Ta-Yuan Cogeneration Company (8931) Fair Value & Analysis
Utilities · TW · Market cap 5.2B TWD
Fair value as of: Jul 23, 2026
From 12 valuation models · updated 18 days ago
Share price −6.9% over the past month.
Below-average quality, and screening another 36% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (36.64 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (18.30 TWD to 36.64 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 23, 2026.
How to read this chart
60‑month range 24.10 TWD – 80.94 TWD · fair‑value band 18.30 TWD – 36.64 TWD · the 40.60 TWD price screens above the 26.14 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Ta-Yuan Cogeneration Company (8931) currently trades at 40.60 TWD, while our model-based Fair Value estimate is 26.14 TWD, implying the stock looks roughly 35.6% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Utilities 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: medium).
Over the trailing twelve months, Ta-Yuan Cogeneration Company generated revenue of 2.5B TWD at a net margin of 7.5%. Revenue grew 0.2% year over year. It earns a return on equity of 8.7%. Net debt stands at 2.4B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 18.30 TWD (bear case) to 36.64 TWD (bull case); at 40.60 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 26% below its 52-week high, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at -36%, 8931 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 12 models by family
Widest divergence: Multiples (29.82 TWD) versus Earnings-Based (3.22 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 42
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
Ta-Yuan Cogeneration Company Ltd. is involved in the cogeneration business in Taiwan. The company engages in the operation and maintenance of equipment, waste removal, incinerator management, and waste solution treatment. It also generates and transfers electricity. The company was incorporated in 1993 and is based in Taoyuan City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ta-Yuan Cogeneration Company reported revenue of 2.5B TWD in FY2025 versus 2.0B TWD in FY2021, a compound +5.5%/yr. Reported net income was 229M TWD in FY2025, compounding +7.6%/yr from FY2021.
8931 screens 36% overvalued. Compare with NextEra Energy, Inc →
Peer Group
Utilities - Regulated Electric · 154 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 Utilities - Regulated Electric 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 Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $88.80 | $32.94 | -63% |
| The Southern Company SO | $95.61 | $61.06 | -36% |
| Duke Energy Corporation DUK | $126.11 | $97.11 | -23% |
| National Grid plc NGG | 61,175 ARS | 44,377 ARS | -27% |
| American Electric Power Company AEP | $132.50 | $79.33 | -40% |
| Dominion Energy, Inc D | $70.08 | $46.92 | -33% |
| NTPC Limited NTPC | ₹341.85 | ₹377.16 | +10% |
| CEZ, a. s. CEZ | 232.40 PLN | 159.33 PLN | -31% |
| Power Grid Corporation POWERGRID | ₹283.55 | ₹252.77 | -11% |
| China National Nuclear Power Co 601985 | ¥8.91 | ¥7.69 | -14% |
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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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