Yulon Finance Corp (9941) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Yulon Finance Corp TWD 156, price TWD 76.70, upside +103.1%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range 71.90 TWD – 196.50 TWD · fair‑value band 45.37 TWD – 214.80 TWD · the 76.70 TWD price screens below the 155.80 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Taiwan Acceptance Corporation provides various financial services in China, Taiwan, and internationally. It offers vehicle and personal financing services, including new and used cars, and auto mortgage loans; motorcycle loan installments; and auto leasing services, as well as installment plans for other products and services.
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Taiwan Acceptance Corporation provides various financial services in China, Taiwan, and internationally. It offers vehicle and personal financing services, including new and used cars, and auto mortgage loans; motorcycle loan installments; and auto leasing services, as well as installment plans for other products and services. The company also offers corporate financing services, such as installation plans for heavy vehicles and equipment leasing services. In addition, it offers used car sale intermediation services comprising auto auction and vehicle inspection. The company was formerly known as Yulon Finance Corporation. Taiwan Acceptance Corporation was incorporated in 1990 and is based in Taipei, Taiwan.
Stock analysis
Yulon Finance Corp (9941) currently trades at 76.70 TWD, while our model-based Fair Value estimate is 155.80 TWD, implying the stock looks roughly 50.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 320.00 TWD per share, and 9 of the 13 models we run sit above the 76.70 TWD price.
Bear case: the Asset-Based group reads lowest at 46.24 TWD, and 4 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 45.37 TWD (bear) to 214.80 TWD (bull), the price of 76.70 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 53/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Yulon Finance Corp reported revenue of 39.5B TWD in FY2025 versus 14.7B TWD in FY2021, a compound +28.1%/yr. Reported net income was 4.6B TWD in FY2025, compounding −2.9%/yr from FY2021.
Key figures
Market cap 47.6B TWD (≈ $1.5B) · P/E ratio 10.5 · P/S ratio 1.22 · EPS (TTM) 7.31 TWD · Dividend yield 5.6% · Net margin 11.6% · Return on equity 11.9% · Return on assets (EBIT) −1.4%.
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 24% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 10% fair-value upside, at 103%, 9941 screens cheaper than that median.
Fair Value models
Bear 45.37 TWDFair Value 155.80 TWDBull 214.80 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 (2.28 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.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 growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+104.3%
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.
+38.0%
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.
+22.5%
Start year 2020 (pandemic). Over 10 years: +9.9% a year
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.
+13.2%
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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.
+9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)5.6%
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.4.0% vs 9.8%, slowing
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.−31% → 14%
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).
+7.6%
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 +6.0% 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.Credit Services · 329 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+103.1% · Top 25%
Profitability
Return on equity (TTM)11.9% · Above median
Return on assets1.2% · Below median
Net margin (TTM)12.1% · Below median
Operating margin (TTM)15.0% · Below median
Growth and dividend
Revenue growth−2.2% · Below median
Dividend yield (TTM)5.6% · Above median
Balance sheet
Debt / equity0.12× · Below median
Valuation Multiplesvs Credit Services median · lower = cheaper
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Is Yulon Finance Corp (9941) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 155.80 TWD versus a price of 76.70 TWD, about +103% upside (undervalued).
What is the fair value of 9941?
Our model-based fair value for Yulon Finance Corp is 155.80 TWD (as of Oct 2, 2026), built from audited fundamentals. The current price: 76.70 TWD.
What is the quality score of 9941?
Yulon Finance Corp has a Quality Score of 53/100. 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 Yulon Finance Corp (9941)?
Our model-based price target is the fair value of 155.80 TWD (as of Oct 2, 2026) from 13 valuation models. Cautious scenario 45.37 TWD, optimistic scenario 214.80 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Yulon Finance Corp stock forecast for 2026?
Our models put fair value at 155.80 TWD, about +103% upside versus a price of 76.70 TWD (undervalued). Cautious scenario 45.37 TWD, optimistic scenario 214.80 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Yulon Finance Corp (9941)?
Yulon Finance Corp reported trailing-twelve-month revenue of about 39.2B TWD (latest available figure, as of Oct 2, 2026).
Does Yulon Finance Corp pay a dividend?
Yulon Finance Corp currently shows a dividend yield of about 5.60% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Yulon Finance Corp (9941)?
For today's price to be fair in a discounted-cash-flow model, Yulon Finance Corp would have to grow free cash flow by +7.6 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.5 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of 9941 use?
Our models discount Yulon Finance Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.20, 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 Yulon Finance Corp that is +7.6 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Yulon Finance Corp (9941) delivered so far?
Over the past 5 years revenue at Yulon Finance Corp grew +22.5 % a year. The price currently implies +7.6 % 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 Yulon Finance Corp (9941) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Yulon Finance Corp (+7.6 % 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 Yulon Finance Corp (9941)?
The free-cash-flow yield on the price is 32.12 %: that much free cash flow Yulon Finance Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Yulon Finance Corp (9941)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yulon Finance Corp it is 155.80 TWD per share (as of Oct 2, 2026), against a price of 76.70 TWD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Yulon Finance Corp stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 9941 trades below its calculated fair value: price 76.70 TWD, fair value 155.80 TWD, a gap of about +103% (undervalued). 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 9941?
No. The price is what the market pays today (76.70 TWD); the fair value is what the company's own numbers justify (155.80 TWD). For Yulon Finance Corp the two are 79.10 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Yulon Finance Corp worth?
The market values Yulon Finance Corp at about 47.6B TWD (market capitalisation, as of Oct 2, 2026). Per share that is 76.70 TWD; our models calculate a fair value of 155.80 TWD per share.
What do the bullish and bearish scenarios say about 9941?
Our models span a range for Yulon Finance Corp: cautious scenario 45.37 TWD, base 155.80 TWD, optimistic 214.80 TWD per share (as of Oct 2, 2026, price 76.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9941?
Yulon Finance Corp trades at a price-to-earnings ratio of 10.5 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 155.80 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 1.2, EV/EBITDA 8.0.
How solid is the balance sheet of Yulon Finance Corp (9941)?
Balance-sheet figures for Yulon Finance Corp (as of Oct 2, 2026): return on equity 11.9%, debt of 0.12 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 9941 from its 52-week high?
Yulon Finance Corp trades at 76.70 TWD, about 24% below its 52-week high of 100.50 TWD and 7% above the low of 71.90 TWD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 155.80 TWD is for.
Which stocks are comparable to Yulon Finance Corp?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Yulon Finance Corp stock attractive at the current price?
The data as of Oct 2, 2026: price 76.70 TWD, calculated fair value 155.80 TWD (+103%), Quality Score 53/100, from 13 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 9941 calculated?
We run Yulon Finance Corp through 13 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 155.80 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 14.5 % above its aggregate fair value. Yulon Finance Corp currently trades 51 % below its own fair value, and the market average says nothing about that. 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 Yulon Finance Corp (9941)?
The closing price on Oct 2, 2026 was 76.70 TWD. Our model-based fair value is 155.80 TWD, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yulon Finance Corp right now?
The model range is unusually wide (45.37 TWD to 214.80 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Yulon Finance Corp
How large is the market capitalisation of Yulon Finance Corp (9941)?
The market capitalisation of Yulon Finance Corp is 47.6B TWD (≈ $1.5B). 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 Yulon Finance Corp (9941)?
The price-to-sales ratio of Yulon Finance Corp is 1.22 (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 Yulon Finance Corp (9941)?
Earnings per share at Yulon Finance Corp are 7.31 TWD (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Yulon Finance Corp (9941)?
The dividend yield of Yulon Finance Corp is 5.6% (payout 58.7%). 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 Yulon Finance Corp (9941)?
The net margin of Yulon Finance Corp is 11.6% (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 Yulon Finance Corp (9941)?
The return on equity (ROE) of Yulon Finance Corp is 11.9% (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 Yulon Finance Corp (9941)?
On an EBIT basis the return on assets of Yulon Finance Corp is −1.4% (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 Yulon Finance Corp (9941)?
The operating margin of Yulon Finance Corp is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yulon Finance Corp (9941)?
Revenue at Yulon Finance Corp is growing −2.2% versus a year earlier (3y avg +38.0%). 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 Yulon Finance Corp (9941)?
Earnings per share at Yulon Finance Corp are growing +14.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Yulon Finance Corp (9941) carry?
The net debt of Yulon Finance Corp is 218B TWD (fiscal year 2025, ≈ 14.3 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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