ASE Technology Holding stock: fair value
ASXThe fair value of ASE Technology Holding under our model is $24.70, the price is 47% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly overvaluedIn our model the price counts as cheap below $16.47 and expensive above $49.41 (uncertainty very high, based on the price swings of the past year).
The two parts of the fair value come to $7.75 (cash-flow model) and $41.66 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 12.7%. At 13.7% the fair value would be $24.31, at 11.7% it would be $25.20.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (40.2).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 12.7% (government bond yield 3.8% plus beta 1.78 times a risk premium of 5%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $7.75 per share: free cash flow for the next ten years, each year discounted to today at 12.7%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 12.7%) |
|---|---|---|---|---|
| 2026 | $1.44B | extrapolated at 8.6% | 0.8869 | $1.28B |
| 2027 | $1.55B | extrapolated at 7.2% | 0.7867 | $1.22B |
| 2028 | $1.64B | extrapolated at 6.2% | 0.6977 | $1.15B |
| 2029 | $1.73B | extrapolated at 5.5% | 0.6188 | $1.07B |
| 2030 | $1.82B | extrapolated at 5.0% | 0.5489 | $997.96M |
| 2031 | $1.9B | extrapolated at 4.6% | 0.4868 | $926.21M |
| 2032 | $1.99B | extrapolated at 4.4% | 0.4318 | $857.61M |
| 2033 | $2.07B | extrapolated at 4.2% | 0.3829 | $792.8M |
| 2034 | $2.16B | extrapolated at 4.1% | 0.3396 | $732.05M |
| 2035 | $2.24B | extrapolated at 4.0% | 0.3012 | $675.41M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $9.69B |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (12.7% − 3.8%) | $26.1B |
| Present value of terminal value (× 0.3012) | $7.86B |
| Equity value (sum plus present value of terminal value) | $17.56B |
| Shares (diluted) | 2.27B |
| Value per share (equity value divided by shares) | $7.75 |
| Earnings per share, last twelve months | $1.04 |
| × 40.2 (industry P/E) | $41.66 |
| Fair value (average of both parts) | $24.70 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = NT$32.8500)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 18 Apr 2025)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.