The Discounted Cash Flow (DCF) valuation of Vibhavadi Medical Center PCL (VIBHA.BK) is 1.07 THB. With the latest stock price at 1.41 THB, the upside of Vibhavadi Medical Center PCL based on DCF is -23.9%.

Is VIBHA.BK a buy or a sell?

Based on the latest price of 1.41 THB and our DCF valuation, Vibhavadi Medical Center PCL (VIBHA.BK) is a sell. Selling VIBHA.BK stocks now will result in a potential gain of 23.9%.

	Range	Selected
WACC / Discount Rate	6.6% - 8.9%	7.7%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	0.64 - 2.04	1.07
Upside	-54.9% - 44.8%	-23.9%

1.41 THB

Stock Price

1.07 THB

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

VIBHA.BK DCF Valuation: Revenue & Expenses Forecast

(THB in millions)		Projections

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

Revenue	8,548	9,065	9,293	9,487	9,677	9,870
% Growth	5%	6%	3%	2%	2%	2%

Cost of goods sold	(6,115)	(6,355)	(6,384)	(6,387)	(6,385)	(6,382)
% of Revenue	72%	70%	69%	67%	66%	65%

Selling, G&A expenses	(1,385)	(1,469)	(1,506)	(1,537)	(1,568)	(1,599)
% of Revenue	16%	16%	16%	16%	16%	16%

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

Net interest & other expenses	(45)	(47)	(48)	(49)	(50)	(51)
% of Revenue	1%	1%	1%	1%	1%	1%

Tax expense	(165)	(185)	(210)	(234)	(259)	(284)
Tax rate	16%	15%	15%	15%	15%	15%

Net profit	839	1,009	1,145	1,279	1,415	1,553
% Margin	10%	11%	12%	13%	15%	16%