The Discounted Cash Flow (DCF) valuation of VNSTEEL-Nha Be Steel JSC (TNB.VN) is 32,931 VND. With the latest stock price at 9,100.00 VND, the upside of VNSTEEL-Nha Be Steel JSC based on DCF is 261.9%.
Based on the latest price of 9,100.00 VND and our DCF valuation, VNSTEEL-Nha Be Steel JSC (TNB.VN) is a buy. Buying TNB.VN stocks now will result in a potential gain of 261.9%.
Range | Selected | |
WACC / Discount Rate | 8.6% - 11.6% | 10.1% |
Long-term Growth Rate | 1.0% - 3.0% | 2.0% |
Fair Price | 25,987.78 - 46,104.4 | 32,931.33 |
Upside | 185.6% - 406.6% | 261.9% |
(VND in millions) | Projections | |||||
12-2024 | 12-2025 | 12-2026 | 12-2027 | 12-2028 | 12-2029 | |
Revenue | 1,391,432 | 1,173,311 | 1,227,115 | 1,281,308 | 1,310,798 | 1,386,927 |
% Growth | 4% | -16% | 5% | 4% | 2% | 6% |
Cost of goods sold | (1,333,154) | (1,101,685) | (1,129,160) | (1,155,447) | (1,158,400) | (1,201,164) |
% of Revenue | 96% | 94% | 92% | 90% | 88% | 87% |
Selling, G&A expenses | (42,920) | (36,192) | (37,851) | (39,523) | (40,432) | (42,781) |
% of Revenue | 3% | 3% | 3% | 3% | 3% | 3% |
Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
% of Revenue | 0% | 0% | 0% | 0% | 0% | 0% |
Net interest & other expenses | (12,405) | (10,461) | (10,940) | (11,423) | (11,686) | (12,365) |
% of Revenue | 1% | 1% | 1% | 1% | 1% | 1% |
Tax expense | (1,019) | (5,059) | (9,959) | (15,176) | (20,314) | (26,460) |
Tax rate | 34% | 20% | 20% | 20% | 20% | 20% |
Net profit | 1,935 | 19,915 | 39,204 | 59,739 | 79,966 | 104,158 |
% Margin | 0% | 2% | 3% | 5% | 6% | 8% |