The Discounted Cash Flow (DCF) valuation of Dak Doa Hydropower JSC (HPD.VN) is 36,791 VND. With the latest stock price at 17,000 VND, the upside of Dak Doa Hydropower JSC based on DCF is 116.4%.

Is HPD.VN a buy or a sell?

Based on the latest price of 17,000 VND and our DCF valuation, Dak Doa Hydropower JSC (HPD.VN) is a buy. Buying HPD.VN stocks now will result in a potential gain of 116.4%.

	Range	Selected
WACC / Discount Rate	7.4% - 9.6%	8.5%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	30,988.29 - 45,397.93	36,791.34
Upside	82.3% - 167.0%	116.4%

17,000 VND

Stock Price

36,791 VND

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

HPD.VN DCF Valuation: Revenue & Expenses Forecast

(VND in millions)		Projections

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

Revenue	43,637	45,602	49,036	50,648	52,602	55,206
% Growth	15%	5%	8%	3%	4%	5%

Cost of goods sold	(21,425)	(22,390)	(24,076)	(24,868)	(25,827)	(27,106)
% of Revenue	49%	49%	49%	49%	49%	49%

Selling, G&A expenses	658	688	740	764	794	833
% of Revenue	2%	2%	2%	2%	2%	2%

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

Net interest & other expenses	(428)	(448)	(481)	(497)	(516)	(542)
% of Revenue	1%	1%	1%	1%	1%	1%

Tax expense	(2,291)	(1,194)	(1,284)	(1,327)	(1,378)	(1,446)
Tax rate	10%	5%	5%	5%	5%	5%

Net profit	20,151	22,258	23,934	24,721	25,674	26,946
% Margin	46%	49%	49%	49%	49%	49%