
Growth and dividend
Revenue growth598% · Top 25%
Dividend yield (TTM)4.1% · Top 25%
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Taiwan Cogeneration Corp (8926) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 46.42 TWD versus a price of 58.80 TWD, about −21% upside (overvalued).
What is the fair value of 8926?
Our model-based fair value for Taiwan Cogeneration Corp is 46.42 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 58.80 TWD.
What is the quality score of 8926?
Taiwan Cogeneration Corp has a Quality Score of 59/100. 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 Taiwan Cogeneration Corp (8926)?
Our model-based price target is the fair value of 46.42 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 46.12 TWD, optimistic scenario 67.50 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Cogeneration Corp stock forecast for 2026?
Our models put fair value at 46.42 TWD, about −21% upside versus a price of 58.80 TWD (overvalued). Cautious scenario 46.12 TWD, optimistic scenario 67.50 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Cogeneration Corp (8926)?
Taiwan Cogeneration Corp reported trailing-twelve-month revenue of about 19.4B TWD (latest available figure, as of Sep 24, 2026).
Does Taiwan Cogeneration Corp pay a dividend?
Taiwan Cogeneration Corp currently shows a dividend yield of about 4.10% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taiwan Cogeneration Corp (8926)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Cogeneration Corp would have to grow free cash flow by +9.9 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 8926 use?
Our models discount Taiwan Cogeneration Corp at 9.3 %: a base by market capitalisation (large), damped by beta 0.79, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Taiwan Cogeneration Corp that is +9.9 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Taiwan Cogeneration Corp (8926) delivered so far?
Over the past 5 years revenue at Taiwan Cogeneration Corp grew -4.0 % a year. The price currently implies +9.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Taiwan Cogeneration Corp (8926) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Taiwan Cogeneration Corp (+9.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Taiwan Cogeneration Corp (8926)?
The free-cash-flow yield on the price is 5.23 %: that much free cash flow Taiwan Cogeneration Corp produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Cogeneration Corp (8926)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Cogeneration Corp it is 46.42 TWD per share (as of Sep 24, 2026), against a price of 58.80 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Cogeneration Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8926 trades above its calculated fair value: price 58.80 TWD, fair value 46.42 TWD, a gap of about −21% (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 8926?
No. The price is what the market pays today (58.80 TWD); the fair value is what the company's own numbers justify (46.42 TWD). For Taiwan Cogeneration Corp the two are 12.38 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Cogeneration Corp worth?
The market values Taiwan Cogeneration Corp at about 54.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 58.80 TWD; our models calculate a fair value of 46.42 TWD per share.
What do the bullish and bearish scenarios say about 8926?
Our models span a range for Taiwan Cogeneration Corp: cautious scenario 46.12 TWD, base 46.42 TWD, optimistic 67.50 TWD per share (as of Sep 24, 2026, price 58.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8926?
Taiwan Cogeneration Corp trades at a price-to-earnings ratio of 24.8 (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 46.42 TWD is built from several models across several years. Other multiples: P/B 3.4, P/S 2.8, EV/EBITDA 33.3.
How solid is the balance sheet of Taiwan Cogeneration Corp (8926)?
Balance-sheet figures for Taiwan Cogeneration Corp (as of Sep 24, 2026): return on equity 14.5%, debt of 0.52 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 8926 from its 52-week high?
Taiwan Cogeneration Corp trades at 58.80 TWD, about 27% below its 52-week high of 81.00 TWD and 51% above the low of 39.05 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 46.42 TWD is for.
Which stocks are comparable to Taiwan Cogeneration Corp?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Taiwan Cogeneration Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 58.80 TWD, calculated fair value 46.42 TWD (−21%), Quality Score 59/100, from 24 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 8926 calculated?
We run Taiwan Cogeneration Corp through 24 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 46.42 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. Taiwan Cogeneration Corp 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 Taiwan Cogeneration Corp (8926)?
The closing price on Sep 24, 2026 was 58.80 TWD. Our model-based fair value is 46.42 TWD, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Cogeneration Corp right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Taiwan Cogeneration Corp (8926) come from?
Earnings per share at Taiwan Cogeneration Corp grew +1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.9 %, EBIT margin −2.7 %, tax rate −0.2 %, residual (interest, one-offs) −12.3 %. 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 Taiwan Cogeneration Corp
How large is the market capitalisation of Taiwan Cogeneration Corp (8926)?
The market capitalisation of Taiwan Cogeneration Corp is 54.1B TWD (≈ $1.7B). 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 Taiwan Cogeneration Corp (8926)?
The price-to-sales ratio of Taiwan Cogeneration Corp is 5.83 (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 Taiwan Cogeneration Corp (8926)?
Earnings per share at Taiwan Cogeneration Corp are 2.37 TWD (price ÷ EPS = P/E 24.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Cogeneration Corp (8926)?
The dividend yield of Taiwan Cogeneration Corp is 4.1% (payout 102%). 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 Taiwan Cogeneration Corp (8926)?
The net margin of Taiwan Cogeneration Corp is 23.5% (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 Taiwan Cogeneration Corp (8926)?
The return on equity (ROE) of Taiwan Cogeneration Corp is 14.5% (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 Taiwan Cogeneration Corp (8926)?
On an EBIT basis the return on assets of Taiwan Cogeneration Corp is 2.4% (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 Taiwan Cogeneration Corp (8926)?
The operating margin of Taiwan Cogeneration Corp is 6.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Cogeneration Corp (8926)?
Revenue at Taiwan Cogeneration Corp is growing +598% versus a year earlier (3y avg +17.7%). 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 Taiwan Cogeneration Corp (8926)?
Earnings per share at Taiwan Cogeneration Corp are growing +340% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Cogeneration Corp (8926) carry?
The net debt of Taiwan Cogeneration Corp is 6.9B TWD (fiscal year 2025, ≈ 3.1 yrs of FCF). 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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