TNC.VN
Thong Nhat Rubber JSC
Price:  
28.3 
VND
Volume:  
2,500
Viet Nam | Auto Components

TNC.VN DCF Valuation - Growth Exit 5Y

-29 %
Upside

What is the DCF valuation of TNC.VN?

The Discounted Cash Flow (DCF) valuation of Thong Nhat Rubber JSC (TNC.VN) is 20.10 VND. With the latest stock price at 28.30 VND, the upside of Thong Nhat Rubber JSC based on DCF is -29%.

Is TNC.VN a buy or a sell?

Based on the latest price of 28.30 VND and our DCF valuation, Thong Nhat Rubber JSC (TNC.VN) is a sell. Selling TNC.VN stocks now will result in a potential gain of 29%.

Range Selected
WACC / Discount Rate6.9% - 9.3%8.1%
Long-term Growth Rate 1.0% - 3.0%2.0%
Fair Price15.54 - 29.6120.10
Upside-45.1% - 4.6%-29.0%
28.30 VND
Stock Price
20.10 VND
Fair Price
REVENUE & EXPENSES
CAPEX
D&A
WORKING CAPITAL
TERMINAL VALUE

TNC.VN DCF Valuation: Revenue & Expenses Forecast

(VND in millions)Projections
12-202412-202512-202612-202712-202812-2029
Revenue143,178120,410138,426163,614187,776215,274
% Growth
11%-16%15%18%15%15%
Cost of goods sold(104,111)(85,805)(96,670)(111,975)(125,941)(141,495)
% of Revenue73%71%70%68%67%66%
Selling, G&A expenses(20,902)(17,578)(20,208)(23,885)(27,412)(31,426)
% of Revenue15%15%15%15%15%15%
Research & Development000000
% of Revenue0%0%0%0%0%0%
Net interest & other expenses28,15523,67827,22132,17436,92542,333
% of Revenue20%20%20%20%20%20%
Tax expense(5,911)(4,081)(4,890)(6,009)(7,154)(8,491)
Tax rate13%10%10%10%10%10%
Net profit40,41036,62543,88053,92064,19576,194
% Margin28%30%32%33%34%35%