The Discounted Cash Flow (DCF) valuation of Vinam JSC (CVN.VN) is 1,309.18 VND. With the latest stock price at 1,600.00 VND, the upside of Vinam JSC based on DCF is -18.2%.

Is CVN.VN a buy or a sell?

Based on the latest price of 1,600.00 VND and our DCF valuation, Vinam JSC (CVN.VN) is a sell. Selling CVN.VN stocks now will result in a potential gain of 18.2%.

	Range	Selected
WACC / Discount Rate	6.8% - 9.3%	8.1%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	643.83 - 2,750.27	1,309.18
Upside	-59.8% - 71.9%	-18.2%

1,600.00 VND

Stock Price

1,309.18 VND

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

CVN.VN DCF Valuation: Revenue & Expenses Forecast

(VND in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	95,730	100,973	102,992	105,052	107,153	109,296
% Growth	10%	5%	2%	2%	2%	2%

Cost of goods sold	(82,477)	(86,994)	(88,734)	(90,509)	(92,319)	(94,165)
% of Revenue	86%	86%	86%	86%	86%	86%

Selling, G&A expenses	(4,728)	(4,986)	(5,086)	(5,188)	(5,292)	(5,398)
% of Revenue	5%	5%	5%	5%	5%	5%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(5,369)	(5,663)	(5,776)	(5,892)	(6,009)	(6,130)
% of Revenue	6%	6%	6%	6%	6%	6%

Tax expense	(334)	(224)	(228)	(233)	(238)	(242)
Tax rate	11%	7%	7%	7%	7%	7%

Net profit	2,823	3,106	3,168	3,231	3,296	3,362
% Margin	3%	3%	3%	3%	3%	3%