Chunghwa Telecom ADR (CHT) is overvalued and Verizon Communications Inc (VZ) is undervalued.
Against our estimates of intrinsic value, VZ trades at the wider discount: a margin of safety of +64%, against -74% for CHT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $26.47; the price of $46.11 is 74% above that value, and 81% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 5.7% (average of 3 methods) values the shares at $128.11; the price of $46.45 is 64% below that value, and 88% of that value comes from beyond year five.
Leak Score 69/100 on 10 of 12 signals
| Metric | CHT | VZ |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $46.11 | $46.45 |
| Intrinsic value | $26.47 | $128.11 |
| Margin of safety | -74% | +64% |
| Leak Score | 59/100 (3/12) | 69/100 (10/12) |
| Market cap | $35.8B | $193.0B |
| Revenue growth, 5 years | 1.4% | 1.5% |
| Operating margin | 20.4% | 22.7% |
| Net margin | 16.1% | 11.6% |
| Return on equity | 10.6% | 15.6% |
| Debt to equity | 0.10 | 1.81 |
| P/E | 28.2x | 12.1x |
| Forward P/E | 27.8x | 8.8x |
| P/B | 3.1x | 1.9x |
| Dividend yield | 3.6% | 6.1% |