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%.
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 Rate | 6.9% - 9.3% | 8.1% |
Long-term Growth Rate | 1.0% - 3.0% | 2.0% |
Fair Price | 15.54 - 29.61 | 20.10 |
Upside | -45.1% - 4.6% | -29.0% |
(VND in millions) | Projections | |||||
12-2024 | 12-2025 | 12-2026 | 12-2027 | 12-2028 | 12-2029 | |
Revenue | 143,178 | 120,410 | 138,426 | 163,614 | 187,776 | 215,274 |
% Growth | 11% | -16% | 15% | 18% | 15% | 15% |
Cost of goods sold | (104,111) | (85,805) | (96,670) | (111,975) | (125,941) | (141,495) |
% of Revenue | 73% | 71% | 70% | 68% | 67% | 66% |
Selling, G&A expenses | (20,902) | (17,578) | (20,208) | (23,885) | (27,412) | (31,426) |
% of Revenue | 15% | 15% | 15% | 15% | 15% | 15% |
Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
% of Revenue | 0% | 0% | 0% | 0% | 0% | 0% |
Net interest & other expenses | 28,155 | 23,678 | 27,221 | 32,174 | 36,925 | 42,333 |
% of Revenue | 20% | 20% | 20% | 20% | 20% | 20% |
Tax expense | (5,911) | (4,081) | (4,890) | (6,009) | (7,154) | (8,491) |
Tax rate | 13% | 10% | 10% | 10% | 10% | 10% |
Net profit | 40,410 | 36,625 | 43,880 | 53,920 | 64,195 | 76,194 |
% Margin | 28% | 30% | 32% | 33% | 34% | 35% |