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Macauto Industrial Co (9951) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 3.8B TWD

MI Macauto Industrial Co 9951 · TWO
Price53.10 TWD
Fair Value106.60 TWD
Upside+100.8%
Quality74/100
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Healthy Growth
Thin margins · 5.5% net margin
Low debt · generates free cash flow
6.10% dividend yield
Ranks above peers (14/14)
Narrow moat 42/100
Evidence: High Range 83.71 TWD – 129.49 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 105.13 TWD to 106.60 TWD (+1.4%) since Jun 25, 2026. Share price −0.7% over the past month.

A solid business, screening 101% undervalued on our models.

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (83.71 TWD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

91.74 TWD 42.60 TWD Fair Value 106.60 TWD Mar 2021 Aug 2026

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 42.60 TWD – 91.74 TWD · fair‑value band 83.71 TWD – 129.49 TWD · the 53.10 TWD price screens below the 106.60 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Macauto Industrial Co (9951) currently trades at 53.10 TWD, while our model-based Fair Value estimate is 106.60 TWD, implying the stock looks roughly 100.8% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Macauto Industrial Co generated revenue of 6.6B TWD at a net margin of 5.5%. Revenue grew 17.2% year over year. It earns a return on equity of 9.8%. The balance sheet holds a net cash position of 1.1B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 83.71 TWD (bear case) to 129.49 TWD (bull case); at 53.10 TWD, the current price sits below 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 17% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 101%, 9951 screens cheaper 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.

Model 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
Highest evidence
Growth DCF 113.15 TWD 157.65 TWD 219.82 TWD 80
Residual Income 46.32 TWD 51.40 TWD 77.49 TWD 76
Rev-Margin DCF 87.33 TWD 122.66 TWD 164.41 TWD 74
All 24 models by family
DCF Models
FCF DCF 112.24 TWD 163.59 TWD 240.50 TWD 38
Owner Earnings 79.74 TWD 112.81 TWD 162.35 TWD 31
5Y Revenue Exit 87.33 TWD 122.05 TWD 165.89 TWD 39
5Y EBITDA Exit 92.97 TWD 132.77 TWD 178.98 TWD 41
5Y P/E Exit 105.02 TWD 155.68 TWD 209.27 TWD 38
10Y Revenue Exit 94.05 TWD 127.82 TWD 172.72 TWD 36
10Y EBITDA Exit 99.22 TWD 135.16 TWD 182.65 TWD 37
10Y P/E Exit 106.78 TWD 150.85 TWD 205.59 TWD 35
Earnings-Based
Graham-Dodd 36.95 TWD 124.42 TWD 166.72 TWD 54
Lynch FV 28.37 TWD 40.53 TWD 52.69 TWD 50
PEG = 1.0 28.37 TWD 40.53 TWD 52.69 TWD 46
EPV 62.97 TWD 69.61 TWD 75.34 TWD 59
Multiples
P/E Multiple 89.65 TWD 119.53 TWD 149.41 TWD 63
P/S Multiple 69.27 TWD 92.37 TWD 115.46 TWD 58
P/B Multiple 69.27 TWD 92.37 TWD 115.46 TWD 55
EV/EBIT 102.42 TWD 129.58 TWD 156.75 TWD 53
EV/EBITDA 89.59 TWD 112.49 TWD 135.38 TWD 54
EV/Revenue 75.86 TWD 99.40 TWD 122.94 TWD 43
Asset-Based
NCAV (Graham) 26.62 TWD 35.67 TWD 53.24 TWD 50
Growth DCF
Growth DCF 113.15 TWD 157.65 TWD 219.82 TWD 80
Rev-Margin DCF 87.33 TWD 122.66 TWD 164.41 TWD 74
Economic Profit
Residual Income 46.32 TWD 51.40 TWD 77.49 TWD 76
ROIC Compounder 65.27 TWD 77.14 TWD 91.66 TWD 72
Growth Earnings
Growth-Adj P/E 75.82 TWD 108.32 TWD 140.81 TWD 68

Widest divergence: DCF Models (132.77 TWD) versus Asset-Based (35.67 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.6B TWD
Revenue growth (YoY) +17.2%
Net margin 5.5%
Return on equity 9.8%
Free cash flow 595M TWD FY2025
P/E ratio 10.1
More key figures
Operating margin 7.0%
EPS (TTM) 5.23 TWD
Dividend yield 6.1%
EPS growth (YoY) -17.6%
Net cash 1.1B TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 74 · Market factors (momentum, volatility) 48

Profitability 49
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

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

Macauto Industrial Co., Ltd. manufactures and sells automotive window curtains, auto parts, lawn mowers in Taiwan, China, the United States, Mexico, Germany, and internationally.

Full company description

Macauto Industrial Co., Ltd. manufactures and sells automotive window curtains, auto parts, lawn mowers in Taiwan, China, the United States, Mexico, Germany, and internationally. The company provides automotive interiors, such as engineered fabrics and mesh; door trims, sun visor rollo, IP components, map pockets, center console, trim seat back assembly, and kinematics; sunshades for roof systems; luggage cover systems; side and rear window sunshades; cargo nets, front trunk nets, barrier net systems, map pockets, and quarter trim nets; and wind deflectors. It also offers garden tools, including cordless electric mower, electric wheelbarrows, and robotic golf caddy cart. In addition, the company provides mobile phone/ tablet holder that includes magnetic HD M, adjustable HD-A, elastic HD-E, and sunup download. Further it offers CNC cutting and sewing, press cutting, laser cutting, craftmanship, IR welding, vibration welding, ultrasonic welding, and wrapping solution services. The company was founded in 1979 and is based in Tainan City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Macauto Industrial Co reported revenue of 6.3B TWD in FY2025 versus 4.8B TWD in FY2021, a compound +7.3%/yr. Reported net income was 390M TWD in FY2025, compounding −0.6%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.3B TWD
Latest YoY
+14.6%
Avg. growth/yr (3Y) 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.
+9.2%
Avg. growth/yr (5Y) 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.
+6.4%
Avg. growth/yr (20Y) 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.
+8.3%
Revenue +7.3%/yr
FY21 4.8B TWD
FY22 4.9B TWD
FY23 5.2B TWD
FY24 5.5B TWD
FY25 6.3B TWD
Net income −0.6%/yr
FY21 399M TWD
FY22 412M TWD
FY23 432M TWD
FY24 314M TWD
FY25 390M TWD
Character of growth · EPS growth decomposed (2012-2023) −1.6 % p.a.
Revenue per share +7.2 pp

of which total revenue +7.2 pp · buybacks/dilution +0.0 pp

EBIT margin −7.8 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −0.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Macauto Industrial Co Fair Value". https://www.fairvalue-calculator.com/stock/9951

Peer Group

Auto Parts · 642 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.

Quality Score 74 · Top 25%
Fair Value upside +101% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 17% · Top 25%
Dividend yield (TTM) 6.1% · Top 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than 75% of peers
P/B 0.99× · Cheaper than median
P/S (TTM) 0.58× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 4.3× · Cheaper than 75% of peers

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 100 · sector 16
FUTURE 86 · sector 23
PAST 39 · sector 26
HEALTH 100 · sector 95
DIVIDEND 100 · sector 30

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Hyundai Mobis Co 012330 482,000 KRW 678,420 KRW +41%
Magna International Inc MGAN 1,122 MXN 1,172 MXN +4%
Samvardhana Motherson International Limited MOTHERSON ₹144.17 ₹80.63 -44%
Bosch Limited BOSCHLTD ₹41,110 ₹14,004 -66%
Bharat Forge Limited BHARATFORG ₹2,117 ₹441.74 -79%
Uno Minda Limited UNOMINDA ₹1,158 ₹426.57 -63%
Schaeffler India Limited SCHAEFFLER ₹4,135 ₹1,412 -66%
Hankook Tire & Technology Co 161390 73,600 KRW 196,479 KRW +167%
MRF Limited MRF ₹131,025 ₹125,849 -4%
Sona BLW Precision Forgings Limited SONACOMS ₹792.00 ₹207.06 -74%

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Frequently asked questions

Is Macauto Industrial Co (9951) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 106.60 TWD versus a price of 53.10 TWD, about +101% (undervalued).
What is the fair value of 9951?
Our model-based fair value for Macauto Industrial Co is 106.60 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 53.10 TWD.
What is the quality score of 9951?
Macauto Industrial Co has a Quality Score of 74/100. 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 revenue of Macauto Industrial Co (9951)?
Macauto Industrial Co reported trailing-twelve-month revenue of about 6.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 9951?
The net profit margin of Macauto Industrial Co is about 5.5%, meaning it keeps roughly 5.5% of revenue as net income. Based on the latest reported figures.
Does Macauto Industrial Co pay a dividend?
Macauto Industrial Co currently shows a dividend yield of about 6.12% relative to its recent price (as of Jul 23, 2026).

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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