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Far EasTone Telecommunications Co Ltd (4904) Fair Value & Analysis

Communication Services · TW · Market cap 364B TWD (≈ $11.5B) · ISIN TW0004904008

What is Far EasTone Telecommunications Co Ltd really worth?

FE Far EasTone Telecommunications Co Ltd 4904 · TW
Price104.00 TWD
Fair Value64.71 TWD
Upside−37.8%
Quality64/100

A solid business, but trading 61% above our fair value of 64.71 TWD.

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Strengths

✓Healthy Growth (revenue 5y +6.8 %/yr)
✓Solidly profitable · 12.7% net margin
✓Low debt · generates free cash flow

Risks

!Mixed vs. peers (8/15)
!Moderate moat 57/100
!Weak on future: 20 out of 100

For context

·3.66% dividend yield
Evidence: High Range 48.53 TWD – 80.88 TWD

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 22 days ago

Share price +3.0% over the past month.

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 →

What matters now

  • The price sits above even our optimistic bull case (80.88 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

112.50 TWD 56.88 TWD Fair Value 64.71 TWD Apr 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 56.88 TWD – 112.50 TWD · fair‑value band 48.53 TWD – 80.88 TWD · the 104.00 TWD price screens above the 64.71 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.

Full chart & analysis →

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Analysis

Far EasTone Telecommunications Co Ltd (4904) currently trades at 104.00 TWD, while our model-based Fair Value estimate is 64.71 TWD, implying the stock looks roughly 60.7% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of 87.42 TWD per share, and 6 of the 25 models we run sit above the 104.00 TWD price. Bear case: the Asset-Based group reads lowest at 17.11 TWD, and 19 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Far EasTone Telecommunications Co Ltd generated revenue of 111B TWD at a net margin of 12.7%. Revenue grew 4.0% year over year. It earns a return on equity of 14.6%. Net debt stands at 47.9B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 48.53 TWD (bear case) to 80.88 TWD (bull case); at 104.00 TWD, the current price sits above 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 near its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at −38%, 4904 screens richer than that median.

Fair Value models

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 72.34 TWD 110.76 TWD 168.24 TWD 80
Growth DCF 75.10 TWD 111.20 TWD 163.03 TWD 78
Owner Earnings 78.39 TWD 119.67 TWD 181.44 TWD 76
All 25 models by family
DCF Models
FCF DCF best evidence 72.34 TWD 110.76 TWD 168.24 TWD 80
Owner Earnings 78.39 TWD 119.67 TWD 181.44 TWD 76
5Y Revenue Exit 44.36 TWD 66.10 TWD 92.27 TWD 73
5Y EBITDA Exit 71.90 TWD 114.98 TWD 162.87 TWD 75
5Y P/E Exit 55.23 TWD 85.39 TWD 115.14 TWD 71
10Y Revenue Exit 52.52 TWD 74.09 TWD 99.81 TWD 67
10Y EBITDA Exit 71.33 TWD 107.87 TWD 152.37 TWD 68
10Y P/E Exit 60.68 TWD 87.42 TWD 116.84 TWD 64
Earnings-Based
Graham-Dodd 25.88 TWD 59.92 TWD 76.96 TWD 65
PEG = 1.0 10.12 TWD 14.46 TWD 18.80 TWD 57
EPV 26.99 TWD 33.33 TWD 38.97 TWD 74
Dividend Discount
Gordon GGM 34.58 TWD 60.19 TWD 92.92 TWD 67
DDM Multi-Stage 34.58 TWD 51.92 TWD 72.02 TWD 66
Multiples
P/E Multiple 62.80 TWD 83.74 TWD 104.67 TWD 63
P/S Multiple 48.53 TWD 64.71 TWD 80.88 TWD 58
P/B Multiple 48.53 TWD 64.71 TWD 80.88 TWD 55
EV/EBIT 44.87 TWD 62.81 TWD 80.74 TWD 66
EV/EBITDA 83.13 TWD 113.82 TWD 144.51 TWD 67
EV/Revenue 31.87 TWD 49.35 TWD 66.84 TWD 53
Asset-Based
NCAV (Graham) 12.77 TWD 17.11 TWD 25.54 TWD 54
Growth DCF
Growth DCF 75.10 TWD 111.20 TWD 163.03 TWD 78
Rev-Margin DCF 44.36 TWD 67.29 TWD 92.17 TWD 73
Economic Profit
Residual Income 26.20 TWD 32.14 TWD 63.22 TWD 72
ROIC Compounder 27.24 TWD 35.95 TWD 46.32 TWD 72
Growth Earnings
Growth-Adj P/E 47.19 TWD 67.41 TWD 87.63 TWD 67

Widest divergence: DCF Models (87.42 TWD) versus Asset-Based (17.11 TWD). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 27.4
P/S ratio 3.41 P/E × margin
EPS (TTM) 3.80 TWD price ÷ EPS = P/E 27.4
Dividend yield 3.7% payout 100%
Net margin 12.4% FY2025
Return on equity 14.6% TTM
More key figures
Profitability
Return on assets (EBIT) 7.8% avg 5y
Operating margin 17.6% TTM
Growth
Revenue (TTM) 111B TWD TTM
Revenue growth (YoY) +4.0% 3y avg +7.4%
EPS growth (YoY) +14.4%
Balance sheet & cash flow
Free cash flow 26.2B TWD FY2025
Net debt 47.9B TWD FY2025 · ≈ 1.8 yrs of FCF

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

Quality Score breakdown

Overall quality 64/100

Of which business quality 65 · Market factors (momentum, volatility) 68

Profitability 48
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 58
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

Far EasTone Telecommunications Co., Ltd. provides mobile telecommunications services in Taiwan and internationally. The company offers postpaid products, such as wireless postpaid and broadband, and data booster; prepaid products; and SMS and eSIM products.

Full company description

Far EasTone Telecommunications Co., Ltd. provides mobile telecommunications services in Taiwan and internationally. The company offers postpaid products, such as wireless postpaid and broadband, and data booster; prepaid products; and SMS and eSIM products. It also provides mobile communication and lifestyle services, including mobile communication voice, internet access, and related services, as well as mobile phones and accessories; and cable network, enterprise customer services, communications integration services, and related services. The company was incorporated in 1997 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Far EasTone Telecommunications Co Ltd reported revenue of 110B TWD in FY2025 versus 85.3B TWD in FY2021, a compound +6.6%/yr. Reported net income was 13.7B TWD in FY2025, compounding +10.8%/yr from FY2021.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
110B TWD
Latest YoY
+5.5%
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.
+7.4%
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.
+6.8%
Avg. revenue growth/yr (23Y) ⓘ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.
+5.2%
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.
+10.8% (7.1 + 3.7)
Revenue +6.6%/yr
FY21 85.3B TWD
FY22 89.2B TWD
FY23 93.7B TWD
FY24 105B TWD
FY25 110B TWD
Net income +10.8%/yr
FY21 9.1B TWD
FY22 9.6B TWD
FY23 11.2B TWD
FY24 12.8B TWD
FY25 13.7B TWD
Character of growth · EPS growth decomposed (2014-2025) +0.2 % p.a.
Revenue per share +0.0 %

of which total revenue +0.9 % · buybacks/dilution −0.8 %

EBIT margin −0.7 %
Tax rate −0.1 %
Residual (interest, one-offs) +1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

4904 screens 61% overvalued. Compare with China Mobile Limited →

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Far EasTone Telecommunications Co Ltd · Fair Value
64.71 TWD −61%Fair Value
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Cite: Fair Value Calculator (2026). "Far EasTone Telecommunications Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4904

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Telecom Services · 248 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 64 · Top 25%
Fair Value upside −38% · Below median
Return on equity (TTM) 15% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 18% · Above median
Revenue growth 4% · Above median
Dividend yield (TTM) 3.7% · Below median
Debt / equity 0.41× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 27.4× · Pricier than median
P/B 3.95× · Pricier than 75% of peers
P/S (TTM) 3.27× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 11.9× · Pricier than 75% of peers
PEG 1.02× · Cheaper 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
VALUE0 · sector 28
FUTURE20 · sector 16
PAST58 · sector 28
HEALTH79 · sector 89
DIVIDEND73 · sector 76

VALUE 0: the price sits above our fair-value range.

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 Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Far EasTone Telecommunications Co Ltd (4904) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 64.71 TWD versus a price of 104.00 TWD, about −38% upside (overvalued).
What is the fair value of 4904?
Our model-based fair value for Far EasTone Telecommunications Co Ltd is 64.71 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 104.00 TWD.
What is the quality score of 4904?
Far EasTone Telecommunications Co Ltd has a Quality Score of 64/100. 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 Far EasTone Telecommunications Co Ltd (4904)?
Far EasTone Telecommunications Co Ltd reported trailing-twelve-month revenue of about 111B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 4904?
The net profit margin of Far EasTone Telecommunications Co Ltd is about 12.7%, meaning it keeps roughly 12.7% of revenue as net income. Based on the latest reported figures.
Does Far EasTone Telecommunications Co Ltd pay a dividend?
Far EasTone Telecommunications Co Ltd currently shows a dividend yield of about 3.66% relative to its recent price (as of Aug 13, 2026).
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