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6015.TWO$20.85+5.57%
Fair $20.85+0.0%

6015.TWO

Horizon Securities Co., Ltd.

Financial Services / Capital MarketsTaipei Exchange

$20.85

+1.10 (+5.57%)

Fairly Valued+0.0%Fair Value $20.85Fund rank 26/100 · Data gapFallback financials|
SA 51/C
F-Score: 4/9

Book/ROE base 3Y

n/d

n/d CAGR · P/B n/d

Book/ROE base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 100% · confianza 20%

Book/ROE escenarios

weak_data · book/share n/d · quality 18.0/100

Data gap 26/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 29/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

51/100

C

Piotroski

4/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 0unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Insufficient audited annual history (<3 SEC-backed years); financial Book/ROE targets are disabled until manually verified.
Thesis & Journal · 6015.TWOLocal privado en este navegador · Horizon Securities Co., Ltd.
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$8.2B

P/E

29.4x

↑

EV/EBITDA

18.0x

↑

ROE

5.4%

↓

Gross Margin

83.4%

↑

Debt/Equity

0.79

↑
52-Week Range$21
$10$21

TradingView lightweight chart

6015.TWO price, volumen y niveles de valoración

Último $20.85Periodo +72.7%
Fair value: $20.85

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

+15.5%

FCF CAGR

+26.8%

FCF margin

28.6%

FCF / Net income

1.60x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $1.68B · net income $299.0M · FCF $479.7M

2022-FY → 2025-FY

Gross margin

83.4%+16.1% pts

Operating margin

10.1%+31.4% pts

Net margin

17.8%+38.0% pts

FCF margin

28.6%+7.0% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$1.68B$1.68B$1.80B$1.35B$1.09B
Net Income$299.0M$299.0M$337.5M$179.8M$-220.2M
EBITDA$535.5M$535.5M$599.8M$371.7M$-64.5M
EPS——0.800.42-0.63
Gross Margin83.4%83.4%83.3%86.6%67.3%
Operating Margin10.1%10.1%16.0%5.6%-21.4%
Net Margin17.8%17.8%18.8%13.3%-20.2%
Balance Sheet
Debt/Equity0.790.790.781.410.65
Current Ratio1.381.38———
Cash Flow
Free Cash Flow$479.7M$479.7M$580.3M$-449.5M$235.0M
Returns
ROE5.4%5.4%6.2%3.8%-4.9%
Valuation
P/E29.3729.3713.1925.95—
EV/EBITDA17.9517.959.8723.70—
P/B1.461.460.810.900.68
Growth & Yield
Revenue Growth-6.7%-6.7%33.0%24.2%—
EPS Growth——90.5%166.7%—

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total +96.7%

Total return

+96.7%

Start / end P/E

n/dx → n/dx

EPS bridge

0.80 → n/d

Residual

+96.7%

EPS growthn/d
Multiple reratingn/d
Dividend+0.0%
Residual / FX / buybacks / cross-term+96.7%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.