Heiwa Corporation (HWC) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Heiwa Corporation €11.31, price €11.60, upside -2.5%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 22 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
HCBroad dataSep 30, 2026
Heiwa Corporation
HWC · F
Low PriorityFair Value upside is limited and quality is weak.
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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 Sep 30, 2026.
How to read this chart
60‑month range €9.45 – €16.20 · fair‑value band €8.45 – €14.70 · the €11.60 price screens above the €11.31 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Heiwa Corporation develops, manufactures, and sells pachinko and pachislot machines in Japan. It also involved in the golf course operation and management business. The company was formerly known as Heiwa Kogyo Co., Ltd. Heiwa Corporation was founded in 1949 and is headquartered in Tokyo, Japan.
Stock analysis
Heiwa Corporation (HWC) currently trades at €11.60, while our model-based Fair Value estimate is €11.31, so the stock looks roughly fairly valued today (gap 2.6%).
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Valuation
Bull case: the Multiples group reads highest at a median of €14.64 per share, and 5 of the 15 models we run sit above the €11.60 price.
Bear case: the DCF Models group reads lowest at €3.27, and 10 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: €8.45 (bear) to €14.70 (bull), the price of €11.60 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 47/100 (below-average quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Heiwa Corporation reported revenue of ¥258B in FY2026 versus ¥122B in FY2022, a compound +20.7%/yr. Reported net income was ¥11.7B in FY2026, compounding +52.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap €1.1B · P/E ratio 17.8 · P/S ratio 0.81 · EPS (TTM) €0.6500 · Dividend yield 3.6% · Net margin 4.5% · Return on equity 4.6% · Return on assets (EBIT) 4.2%.
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 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 36% fair-value upside, at −3%, HWC screens richer than that median.
Fair Value models
Bear €8.45Fair Value €11.31Bull €14.70
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.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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+76.9%
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.
+22.0%
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.
+19.1%
Start year 2021 (pandemic). Over 10 years: +1.8% a year
Revenue growth 12 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.
+3.0%
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What shareholders gained per year (last 5 years), in JPY ⓘ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 JPY: 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.
+43.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.8%
Dividend (yield on the price)3.6%
Profit margin 2021 to 2026 ⓘ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.5% → 17%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+35.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +32.6% 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.Leisure · 184 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−3.3% · Below median
Profitability
Return on equity (TTM)4.6% · Below median
Return on assets2.6% · Below median
Net margin (TTM)4.3% · Above median
Operating margin (TTM)20.0% · Top 25%
Growth and dividend
Revenue growth10.7% · Above median
Dividend yield (TTM)3.6% · Above median
Balance sheet
Debt / equity2.22× · Highest 25%
Valuation Multiplesvs Leisure 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). "Heiwa Corporation Fair Value". https://www.fairvalue-calculator.com/stock/HWC.F
Frequently asked questions
Is Heiwa Corporation (HWC) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €11.31 versus a price of €11.60, about −3% upside (fairly valued).
What is the fair value of HWC?
Our model-based fair value for Heiwa Corporation is €11.31 (as of Sep 30, 2026), built from audited fundamentals. The current price: €11.60.
What is the quality score of HWC?
Heiwa Corporation has a Quality Score of 47/100. 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 Heiwa Corporation (HWC)?
Our model-based price target is the fair value of €11.31 (as of Sep 30, 2026) from 16 valuation models. Cautious scenario €8.45, optimistic scenario €14.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Heiwa Corporation stock forecast for 2026?
Our models put fair value at €11.31, about −3% upside versus a price of €11.60 (fairly valued). Cautious scenario €8.45, optimistic scenario €14.70. The calculation is refreshed regularly with new filings.
What is the revenue of Heiwa Corporation (HWC)?
Heiwa Corporation reported trailing-twelve-month revenue of about ¥266B (latest available figure, as of Sep 30, 2026).
Does Heiwa Corporation pay a dividend?
Heiwa Corporation currently shows a dividend yield of about 3.57% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Heiwa Corporation (HWC)?
For today's price to be fair in a discounted-cash-flow model, Heiwa Corporation would have to grow free cash flow by +35.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.1 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of HWC use?
Our models discount Heiwa Corporation at 9.6 %: a base by market capitalisation (small), damped by beta 0.02, country premium for Germany. 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 Heiwa Corporation that is +35.4 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Heiwa Corporation (HWC) delivered so far?
Over the past 5 years revenue at Heiwa Corporation grew +19.1 % a year. The price currently implies +35.4 % 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 Heiwa Corporation (HWC) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Heiwa Corporation (+35.4 % 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 Heiwa Corporation (HWC)?
The free-cash-flow yield on the price is 4.73 %: that much free cash flow Heiwa Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Heiwa Corporation (HWC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heiwa Corporation it is €11.31 per share (as of Sep 30, 2026), against a price of €11.60. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Heiwa Corporation stock overvalued or undervalued in 2026?
As of Sep 30, 2026, HWC trades above its calculated fair value: price €11.60, fair value €11.31, a gap of about −3% (fairly valued). 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 HWC?
No. The price is what the market pays today (€11.60); the fair value is what the company's own numbers justify (€11.31). For Heiwa Corporation the two are €0.2900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Heiwa Corporation worth?
The market values Heiwa Corporation at about €1.1B (market capitalisation, as of Sep 30, 2026). Per share that is €11.60; our models calculate a fair value of €11.31 per share.
What do the bullish and bearish scenarios say about HWC?
Our models span a range for Heiwa Corporation: cautious scenario €8.45, base €11.31, optimistic €14.70 per share (as of Sep 30, 2026, price €11.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HWC?
Heiwa Corporation trades at a price-to-earnings ratio of 17.8 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €11.31 is built from several models across several years. Other multiples: P/B 0.8, P/S 0.8, EV/EBITDA 9.5.
How solid is the balance sheet of Heiwa Corporation (HWC)?
Balance-sheet figures for Heiwa Corporation (as of Sep 30, 2026): return on equity 4.6%, debt of 2.22 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is HWC from its 52-week high?
Heiwa Corporation trades at €11.60, about 6% below its 52-week high of €12.30 and 23% above the low of €9.45 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of €11.31 is for.
Which stocks are comparable to Heiwa Corporation?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, 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 Heiwa Corporation stock attractive at the current price?
The data as of Sep 30, 2026: price €11.60, calculated fair value €11.31 (−3%), Quality Score 47/100, from 16 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 HWC calculated?
We run Heiwa Corporation through 16 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 €11.31, 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 14.7 % above its aggregate fair value. Heiwa Corporation 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 Heiwa Corporation (HWC)?
The closing price on Sep 30, 2026 was €11.60. Our model-based fair value is €11.31, about −3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heiwa Corporation right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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.
Key figures of Heiwa Corporation
How large is the market capitalisation of Heiwa Corporation (HWC)?
The market capitalisation of Heiwa Corporation is €1.1B. 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 Heiwa Corporation (HWC)?
The price-to-sales ratio of Heiwa Corporation is 0.81 (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 Heiwa Corporation (HWC)?
Earnings per share at Heiwa Corporation are €0.6500 (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Heiwa Corporation (HWC)?
The dividend yield of Heiwa Corporation is 3.6% (payout 63.7%). 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 Heiwa Corporation (HWC)?
The net margin of Heiwa Corporation is 4.5% (fiscal year 2026). 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 Heiwa Corporation (HWC)?
The return on equity (ROE) of Heiwa Corporation is 4.6% (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 Heiwa Corporation (HWC)?
On an EBIT basis the return on assets of Heiwa Corporation is 4.2% (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 Heiwa Corporation (HWC)?
The operating margin of Heiwa Corporation is 20.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heiwa Corporation (HWC)?
Revenue at Heiwa Corporation is growing +10.7% versus a year earlier (3y avg +22.0%). 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 Heiwa Corporation (HWC)?
Earnings per share at Heiwa Corporation are growing −2.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Heiwa Corporation (HWC) carry?
The net debt of Heiwa Corporation is ¥544B (fiscal year 2026, ≈ 56.0 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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