CTCI Corp (9933) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CTCI Corp stock TWD 36.97, price TWD 44.40, that is 16.7% below the price, quality 43 out of 100. Rating: overvalued. Calculated from audited financials with 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 3, 2026.
How to read this chart
60‑month range 25.20 TWD – 54.60 TWD · fair‑value band 27.73 TWD – 46.22 TWD · the 44.40 TWD price screens above the 36.97 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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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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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 44.40 TWD, while our model-based Fair Value estimate is 36.97 TWD, 17% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 68.78 TWD per share, and 10 of the 26 models we run sit above the 44.40 TWD price.
Bear case: the Asset-Based group reads lowest at 11.93 TWD, and 16 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 27.73 TWD (bear) to 46.22 TWD (bull), the price of 44.40 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 43/100 (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 47.2B TWD (≈ $1.4B) Small · P/E ratio 8.7 · P/S ratio 0.49 · EPS (TTM) 5.09 TWD · Dividend yield 1.8% · Net margin 6.2% · Return on equity 24.3% · Return on assets (EBIT) 3.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at −17%, 9933 screens cheaper than that median.
Fair Value models
Bear27.73 TWDFair Value 36.97 TWDBull46.22 TWD
Price 44.40 TWD · Downside -16.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.68 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. 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.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.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.7%
Dividend (yield on the price)1.8%
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.−3.7% vs −3.8%, 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%
Pace: the 5-year rate starts in 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).
−13.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −14.5% 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 · 791 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside−16.7% · Below median
Profitability
Return on equity (12 months)24.3% · Top 25%
Return on assets2.0% · Below median
Net margin (12 months)10.0% · Top 25%
Operating margin (12 months)11.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−15.1% · Bottom 25%
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity1.37× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)8.7× · Cheapest 25%
P/B2.33× · Pricier than median
P/S (12 months)0.92× · Pricier than median
Price / free cash flow (fiscal year)8.6× · Cheaper than median
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 Nov 3, 2026, our model estimates a fair value of 36.97 TWD versus a price of 44.40 TWD, about 17% lower (overvalued).
What is the fair value of 9933?
Our model-based fair value for CTCI Corp is 36.97 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 44.40 TWD.
What is the quality score of 9933?
CTCI Corp has a Quality Score of 43/100. 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 36.97 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 27.73 TWD, optimistic scenario 46.22 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 36.97 TWD, about 17% lower versus a price of 44.40 TWD (overvalued). Cautious scenario 27.73 TWD, optimistic scenario 46.22 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 83.1B TWD (latest available figure, as of Nov 3, 2026).
Does CTCI Corp pay a dividend?
CTCI Corp currently shows a dividend yield of 1.77% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of CTCI Corp (9933) and when is the ex-dividend date?
CTCI Corp pays a dividend of 0.785 TWD per share a year, a dividend yield of 1.8%. The last ex-dividend date was Sep 8, 2026. The payout ratio is 15.4% of earnings. Free cash flow covers the dividend 11.82 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 -13.2 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.6 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 9933 use?
Our models discount CTCI Corp at 11.8 %: a base by market capitalisation (small), 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 -13.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) 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 free-cash-flow growth of -13.2 % per 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 +7.8 % a year. That is the yardstick for the growth priced into CTCI Corp (-13.2 % per 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 18.90 %: that much free cash flow CTCI Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), 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 36.97 TWD per share (as of Nov 3, 2026), against a price of 44.40 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is CTCI Corp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 9933 trades above its calculated fair value: price 44.40 TWD, fair value 36.97 TWD, a gap of about −17% (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 (44.40 TWD); the fair value is what the company's own numbers justify (36.97 TWD). For CTCI Corp the two are 7.43 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 47.2B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 44.40 TWD; our models calculate a fair value of 36.97 TWD per share.
What do the bullish and bearish scenarios say about 9933?
Our models span a range for CTCI Corp: cautious scenario 27.73 TWD, base 36.97 TWD, optimistic 46.22 TWD per share (as of Nov 3, 2026, price 44.40 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 8.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 36.97 TWD is built from several models across several years. Other multiples: P/B 2.3, P/S 0.9, EV/EBITDA 7.5.
How solid is the balance sheet of CTCI Corp (9933)?
Balance-sheet figures for CTCI Corp (as of Nov 3, 2026): return on equity 24.3%, debt of 1.37 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 9933 from its 52-week high?
CTCI Corp trades at 44.40 TWD, about 7% below its 52-week high of 47.95 TWD and 49% above the low of 29.75 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 36.97 TWD is for.
Which stocks are comparable to CTCI Corp?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Nov 3, 2026: price 44.40 TWD, calculated fair value 36.97 TWD (−17%), Quality Score 43/100, 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 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 36.97 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 13.0% 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 Nov 6, 2026 was 44.40 TWD. Our model-based fair value is 36.97 TWD, about 17% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CTCI Corp right now?
Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 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 47.2B TWD (≈ $1.4B). 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 0.49 (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 CTCI Corp (9933)?
Earnings per share at CTCI Corp are 5.09 TWD (price ÷ EPS = P/E 8.7). 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 1.8% (payout 15.4%). 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 6.2% (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 CTCI Corp (9933)?
The return on equity (ROE) of CTCI Corp is 24.3% (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 11.2% (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 −15.1% 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 +419% 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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Broad data
Nov 3, 2026