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International Games System Co Ltd (3293) Fair Value & Analysis

Communication Services · TW · Market cap 198B TWD (≈ $6.2B) · ISIN TW0003293007

What is International Games System Co Ltd really worth?

IG International Games System Co Ltd 3293 · TWO
Price709.00 TWD
Fair Value568.16 TWD
Upside−19.9%
Quality77/100

A strong business, but trading 25% above our fair value of 568.16 TWD.

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Strengths

Highly profitable · 49.6% net margin
generates free cash flow
Ranks above peers (8/13)
Wide moat 92/100

Risks

!Mixed Growth (revenue 5y +21.2 %/yr)
!The models disagree: range 427.11 TWD to 1,584 TWD
!Weak on valuation: 7 out of 100

For context

·5.08% dividend yield
Evidence: High Range 427.11 TWD – 1,584 TWD

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price −8.0% over the past month.

What runs behind every stock

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

What matters now

  • A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The model range is unusually wide (427.11 TWD to 1,584 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

1,030 TWD 111.22 TWD Fair Value 568.16 TWD Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 111.22 TWD – 1,030 TWD · fair‑value band 427.11 TWD – 1,584 TWD · the 709.00 TWD price screens above the 568.16 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

International Games System Co Ltd (3293) currently trades at 709.00 TWD, while our model-based Fair Value estimate is 568.16 TWD, implying the stock looks roughly 24.8% overvalued today. The Quality Score stands at 77/100 (high quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of 1,219 TWD per share, and 14 of the 26 models we run sit above the 709.00 TWD price. Bear case: the Multiples group reads lowest at 273.65 TWD, and 12 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, International Games System Co Ltd generated revenue of 22.9B TWD at a net margin of 49.6%. Revenue grew 16.9% year over year. It earns a return on equity of 99.2%. The stock trades on a trailing P/E of 18.7. Fundamentals as of Aug 13, 2026

Our scenario range runs from 427.11 TWD (bear case) to 1,584 TWD (bull case); at 709.00 TWD, the current price sits within 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 19% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at −20%, 3293 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.25 TWD per share, which is 0.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence 696.07 TWD 1,093 TWD 2,357 TWD 73
Growth DCF 654.94 TWD 1,215 TWD 2,347 TWD 71
EPV 401.34 TWD 467.57 TWD 525.53 TWD 70
All 26 models by family
DCF Models
FCF DCF best evidence 696.07 TWD 1,093 TWD 2,357 TWD 73
Owner Earnings 613.79 TWD 1,392 TWD 3,025 TWD 67
5Y Revenue Exit 322.54 TWD 495.84 TWD 845.25 TWD 68
5Y EBITDA Exit 506.41 TWD 873.42 TWD 1,579 TWD 69
5Y P/E Exit 664.25 TWD 1,451 TWD 2,509 TWD 65
10Y Revenue Exit 425.08 TWD 763.87 TWD 969.95 TWD 64
10Y EBITDA Exit 565.47 TWD 1,149 TWD 2,198 TWD 62
10Y P/E Exit 679.73 TWD 1,479 TWD 2,869 TWD 58
Earnings-Based
Graham-Dodd 261.85 TWD 1,826 TWD 2,563 TWD 63
Lynch FV 644.23 TWD 920.33 TWD 1,196 TWD 61
PEG = 1.0 644.23 TWD 920.33 TWD 1,196 TWD 57
EPV 401.34 TWD 467.57 TWD 525.53 TWD 70
Dividend Discount
Gordon GGM 266.27 TWD 553.64 TWD 878.29 TWD 66
DDM Multi-Stage 266.27 TWD 466.84 TWD 581.06 TWD 66
Multiples
P/E Multiple 635.38 TWD 847.17 TWD 1,059 TWD 63
P/S Multiple 205.23 TWD 273.65 TWD 342.06 TWD 58
P/B Multiple 177.51 TWD 236.68 TWD 295.85 TWD 55
EV/EBIT 560.30 TWD 745.75 TWD 931.19 TWD 63
EV/EBITDA 427.11 TWD 568.16 TWD 709.21 TWD 64
EV/Revenue 168.14 TWD 238.51 TWD 308.88 TWD 51
Asset-Based
NCAV (Graham) 33.81 TWD 45.31 TWD 67.62 TWD 51
Growth DCF
Growth DCF 654.94 TWD 1,215 TWD 2,347 TWD 71
Rev-Margin DCF 322.54 TWD 567.78 TWD 955.37 TWD 68
Economic Profit
Residual Income 244.64 TWD 296.91 TWD 1,835 TWD 64
ROIC Compounder 465.24 TWD 622.71 TWD 822.39 TWD 70
Growth Earnings
Growth-Adj P/E 853.09 TWD 1,219 TWD 1,584 TWD 67

Widest divergence: Growth Earnings (1,219 TWD) versus Asset-Based (45.31 TWD). Highest evidence: FCF DCF (73).

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Key figures & financial health

P/E ratio 18.7
P/S ratio 9.22 P/E × margin
EPS (TTM) 37.88 TWD price ÷ EPS = P/E 18.7
Dividend yield 5.1% payout 95.0%
Net margin 49.3% FY2025
Return on equity 99.2% TTM
More key figures
Profitability
Return on assets (EBIT) 46.7% avg 5y
Operating margin 58.3% TTM
Growth
Revenue (TTM) 22.9B TWD TTM
Revenue growth (YoY) +16.9% 3y avg +22.6%
EPS growth (YoY) +19.4%
Balance sheet & cash flow
Free cash flow 11.6B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 77 · Market factors (momentum, volatility) 55

Profitability 92
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

International Games System Co.,Ltd. plans, designs, researches, develops, manufactures, markets, services, and licenses arcade, online, and mobile games in Taiwan, the United Kingdom, Curacao, and Malta.

Full company description

International Games System Co.,Ltd. plans, designs, researches, develops, manufactures, markets, services, and licenses arcade, online, and mobile games in Taiwan, the United Kingdom, Curacao, and Malta. The company offers arcade games, such as MONSTER EYE 3,ASPHALT MOTO BLITZ DX, SAILOR'S QUEST VR, HYPERCROSS, Rolling Hero, ASPHALT9:LEGENDS ARCADE DX, Train's Party, Shooting Mania2, Ocean Tale, Bounce Fireball, Pacfish, Kickmania, Dolphin Star, Fancy Racing, Royal Archer, Sweet Kart, DINO ROCK, Fluffy Rider - Racing Park, Fruits Carnival, Fluffy Rider - Water Park, Hero of Robots, Captain Sub, DanzBase, CAPYHAMA, FOTOZONE - Back to Jurassic, Power Truck Special, Go Go Pony, Monster Eye, OVERTAKE DX, Power Truck, MOMI DANZ, ULTRAMOTO VR, Speed Rider 3DX, OVERTAKE VR, Monster Eye2, OVERTAKE, Speed Rider 3, and Costume Party games. It also provides mobile games, including Golden HoYeah Slots, Pool Ace, WE5 Dance, and star31 games. In addition, the company is involved in the planning for arcade games software and hardware; development and production of computer software; sale of self-produced products; and provision of computer system integration, advisory service, technical training, and technical services. International Games System Co.,Ltd. was incorporated in 1989 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

International Games System Co Ltd reported revenue of 22.0B TWD in FY2025 versus 11.3B TWD in FY2021, a compound +18.2%/yr. Reported net income was 10.9B TWD in FY2025, compounding +23.0%/yr from FY2021.

Growth Quality 100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
22.0B TWD
Latest YoY
+19.0%
Avg. revenue 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.
+22.6%
Avg. revenue 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.
+21.2%
Avg. revenue growth/yr (10Y) 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.
+27.7%
Value creation/yr (5Y, in TWD) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+0.6% (−4.5 + 5.1)
Revenue +18.2%/yr
FY21 11.3B TWD
FY22 11.9B TWD
FY23 14.2B TWD
FY24 18.5B TWD
FY25 22.0B TWD
Net income +23.0%/yr
FY21 4.7B TWD
FY22 5.5B TWD
FY23 6.4B TWD
FY24 9.1B TWD
FY25 10.9B TWD

3293 screens 25% overvalued. Compare with Konami Group →

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Cite: Fair Value Calculator (2026). "International Games System Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3293

Peer Group

Electronic Gaming & Multimedia · 150 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 77 · Top 25%
Fair Value upside −20% · Below median
Return on equity (TTM) 99% · Top 25%
Return on assets 31% · Top 25%
Net margin (TTM) 50% · Top 25%
Operating margin (TTM) 58% · Top 25%
Revenue growth 17% · Above median
Dividend yield (TTM) 5.1% · Above median

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 18.7× · Pricier than median
P/B 10.41× · Pricier than 75% of peers
P/S (TTM) 8.65× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 14.3× · Pricier than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE7 · sector 16
FUTURE85 · sector 6
PAST100 · sector 18
HEALTH0 · sector 100
DIVIDEND100 · sector 55

Insider activity: 45/100

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

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Konami Group KNM £221.05 £71.97 −67%
NetEase, Inc 9999 HK$188.80 HK$263.39 +40%
Electronic Arts Inc EA $209.70 $76.57 −63%
Take-Two Interactive Software, Inc TTWO $233.00 $60.20 −74%
Roblox Corporation RBLX $41.29 $21.20 −49%
Zhejiang Century Huatong Group 002602 ¥13.90 ¥14.68 +6%
KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
Giant Network Group 002558 ¥28.57 ¥15.50 −46%
CD Projekt S.A CDR 234.40 PLN 64.48 PLN −72%
37 Interactive Entertainment Network Technology Group 002555 ¥19.21 ¥22.29 +16%

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Frequently asked questions

Is International Games System Co Ltd (3293) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 568.16 TWD versus a price of 709.00 TWD, about −20% upside (overvalued).
What is the fair value of 3293?
Our model-based fair value for International Games System Co Ltd is 568.16 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 709.00 TWD.
What is the quality score of 3293?
International Games System Co Ltd has a Quality Score of 77/100. 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 International Games System Co Ltd (3293)?
International Games System Co Ltd reported trailing-twelve-month revenue of about 22.9B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3293?
The net profit margin of International Games System Co Ltd is about 49.6%, meaning it keeps roughly 49.6% of revenue as net income. Based on the latest reported figures.
Does International Games System Co Ltd pay a dividend?
International Games System Co Ltd currently shows a dividend yield of about 5.08% relative to its recent price (as of Aug 13, 2026).
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