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BOE Varitronix Limited (VARXF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of BOE Varitronix Limited $0.65, price $0.51, upside +27.1%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Technology · US · ISIN BMG1223L1054

BV BOE Varitronix Limited logo Broad data Sep 24, 2026

BOE Varitronix Limited

VARXF · US

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value $0.6524 · Undervalued (+27.1%)
!Quality 50/100
✓Healthy Growth (revenue 5y +25.3 %/yr)
!Thin margins · 2.5% net margin (TTM)
✓Low debt · generates free cash flow
✓24.1% dividend yield · Sustainable
!Narrow moat 24/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$2.17 $0.4077 Fair Value $0.6524 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $0.4077 – $2.17 · fair‑value band $0.4566 – $0.8482 · the $0.5132 price screens below the $0.6524 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

BOE Varitronix Limited, an investment holding company, designs, manufactures, and sells liquid crystal display and related products in the People's Republic of China, Europe, the United States, Korea, Japan, and internationally. It primarily provides thin film transistor (TFT) products, touch panel display modules, and automotive system products.

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BOE Varitronix Limited, an investment holding company, designs, manufactures, and sells liquid crystal display and related products in the People's Republic of China, Europe, the United States, Korea, Japan, and internationally. It primarily provides thin film transistor (TFT) products, touch panel display modules, and automotive system products. The company also offers display products for use in automotive digital instrument cluster displays, center information displays, head-up displays, rear view and side view e-mirror displays, and highly-integrated digital cockpit displays, as well as mobile phones, tablets, notebooks, monitors, televisions, and automotive displays; and products for use in industrial applications, such as white goods, home automation, and other products. In addition, it provides marketing and sales consulting services. The company was founded in 1978 and is headquartered in Kwun Tong, Hong Kong. BOE Varitronix Limited is a subsidiary of BOE Technology Group Company Limited.

Stock analysis

BOE Varitronix Limited (VARXF) currently trades at $0.5132, while our model-based Fair Value estimate is $0.6524, implying the stock looks roughly 21.3% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $5.87 per share, and 24 of the 24 models we run sit above the $0.5132 price.

Bear case: the Asset-Based group reads lowest at $4.18, and 0 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: $0.4566 (bear) to $0.8482 (bull), the price of $0.5132 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 50/100 (below-average quality), in the Technology sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

BOE Varitronix Limited reported revenue of $14.0B in FY2025 versus $7.7B in FY2021, a compound +15.9%/yr. Reported net income was $345M in FY2025, compounding +1.3%/yr from FY2021.

Key figures

Market cap $489M · P/E ratio 8.6 · P/S ratio 0.21 · EPS (TTM) $0.0600 · Net margin 2.5% · Return on equity 7.2% · Return on assets (EBIT) 5.0% · Operating margin 2.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −64% fair-value upside, at 27%, VARXF screens cheaper than that median.

Fair Value models

Bear $0.4566 Fair Value $0.6524 Bull $0.8482
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.
Highest evidence
FCF DCF $11.62 $17.09 $25.73 80
Growth DCF $11.46 $16.18 $23.10 79
Owner Earnings $7.81 $10.53 $14.82 77
All 24 models by family
DCF Models
FCF DCF $11.62 $17.09 $25.73 80
Owner Earnings $7.81 $10.53 $14.82 77
5Y Revenue Exit $7.85 $9.55 $11.66 74
5Y EBITDA Exit $11.04 $16.26 $22.85 75
5Y P/E Exit $12.29 $18.90 $26.58 71
10Y Revenue Exit $9.15 $11.21 $14.06 68
10Y EBITDA Exit $11.16 $15.76 $22.79 68
10Y P/E Exit $11.92 $17.55 $25.70 63
Earnings-Based
Graham-Dodd $3.05 $15.21 $20.99 64
Lynch FV $4.11 $5.87 $7.64 61
PEG = 1.0 $4.11 $5.87 $7.64 57
EPV $4.95 $5.07 $5.18 74
Multiples
P/E Multiple $9.41 $12.54 $15.68 63
P/S Multiple $5.71 $7.62 $9.52 58
P/B Multiple $5.71 $7.62 $9.52 55
EV/EBIT $7.34 $8.44 $9.54 66
EV/EBITDA $11.30 $13.72 $16.14 67
EV/Revenue $5.71 $6.42 $7.14 54
Asset-Based
NCAV (Graham) $3.12 $4.18 $6.24 54
Growth DCF
Growth DCF $11.46 $16.18 $23.10 79
Rev-Margin DCF $7.85 $9.62 $11.97 74
Economic Profit
Residual Income $4.78 $4.92 $5.34 76
ROIC Compounder $4.95 $5.07 $5.18 72
Growth Earnings
Growth-Adj P/E $7.39 $10.56 $13.73 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 52 · Market factors (momentum, volatility) 27

Profitability 37
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 73
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+3.8%
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.
+9.2%
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.
+25.3%
Start year 2020 (pandemic). Over 10 years: +18.8% a year
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.
+11.4%
What shareholders gained per year (last 5 years) ⓘ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.
+36.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.2%
Dividend (yield on the price)0.0%
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.36.2% vs −5.2%, picking up
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.2% → 1%
Start year 2020 (pandemic)

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Values & ESG

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Cite: Fair Value Calculator (2026). "BOE Varitronix Limited Fair Value". https://www.fairvalue-calculator.com/stock/VARXF

Frequently asked questions

Is BOE Varitronix Limited (VARXF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.6524 versus the last price from Sep 25, 2026 of $0.5132, about +27% upside (undervalued).
What is the fair value of VARXF?
Our model-based fair value for BOE Varitronix Limited is $0.6524 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $0.5132.
What is the quality score of VARXF?
BOE Varitronix Limited has a Quality Score of 50/100. 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 BOE Varitronix Limited (VARXF)?
Our model-based price target is the fair value of $0.6524 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $0.4566, optimistic scenario $0.8482. It is a calculation from audited fundamentals, not an analyst target.
What is the BOE Varitronix Limited stock forecast for 2026?
Our models put fair value at $0.6524, about +27% upside versus the last price from Sep 25, 2026 of $0.5132 (undervalued). Cautious scenario $0.4566, optimistic scenario $0.8482. The calculation is refreshed regularly with new filings.
What is the revenue of BOE Varitronix Limited (VARXF)?
BOE Varitronix Limited reported trailing-twelve-month revenue of about $14.0B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of BOE Varitronix Limited (VARXF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BOE Varitronix Limited it is $0.6524 per share (as of Sep 24, 2026), against a price of $0.5132. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is BOE Varitronix Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VARXF trades below its calculated fair value: price $0.5132, fair value $0.6524, a gap of about +27% (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 VARXF?
No. The price is what the market pays today ($0.5132); the fair value is what the company's own numbers justify ($0.6524). For BOE Varitronix Limited the two are $0.1392 per share apart. That gap is exactly why we show both numbers side by side.
How much is BOE Varitronix Limited worth?
The market values BOE Varitronix Limited at about $489M (market capitalisation, as of Sep 24, 2026). Per share that is $0.5132; our models calculate a fair value of $0.6524 per share.
What do the bullish and bearish scenarios say about VARXF?
Our models span a range for BOE Varitronix Limited: cautious scenario $0.4566, base $0.6524, optimistic $0.8482 per share (as of Sep 24, 2026, price $0.5132). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is VARXF from its 52-week high?
BOE Varitronix Limited trades at $0.5132, about 31% below its 52-week high of $0.7404 and at the low of $0.5128 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $0.6524 is for.
Which stocks are comparable to BOE Varitronix Limited?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 BOE Varitronix Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $0.5132, calculated fair value $0.6524 (+27%), Quality Score 50/100, 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 VARXF calculated?
We run BOE Varitronix Limited 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 $0.6524, 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. BOE Varitronix Limited currently trades 21 % 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 BOE Varitronix Limited (VARXF)?
The latest price we hold is from Sep 25, 2026 and stands at $0.5132. Our model-based fair value is $0.6524, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BOE Varitronix Limited right now?
Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($0.4566 to $0.8482) leaves room in how you read the outcome.
Where does the earnings growth of BOE Varitronix Limited (VARXF) come from?
Earnings per share at BOE Varitronix Limited grew +0.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.1 %, EBIT margin −9.9 %, tax rate +0.0 %, residual (interest, one-offs) −0.1 %. 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 BOE Varitronix Limited

How large is the market capitalisation of BOE Varitronix Limited (VARXF)?
The market capitalisation of BOE Varitronix Limited is $489M. 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/E ratio of BOE Varitronix Limited (VARXF)?
The price-to-earnings ratio of BOE Varitronix Limited is 8.6. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of BOE Varitronix Limited (VARXF)?
The price-to-sales ratio of BOE Varitronix Limited is 0.21 (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 BOE Varitronix Limited (VARXF)?
Earnings per share at BOE Varitronix Limited are $0.0600 (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BOE Varitronix Limited (VARXF)?
The net margin of BOE Varitronix Limited is 2.5% (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 BOE Varitronix Limited (VARXF)?
The return on equity (ROE) of BOE Varitronix Limited is 7.2% (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 BOE Varitronix Limited (VARXF)?
On an EBIT basis the return on assets of BOE Varitronix Limited is 5.0% (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 BOE Varitronix Limited (VARXF)?
The operating margin of BOE Varitronix Limited is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BOE Varitronix Limited (VARXF)?
Revenue at BOE Varitronix Limited is growing −0.1% versus a year earlier (3y avg +9.2%). 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 BOE Varitronix Limited (VARXF)?
Earnings per share at BOE Varitronix Limited are growing −24.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BOE Varitronix Limited (VARXF) generate?
The free cash flow of BOE Varitronix Limited is $525M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does BOE Varitronix Limited (VARXF) hold?
BOE Varitronix Limited holds more cash than debt, $2.9B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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