Ta-Yuan Cogeneration Co Ltd (8931) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Ta-Yuan Cogeneration Co Ltd stock TWD 24.66, price TWD 42.00, that is 41.3% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 25.14 TWD – 80.94 TWD · fair‑value band 14.50 TWD – 30.81 TWD · the 42.00 TWD price screens above the 24.66 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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The company was incorporated in 1993 and is based in Taoyuan City, Taiwan.
Stock analysis
Ta-Yuan Cogeneration Co Ltd (8931) currently trades at 42.00 TWD, while our model-based Fair Value estimate is 24.66 TWD, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 27.55 TWD per share, and 0 of the 12 models we run sit above the 42.00 TWD price.
Bear case: the Asset-Based group reads lowest at 11.10 TWD, and 12 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 14.50 TWD (bear) to 30.81 TWD (bull), the price of 42.00 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 48/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ta-Yuan Cogeneration Co Ltd 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.
Key figures
Market cap 5.1B TWD (≈ $156M) Micro · P/E ratio 36.2 · P/S ratio 1.97 · EPS (TTM) 1.16 TWD · Dividend yield 3.8% · Net margin 5.6% · Return on equity 7.2% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −41%, 8931 screens richer than that median.
Fair Value models
Bear14.50 TWDFair Value 24.66 TWDBull30.81 TWD
Price 42.00 TWD · Downside -41.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.27/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.7%
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.
−4.7%
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.
+6.1%
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.
+5.4%
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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.
+9.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)3.8%
Profit margin 2020 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.12% → 11%
Compare Ta-Yuan Cogeneration Co Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Utilities - Regulated Electric · 155 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside−40.3% · Below median
Profitability
Return on equity (12 months)7.2% · Below median
Return on assets4.5% · Above median
Net margin (12 months)5.6% · Bottom 25%
Operating margin (12 months)6.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)14.8% · Top 25%
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity1.02× · Above median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
P/E (12 months)36.2× · Priciest 25%
P/B2.49× · Priciest 25%
P/S (12 months)1.97× · Pricier than median
EV/EBITDA13.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)74· sector 27
PAST (return on equity)29· sector 40
HEALTH (low debt)49· sector 52
DIVIDEND (yield)77· sector 64
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ta-Yuan Cogeneration Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8931
Frequently asked questions
Is Ta-Yuan Cogeneration Co Ltd (8931) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 24.66 TWD versus a price of 42.00 TWD, about 41% lower (overvalued).
What is the fair value of 8931?
Our model-based fair value for Ta-Yuan Cogeneration Co Ltd is 24.66 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 42.00 TWD.
What is the quality score of 8931?
Ta-Yuan Cogeneration Co Ltd has a Quality Score of 48/100. 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 Ta-Yuan Cogeneration Co Ltd (8931)?
Our model-based price target is the fair value of 24.66 TWD (as of Nov 7, 2026) from 14 valuation models. Cautious scenario 14.50 TWD, optimistic scenario 30.81 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ta-Yuan Cogeneration Co Ltd stock forecast for 2026?
Our models put fair value at 24.66 TWD, about 41% lower versus a price of 42.00 TWD (overvalued). Cautious scenario 14.50 TWD, optimistic scenario 30.81 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ta-Yuan Cogeneration Co Ltd (8931)?
Ta-Yuan Cogeneration Co Ltd reported trailing-twelve-month revenue of about 2.6B TWD (latest available figure, as of Nov 7, 2026).
Does Ta-Yuan Cogeneration Co Ltd pay a dividend?
Ta-Yuan Cogeneration Co Ltd currently shows a dividend yield of 3.81% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Ta-Yuan Cogeneration Co Ltd (8931) and when is the ex-dividend date?
Ta-Yuan Cogeneration Co Ltd pays a dividend of 1.60 TWD per share a year, a dividend yield of 3.8%. The last ex-dividend date was Jul 30, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 138% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of Ta-Yuan Cogeneration Co Ltd (8931)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ta-Yuan Cogeneration Co Ltd it is 24.66 TWD per share (as of Nov 7, 2026), against a price of 42.00 TWD. It is the blended result of 14 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Ta-Yuan Cogeneration Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 8931 trades above its calculated fair value: price 42.00 TWD, fair value 24.66 TWD, a gap of about −41% (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 8931?
No. The price is what the market pays today (42.00 TWD); the fair value is what the company's own numbers justify (24.66 TWD). For Ta-Yuan Cogeneration Co Ltd the two are 17.34 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ta-Yuan Cogeneration Co Ltd worth?
The market values Ta-Yuan Cogeneration Co Ltd at about 5.1B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 42.00 TWD; our models calculate a fair value of 24.66 TWD per share.
What do the bullish and bearish scenarios say about 8931?
Our models span a range for Ta-Yuan Cogeneration Co Ltd: cautious scenario 14.50 TWD, base 24.66 TWD, optimistic 30.81 TWD per share (as of Nov 7, 2026, price 42.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8931?
Ta-Yuan Cogeneration Co Ltd trades at a price-to-earnings ratio of 36.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 24.66 TWD is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 21.0. Other multiples: P/B 2.5, P/S 2.0, EV/EBITDA 13.6.
How solid is the balance sheet of Ta-Yuan Cogeneration Co Ltd (8931)?
Balance-sheet figures for Ta-Yuan Cogeneration Co Ltd (as of Nov 7, 2026): return on equity 7.2%, debt of 1.02 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 8931 from its 52-week high?
Ta-Yuan Cogeneration Co Ltd trades at 42.00 TWD, about 16% below its 52-week high of 50.10 TWD and 4% above the low of 40.40 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 24.66 TWD is for.
Which stocks are comparable to Ta-Yuan Cogeneration Co Ltd?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Ta-Yuan Cogeneration Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 42.00 TWD, calculated fair value 24.66 TWD (−41%), Quality Score 48/100, from 14 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 8931 calculated?
We run Ta-Yuan Cogeneration Co Ltd through 14 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 24.66 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Ta-Yuan Cogeneration 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 Ta-Yuan Cogeneration Co Ltd (8931)?
The closing price on Nov 9, 2026 was 42.00 TWD. Our model-based fair value is 24.66 TWD, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ta-Yuan Cogeneration Co Ltd right now?
The price sits above even our optimistic bull case (30.81 TWD). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (14.50 TWD to 30.81 TWD) leaves room in how you read the outcome.
Key figures of Ta-Yuan Cogeneration Co Ltd
How large is the market capitalisation of Ta-Yuan Cogeneration Co Ltd (8931)?
The market capitalisation of Ta-Yuan Cogeneration Co Ltd is 5.1B TWD (≈ $156M). 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 Ta-Yuan Cogeneration Co Ltd (8931)?
The price-to-sales ratio of Ta-Yuan Cogeneration Co Ltd is 1.97 (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 Ta-Yuan Cogeneration Co Ltd (8931)?
Earnings per share at Ta-Yuan Cogeneration Co Ltd are 1.16 TWD (price ÷ EPS = P/E 36.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ta-Yuan Cogeneration Co Ltd (8931)?
The dividend yield of Ta-Yuan Cogeneration Co Ltd is 3.8% (payout 138%). 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 Ta-Yuan Cogeneration Co Ltd (8931)?
The net margin of Ta-Yuan Cogeneration Co Ltd is 5.6% (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 Ta-Yuan Cogeneration Co Ltd (8931)?
The return on equity (ROE) of Ta-Yuan Cogeneration Co Ltd is 7.2% (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 Ta-Yuan Cogeneration Co Ltd (8931)?
On an EBIT basis the return on assets of Ta-Yuan Cogeneration Co Ltd is 7.4% (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 Ta-Yuan Cogeneration Co Ltd (8931)?
The operating margin of Ta-Yuan Cogeneration Co Ltd is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ta-Yuan Cogeneration Co Ltd (8931)?
Revenue at Ta-Yuan Cogeneration Co Ltd is growing +14.8% versus a year earlier (3y avg −4.7%). 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 Ta-Yuan Cogeneration Co Ltd (8931)?
Earnings per share at Ta-Yuan Cogeneration Co Ltd are growing −50.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ta-Yuan Cogeneration Co Ltd (8931) generate?
The free cash flow of Ta-Yuan Cogeneration Co Ltd is −27.1M 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 Ta-Yuan Cogeneration Co Ltd (8931) carry?
The net debt of Ta-Yuan Cogeneration Co Ltd is 2.4B 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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Some data
Nov 7, 2026