The Discounted Cash Flow (DCF) valuation of PIV JSC (PIV.VN) is 3,335.55 VND. With the latest stock price at 2,800.00 VND, the upside of PIV JSC based on DCF is 19.1%.

Is PIV.VN a buy or a sell?

Based on the latest price of 2,800.00 VND and our DCF valuation, PIV JSC (PIV.VN) is a buy. Buying PIV.VN stocks now will result in a potential gain of 19.1%.

	Range	Selected
WACC / Discount Rate	5.3% - 7.1%	6.2%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	(423.58) - 13,396.77	3,335.55
Upside	-115.1% - 378.5%	19.1%

2,800.00 VND

Stock Price

3,335.55 VND

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

PIV.VN DCF Valuation: Revenue & Expenses Forecast

(VND in millions)		Projections

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

Revenue	1,580	123	125	128	130	133
% Growth	75%	-92%	2%	2%	2%	2%

Cost of goods sold	(1,524)	(118)	(121)	(123)	(126)	(128)
% of Revenue	96%	96%	96%	96%	96%	96%

Selling, G&A expenses	(999)	(78)	(79)	(81)	(82)	(84)
% of Revenue	63%	63%	63%	63%	63%	63%

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

Net interest & other expenses	(71)	(5)	(6)	(6)	(6)	(6)
% of Revenue	4%	4%	4%	4%	4%	4%

Tax expense	0	18	18	18	19	19
Tax rate	0%	22%	22%	22%	22%	22%

Net profit	(1,013)	(61)	(62)	(64)	(65)	(66)
% Margin	-64%	-50%	-50%	-50%	-50%	-50%