CTCI Corp (9933) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of CTCI Corp TWD 32.01, price TWD 41.00, upside -21.9%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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CTCI Corporation provides engineering, procurement, and construction services in Taiwan, rest of Asia, and the United States.
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CTCI Corporation provides engineering, procurement, and construction services in Taiwan, rest of Asia, and the United States. The company offers project management; feasibility study and front-end engineering design; engineering; procurement; fabrication; construction; commissioning; automation and control; cleanroom, mechanical, electrical, and plumbing; intelligent structure jacking and movement; ground freezing; and operations and maintenance services, as well as intelligent solutions. It also provides stationary equipment, chemical additives, and energy management software. The company serves refinery, petrochemical, power, environmental, transportation, industrial, technology facility, and LNG receiving terminal markets. The company was incorporated in 1979 and is based in Taipei, Taiwan.
Stock analysis
CTCI Corp (9933) currently trades at 41.00 TWD, while our model-based Fair Value estimate is 32.01 TWD, implying the stock looks roughly 28.1% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 109.83 TWD per share, and 13 of the 26 models we run sit above the 41.00 TWD price.
Bear case: the Earnings-Based group reads lowest at 12.64 TWD, and 13 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 24.01 TWD (bear) to 40.02 TWD (bull), the price of 41.00 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 39/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CTCI Corp reported revenue of 91.8B TWD in FY2025 versus 70.5B TWD in FY2021, a compound +6.8%/yr. Reported net income was 1.7B TWD in FY2025, compounding −8.4%/yr from FY2021.
Key figures
Market cap 42.0B TWD (≈ $1.3B) · P/E ratio 23.8 · P/S ratio 0.44 · EPS (TTM) 1.72 TWD · Dividend yield 2.0% · Net margin 1.8% · Return on equity 20.5% · Return on assets (EBIT) 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 38% 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 −22%, 9933 screens cheaper than that median.
Fair Value models
Bear 24.01 TWDFair Value 32.01 TWDBull 40.02 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.6730 TWD per share) are deliberately not added.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.95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+19.4%
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.
+15.6%
Revenue growth 24 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.
+10.1%
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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.
−1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.7%
Dividend (yield on the price)2.0%
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.−4% vs −4%, steady
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.4% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−18.9%
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 −20.1% a year for the price.
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.Engineering & Construction · 822 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets3% · Above median
Net margin (TTM)4% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth−23% · Bottom 25%
Dividend yield (TTM)2.0% · Below median
Balance sheet
Debt / equity1.37× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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). "CTCI Corp Fair Value". https://www.fairvalue-calculator.com/stock/9933
Frequently asked questions
Is CTCI Corp (9933) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 32.01 TWD versus a price of 41.00 TWD, about −22% upside (overvalued).
What is the fair value of 9933?
Our model-based fair value for CTCI Corp is 32.01 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 41.00 TWD.
What is the quality score of 9933?
CTCI Corp has a Quality Score of 39/100. 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 CTCI Corp (9933)?
Our model-based price target is the fair value of 32.01 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 24.01 TWD, optimistic scenario 40.02 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the CTCI Corp stock forecast for 2026?
Our models put fair value at 32.01 TWD, about −22% upside versus a price of 41.00 TWD (overvalued). Cautious scenario 24.01 TWD, optimistic scenario 40.02 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of CTCI Corp (9933)?
CTCI Corp reported trailing-twelve-month revenue of about 86.8B TWD (latest available figure, as of Sep 23, 2026).
Does CTCI Corp pay a dividend?
CTCI Corp currently shows a dividend yield of about 1.95% relative to its recent price (as of Sep 23, 2026).
What growth is priced into CTCI Corp (9933)?
For today's price to be fair in a discounted-cash-flow model, CTCI Corp would have to grow free cash flow by -18.9 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 9933 use?
Our models discount CTCI Corp at 9.8 %: a base by market capitalisation (large), 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 CTCI Corp that is -18.9 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has CTCI Corp (9933) delivered so far?
Over the past 5 years revenue at CTCI Corp grew +10.6 % a year. The price currently implies -18.9 % 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 CTCI Corp (9933) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into CTCI Corp (-18.9 % 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 CTCI Corp (9933)?
The free-cash-flow yield on the price is 21.21 %: that much free cash flow CTCI Corp produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CTCI Corp (9933)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CTCI Corp it is 32.01 TWD per share (as of Sep 23, 2026), against a price of 41.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is CTCI Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 9933 trades above its calculated fair value: price 41.00 TWD, fair value 32.01 TWD, a gap of about −22% (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 9933?
No. The price is what the market pays today (41.00 TWD); the fair value is what the company's own numbers justify (32.01 TWD). For CTCI Corp the two are 8.99 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is CTCI Corp worth?
The market values CTCI Corp at about 42.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 41.00 TWD; our models calculate a fair value of 32.01 TWD per share.
What do the bullish and bearish scenarios say about 9933?
Our models span a range for CTCI Corp: cautious scenario 24.01 TWD, base 32.01 TWD, optimistic 40.02 TWD per share (as of Sep 23, 2026, price 41.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9933?
CTCI Corp trades at a price-to-earnings ratio of 23.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.01 TWD is built from several models across several years. Other multiples: P/B 2.1, P/S 0.5, EV/EBITDA 4.4.
How solid is the balance sheet of CTCI Corp (9933)?
Balance-sheet figures for CTCI Corp (as of Sep 23, 2026): return on equity 20.5%, debt of 1.37 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is 9933 from its 52-week high?
CTCI Corp trades at 41.00 TWD, about 6% below its 52-week high of 43.75 TWD and 38% above the low of 29.75 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 32.01 TWD is for.
Which stocks are comparable to CTCI 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 CTCI Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 41.00 TWD, calculated fair value 32.01 TWD (−22%), Quality Score 39/100, from 26 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 9933 calculated?
We run CTCI Corp through 26 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 32.01 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. CTCI 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 CTCI Corp (9933)?
The closing price on Sep 24, 2026 was 41.00 TWD. Our model-based fair value is 32.01 TWD, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CTCI Corp right now?
The price sits above even our optimistic bull case (40.02 TWD). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of CTCI Corp (9933) come from?
Earnings per share at CTCI Corp grew −2.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin −2.9 %, tax rate −1.8 %, residual (interest, one-offs) −1.8 %. 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 CTCI Corp
How large is the market capitalisation of CTCI Corp (9933)?
The market capitalisation of CTCI Corp is 42.0B TWD (≈ $1.3B). 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 CTCI Corp (9933)?
The price-to-sales ratio of CTCI Corp is 0.44 (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 CTCI Corp (9933)?
Earnings per share at CTCI Corp are 1.72 TWD (price ÷ EPS = P/E 23.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CTCI Corp (9933)?
The dividend yield of CTCI Corp is 2.0% (payout 46.5%). 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 CTCI Corp (9933)?
The net margin of CTCI Corp is 1.8% (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 CTCI Corp (9933)?
The return on equity (ROE) of CTCI Corp is 20.5% (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 CTCI Corp (9933)?
On an EBIT basis the return on assets of CTCI Corp is 3.6% (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 CTCI Corp (9933)?
The operating margin of CTCI Corp is 9.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CTCI Corp (9933)?
Revenue at CTCI Corp is growing −22.8% versus a year earlier (3y avg −1.2%). 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 CTCI Corp (9933)?
Earnings per share at CTCI Corp are growing +248% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CTCI Corp (9933) carry?
The net debt of CTCI Corp is 4.0B TWD (fiscal year 2025, ≈ 0.4 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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