Tokyu Construction Co (TCW) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Tokyu Construction Co €10.19, price €6.55, upside +55.6%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 20 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.
TCBroad dataOct 1, 2026
Tokyu Construction Co
TCW · F
Clearly undervaluedStrong Fair Value upside, but quality is only moderate.
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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 1, 2026.
How to read this chart
60‑month range €3.45 – €8.66 · fair‑value band €6.99 – €13.79 · the €6.55 price screens below the €10.19 fair value. Dashed = 300-day average. As of Oct 1, 2026.
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Tokyu Construction Co., Ltd. engages in the civil engineering and building construction businesses in Japan, Thailand, Singapore, Indonesia, Myanmar, Vietnam, and Bangladesh.
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Tokyu Construction Co., Ltd. engages in the civil engineering and building construction businesses in Japan, Thailand, Singapore, Indonesia, Myanmar, Vietnam, and Bangladesh. It constructs railways, roads, tunnels, bridges, and other construction projects; undertakes reconstruction works after earthquakes, etc.; and commercial facilities, hotels, offices, housing, factories, hospitals, and distribution centers, and wooden building construction, as well as offers renovation services. The company is also involved in the real estate properties development, rental, and leasing business; revitalization of old properties; and PPP/concession business. Tokyu Construction Co., Ltd. was founded in 1946 and is headquartered in Tokyo, Japan.
Stock analysis
Tokyu Construction Co (TCW) currently trades at €6.55, while our model-based Fair Value estimate is €10.19, implying the stock looks roughly 35.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €13.80 per share, and 17 of the 24 models we run sit above the €6.55 price.
Bear case: the Dividend Discount group reads lowest at €2.29, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: €6.99 (bear) to €13.79 (bull), the price of €6.55 sits below 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 56/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tokyu Construction Co reported revenue of ¥341B in FY2026 versus ¥258B in FY2022, a compound +7.2%/yr. Reported net income was ¥13.4B in FY2026.
Key figures
Market cap €696M · P/E ratio 9.4 · P/S ratio 0.37 · EPS (TTM) €0.7000 · Dividend yield 3.6% · Net margin 3.9% · Return on equity 13.2% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 56%, TCW screens cheaper than that median.
Fair Value models
Bear €6.99Fair Value €10.19Bull €13.79
Price €6.55 · Upside +55.6%
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.61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+16.4%
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.
+5.7%
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.
+8.1%
Start year 2021 (pandemic). Over 10 years: +1.4% 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.
+3.5%
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What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+40.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+37.0%
Dividend (yield on the price)3.6%
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.8.8% vs −0.2%, picking up
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.2% → 5%
2026 sits 101% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
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).
+21.0%
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 +18.6% 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.Engineering & Construction · 781 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+55.6% · Top 25%
Profitability
Return on equity (TTM)13.2% · Above median
Return on assets4.0% · Above median
Net margin (TTM)4.1% · Above median
Operating margin (TTM)3.7% · Below median
Growth and dividend
Revenue growth2.9% · Below median
Dividend yield (TTM)3.6% · Above median
Balance sheet
Debt / equity0.01× · Lowest 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). "Tokyu Construction Co Fair Value". https://www.fairvalue-calculator.com/stock/TCW.F
Frequently asked questions
Is Tokyu Construction Co (TCW) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of €10.19 versus a price of €6.55, about +56% upside (undervalued).
What is the fair value of TCW?
Our model-based fair value for Tokyu Construction Co is €10.19 (as of Oct 1, 2026), built from audited fundamentals. The current price: €6.55.
What is the quality score of TCW?
Tokyu Construction Co has a Quality Score of 56/100. 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 Tokyu Construction Co (TCW)?
Our model-based price target is the fair value of €10.19 (as of Oct 1, 2026) from 24 valuation models. Cautious scenario €6.99, optimistic scenario €13.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Tokyu Construction Co stock forecast for 2026?
Our models put fair value at €10.19, about +56% upside versus a price of €6.55 (undervalued). Cautious scenario €6.99, optimistic scenario €13.79. The calculation is refreshed regularly with new filings.
What is the revenue of Tokyu Construction Co (TCW)?
Tokyu Construction Co reported trailing-twelve-month revenue of about ¥343B (latest available figure, as of Oct 1, 2026).
Does Tokyu Construction Co pay a dividend?
Tokyu Construction Co currently shows a dividend yield of about 3.57% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Tokyu Construction Co (TCW)?
For today's price to be fair in a discounted-cash-flow model, Tokyu Construction Co would have to grow free cash flow by +21.0 % 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 +8.1 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of TCW use?
Our models discount Tokyu Construction Co at 9.6 %: a base by market capitalisation (small), damped by beta 0.43, 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 Tokyu Construction Co that is +21.0 % 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 Tokyu Construction Co (TCW) delivered so far?
Over the past 5 years revenue at Tokyu Construction Co grew +8.1 % a year. The price currently implies +21.0 % 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 Tokyu Construction Co (TCW) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Tokyu Construction Co (+21.0 % 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 Tokyu Construction Co (TCW)?
The free-cash-flow yield on the price is 2.38 %: that much free cash flow Tokyu Construction Co 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 Tokyu Construction Co (TCW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tokyu Construction Co it is €10.19 per share (as of Oct 1, 2026), against a price of €6.55. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Tokyu Construction Co stock overvalued or undervalued in 2026?
As of Oct 1, 2026, TCW trades below its calculated fair value: price €6.55, fair value €10.19, a gap of about +56% (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 TCW?
No. The price is what the market pays today (€6.55); the fair value is what the company's own numbers justify (€10.19). For Tokyu Construction Co the two are €3.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tokyu Construction Co worth?
The market values Tokyu Construction Co at about €696M (market capitalisation, as of Oct 1, 2026). Per share that is €6.55; our models calculate a fair value of €10.19 per share.
What do the bullish and bearish scenarios say about TCW?
Our models span a range for Tokyu Construction Co: cautious scenario €6.99, base €10.19, optimistic €13.79 per share (as of Oct 1, 2026, price €6.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCW?
Tokyu Construction Co trades at a price-to-earnings ratio of 9.4 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €10.19 is built from several models across several years. Other multiples: P/B 1.1, P/S 0.4, EV/EBITDA 4.0.
How solid is the balance sheet of Tokyu Construction Co (TCW)?
Balance-sheet figures for Tokyu Construction Co (as of Oct 1, 2026): return on equity 13.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is TCW from its 52-week high?
Tokyu Construction Co trades at €6.55, about 24% below its 52-week high of €8.66 and 18% above the low of €5.56 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €10.19 is for.
Which stocks are comparable to Tokyu Construction Co?
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 Tokyu Construction Co stock attractive at the current price?
The data as of Oct 1, 2026: price €6.55, calculated fair value €10.19 (+56%), Quality Score 56/100, from 24 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 TCW calculated?
We run Tokyu Construction Co through 24 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 €10.19, 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 14.9 % above its aggregate fair value. Tokyu Construction Co currently trades 36 % 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 Tokyu Construction Co (TCW)?
The closing price on Oct 1, 2026 was €6.55. Our model-based fair value is €10.19, about +56% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tokyu Construction Co right now?
The price is below even our cautious bear case (€6.99). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€6.99 to €13.79) leaves room in how you read the outcome.
Key figures of Tokyu Construction Co
How large is the market capitalisation of Tokyu Construction Co (TCW)?
The market capitalisation of Tokyu Construction Co is €696M. 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 Tokyu Construction Co (TCW)?
The price-to-sales ratio of Tokyu Construction Co is 0.37 (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 Tokyu Construction Co (TCW)?
Earnings per share at Tokyu Construction Co are €0.7000 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tokyu Construction Co (TCW)?
The dividend yield of Tokyu Construction Co is 3.6% (payout 33.4%). 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 Tokyu Construction Co (TCW)?
The net margin of Tokyu Construction Co is 3.9% (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 Tokyu Construction Co (TCW)?
The return on equity (ROE) of Tokyu Construction Co is 13.2% (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 Tokyu Construction Co (TCW)?
On an EBIT basis the return on assets of Tokyu Construction Co is 2.2% (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 Tokyu Construction Co (TCW)?
The operating margin of Tokyu Construction Co is 3.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tokyu Construction Co (TCW)?
Revenue at Tokyu Construction Co is growing +2.9% versus a year earlier (3y avg +5.7%). 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 Tokyu Construction Co (TCW)?
Earnings per share at Tokyu Construction Co are growing +36.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tokyu Construction Co (TCW) carry?
The net debt of Tokyu Construction Co is ¥22.6B (fiscal year 2024, ≈ 7.7 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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