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Vetnostrum Animal Health Co., Ltd (6936) Fair Value & Analysis

Consumer Defensive · TW · Market cap 2.4B TWD (≈ $75.9M)

What is Vetnostrum Animal Health Co., Ltd really worth?

VA Vetnostrum Animal Health Co., Ltd 6936 · TW
Price32.80 TWD
Fair Value35.10 TWD
Upside+7.0%
Quality68/100

A solid business, currently priced close to our fair value of 35.10 TWD.

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Strengths

Healthy Growth (revenue 3y +6.1 %/yr)
Solidly profitable · 10.8% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)

Risks

!Moderate moat 59/100

For context

·4.60% dividend yield
Evidence: High Range 25.99 TWD – 44.22 TWD

Fair value as of: Aug 28, 2026

From 26 valuation models · updated 7 days ago

Share price +3.3% over the past month.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (3 years)

45.72 TWD 29.83 TWD Fair Value 35.10 TWD Mar 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

41‑month range 29.83 TWD – 45.72 TWD · fair‑value band 25.99 TWD – 44.22 TWD · the 32.80 TWD price screens below the 35.10 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

Full chart & analysis →

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Analysis

Vetnostrum Animal Health Co., Ltd (6936) currently trades at 32.80 TWD, while our model-based Fair Value estimate is 35.10 TWD, implying the stock looks roughly 6.6% fairly valued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of 47.09 TWD per share, and 15 of the 26 models we run sit above the 32.80 TWD price. Bear case: the Earnings-Based group reads lowest at 11.72 TWD, and 11 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Vetnostrum Animal Health Co., Ltd generated revenue of 1.4B TWD at a net margin of 9.5%. Revenue grew 8.1% year over year. It earns a return on equity of 10.7%. Net debt stands at 98.4M TWD. Fundamentals as of Aug 28, 2026

Our scenario range runs from 25.99 TWD (bear case) to 44.22 TWD (bull case); at 32.80 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 26% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at 7%, 6936 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 0.2098 TWD per share, which is 0.6 % 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 40.75 TWD 61.30 TWD 91.43 TWD 77
Growth DCF 41.28 TWD 59.34 TWD 84.18 TWD 75
Owner Earnings 27.92 TWD 41.73 TWD 61.98 TWD 73
All 26 models by family
DCF Models
FCF DCF best evidence 40.75 TWD 61.30 TWD 91.43 TWD 77
Owner Earnings 27.92 TWD 41.73 TWD 61.98 TWD 73
5Y Revenue Exit 27.66 TWD 39.69 TWD 54.60 TWD 70
5Y EBITDA Exit 33.26 TWD 50.18 TWD 69.60 TWD 72
5Y P/E Exit 31.62 TWD 47.09 TWD 63.11 TWD 68
10Y Revenue Exit 31.63 TWD 43.61 TWD 58.99 TWD 65
10Y EBITDA Exit 35.69 TWD 50.73 TWD 70.19 TWD 66
10Y P/E Exit 34.66 TWD 48.63 TWD 65.35 TWD 62
Earnings-Based
Graham-Dodd 12.04 TWD 37.62 TWD 50.06 TWD 62
Lynch FV 8.20 TWD 11.72 TWD 15.23 TWD 58
PEG = 1.0 8.20 TWD 11.72 TWD 15.23 TWD 55
EPV 17.08 TWD 19.51 TWD 21.61 TWD 71
Dividend Discount
Gordon GGM 14.80 TWD 29.50 TWD 44.67 TWD 64
DDM Multi-Stage 14.80 TWD 24.10 TWD 31.14 TWD 64
Multiples
P/E Multiple 27.88 TWD 37.17 TWD 46.46 TWD 63
P/S Multiple 22.57 TWD 30.09 TWD 37.61 TWD 58
P/B Multiple 22.57 TWD 30.09 TWD 37.61 TWD 55
EV/EBIT 29.02 TWD 38.13 TWD 47.24 TWD 66
EV/EBITDA 32.45 TWD 42.71 TWD 52.97 TWD 67
EV/Revenue 21.19 TWD 29.55 TWD 37.92 TWD 54
Asset-Based
NCAV (Graham) 9.29 TWD 12.44 TWD 18.57 TWD 54
Growth DCF
Growth DCF 41.28 TWD 59.34 TWD 84.18 TWD 75
Rev-Margin DCF 27.66 TWD 40.11 TWD 54.59 TWD 70
Economic Profit
Residual Income 16.03 TWD 17.54 TWD 22.08 TWD 73
ROIC Compounder 17.08 TWD 20.05 TWD 24.44 TWD 69
Growth Earnings
Growth-Adj P/E 23.08 TWD 32.98 TWD 42.87 TWD 65

Widest divergence: DCF Models (47.09 TWD) versus Earnings-Based (11.72 TWD). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 14.4
P/S ratio 1.31 P/E × margin
EPS (TTM) 2.27 TWD price ÷ EPS = P/E 14.4
Dividend yield 4.6% payout 66.5%
Net margin 9.1% FY2025
Return on equity 12.4% TTM
More key figures
Profitability
Return on assets (EBIT) 9.4% avg 5y
Operating margin 13.1% TTM
Growth
Revenue (TTM) 1.5B TWD TTM
Revenue growth (YoY) +14.7% 3y avg +6.1%
EPS growth (YoY) +157%
Balance sheet & cash flow
Free cash flow 263M TWD FY2025
Net debt 98.4M TWD FY2022 · ≈ 0.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 68 · Market factors (momentum, volatility) 49

Profitability 50
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 65
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

Vetnostrum Animal Health Co., Ltd. engages in the import, manufacture, and sale of animal medicines, health food, feed additives, and feed.

Full company description

Vetnostrum Animal Health Co., Ltd. engages in the import, manufacture, and sale of animal medicines, health food, feed additives, and feed. It offers antibiotics, hormonal preparations, topical disinfectants, and drugs for anti-inflammatory, deworming, anti-fungal, antiprotozoal, etc; vitamins, minerals, and amino acids for regular supplementary; and non-medicated feed additives for swine, cattle and sheep, poultry, pet, and aquatic animals. The company was founded in 2012 and is based in Hsinchu City, Taiwan. Vetnostrum Animal Health Co., Ltd. operates as a subsidiary of YungShin Global Holding Corporation.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vetnostrum Animal Health Co., Ltd reported revenue of 1.4B TWD in FY2025 versus 1.2B TWD in FY2021, a compound +4.7%/yr. Reported net income was 129M TWD in FY2025, compounding +4.1%/yr from FY2021.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.4B TWD
Latest YoY
+9.4%
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.
+6.1%
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.
+5.9% (1.3 + 4.6)
Revenue +4.7%/yr
FY21 1.2B TWD
FY22 1.2B TWD
FY23 1.2B TWD
FY24 1.3B TWD
FY25 1.4B TWD
Net income +4.1%/yr
FY21 110M TWD
FY22 107M TWD
FY23 91.6M TWD
FY24 137M TWD
FY25 129M TWD

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Cite: Fair Value Calculator (2026). "Vetnostrum Animal Health Co., Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6936

Peer Group

Farm Products · 293 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 68 · Top 25%
Fair Value upside +7% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 13% · Above median
Revenue growth 15% · Above median
Dividend yield (TTM) 4.6% · Above median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 14.4× · Pricier than median
P/B 1.78× · Pricier than 75% of peers
P/S (TTM) 1.62× · Pricier than 75% of peers
P/FCF 0.3× · Cheaper than median
EV/EBITDA 9.0× · 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
VALUE43 · sector 25
FUTURE74 · sector 21
PAST50 · sector 19
HEALTH100 · sector 94
DIVIDEND92 · sector 49

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 Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

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Wens Foodstuff Group 300498 ¥13.80 ¥11.18 −19%
Mowi ASA MOWI kr 201.80 kr 256.14 +27%
Fujian Wanchen Food Group 300972 ¥201.06 ¥143.09 −29%
United Plantations Berhad 2089 32.60 MYR 23.34 MYR −28%
Charoen Pokphand Foods Public Company CPF 23.40 THB 43.24 THB +85%
PT Charoen Pokphand Indonesia Tbk, CPIN 2,960 IDR 6,818 IDR +130%

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Frequently asked questions

Is Vetnostrum Animal Health Co., Ltd (6936) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of 35.10 TWD versus a price of 32.80 TWD, about +7% upside (fairly valued).
What is the fair value of 6936?
Our model-based fair value for Vetnostrum Animal Health Co., Ltd is 35.10 TWD (as of Aug 28, 2026), built from audited fundamentals. The current price: 32.80 TWD.
What is the quality score of 6936?
Vetnostrum Animal Health Co., Ltd has a Quality Score of 68/100. 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 Vetnostrum Animal Health Co., Ltd (6936)?
Vetnostrum Animal Health Co., Ltd reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 6936?
The net profit margin of Vetnostrum Animal Health Co., Ltd is about 9.5%, meaning it keeps roughly 9.5% of revenue as net income. Based on the latest reported figures.
Does Vetnostrum Animal Health Co., Ltd pay a dividend?
Vetnostrum Animal Health Co., Ltd currently shows a dividend yield of about 4.60% relative to its recent price (as of Aug 28, 2026).
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