Van Phu - Invest Investment JSC (VPI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Van Phu - Invest Investment JSC stock VND 9,981, price VND 61,000, that is 83.6% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 21,498 VND – 63,100 VND · fair‑value band 9,981 VND – 12,104 VND · the 61,000 VND price screens above the 9,981 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Van Phu Real Estate Development Joint Stock Company, together with its subsidiaries, operates as a real estate developer in Vietnam. It operates through Real Estate Business, Provision of Accommodation Services, and Other Activities segments.
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The company offers investment consulting, construction, and accommodation services; and real estate consulting, brokerage, and auction services.
It also engages in the planning and implementation of urban real estate and resort projects; management and operation of real estate services; and real estate support services.
The company was formerly known as Van Phu - Invest Investment Joint Stock Company and changed its name to Van Phu Real Estate Development Joint Stock Company in April 2025. Van Phu Real Estate Development Joint Stock Company was founded in 2003 and is headquartered in Hanoi, Vietnam.
Stock analysis
Van Phu - Invest Investment JSC (VPI) currently trades at 61,000 VND, while our model-based Fair Value estimate is 9,981 VND, 84% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 13,720 VND per share, and 0 of the 10 models we run sit above the 61,000 VND price.
Bear case: the DCF Models group reads lowest at 2,416 VND, and 10 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 9,981 VND (bear) to 12,104 VND (bull), the price of 61,000 VND sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Van Phu - Invest Investment JSC reported revenue of 2.0T VND in FY2025 versus 2.6T VND in FY2021, a compound −6.7%/yr. Reported net income was 391B VND in FY2025, compounding +2.9%/yr from FY2021.
Key figures
Market cap 19.5T VND (≈ $763M) Small · P/E ratio 54.2 · P/S ratio 7.27 · EPS (TTM) 1,124 VND · Net margin 14.9% · Return on equity 8.2% · Return on assets (EBIT) 4.6% (5-year average) · Operating margin 25.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −84%, VPI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (2.44 VND to 29,793 VND). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear9,981 VNDFair Value 9,981 VNDBull12,104 VND
Price 61,000 VND · Downside -83.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (961.19 VND per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.37/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+3.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.3%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+75.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +68.3% a year for the price.
Compare Van Phu - Invest Investment JSC with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−83.6% · Bottom 25%
Profitability
Return on equity (12 months)8.2% · Above median
Return on assets2.7% · Above median
Net margin (12 months)14.9% · Above median
Operating margin (12 months)25.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)371.3% · Top 25%
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is Van Phu - Invest Investment JSC (VPI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 9,981 VND versus a price of 61,000 VND, about 84% lower (overvalued).
What is the fair value of VPI?
Our model-based fair value for Van Phu - Invest Investment JSC is 9,981 VND (as of Nov 7, 2026), built from audited fundamentals. The current price: 61,000 VND.
What is the quality score of VPI?
Van Phu - Invest Investment JSC has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Van Phu - Invest Investment JSC (VPI)?
Our model-based price target is the fair value of 9,981 VND (as of Nov 7, 2026) from 12 valuation models. Cautious scenario 9,981 VND, optimistic scenario 12,104 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Van Phu - Invest Investment JSC stock forecast for 2026?
Our models put fair value at 9,981 VND, about 84% lower versus a price of 61,000 VND (overvalued). Cautious scenario 9,981 VND, optimistic scenario 12,104 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Van Phu - Invest Investment JSC (VPI)?
Van Phu - Invest Investment JSC reported trailing-twelve-month revenue of about 2.7T VND (latest available figure, as of Nov 7, 2026).
What growth is priced into Van Phu - Invest Investment JSC (VPI)?
For today's price to be fair in a discounted-cash-flow model, Van Phu - Invest Investment JSC would have to grow free cash flow by +75.2 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of VPI use?
Our models discount Van Phu - Invest Investment JSC at 13.4 %: a base by market capitalisation (small), damped by beta 0.10, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Van Phu - Invest Investment JSC that is +75.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has Van Phu - Invest Investment JSC (VPI) delivered so far?
Over the past 5 years revenue at Van Phu - Invest Investment JSC grew -1.8 % a year. The price currently implies free-cash-flow growth of +75.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Van Phu - Invest Investment JSC (VPI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Van Phu - Invest Investment JSC (+75.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Van Phu - Invest Investment JSC (VPI)?
The free-cash-flow yield on the price is 0.50 %: that much free cash flow Van Phu - Invest Investment JSC produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Van Phu - Invest Investment JSC (VPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Van Phu - Invest Investment JSC it is 9,981 VND per share (as of Nov 7, 2026), against a price of 61,000 VND. It is the blended result of 12 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Van Phu - Invest Investment JSC stock overvalued or undervalued in 2026?
As of Nov 7, 2026, VPI trades above its calculated fair value: price 61,000 VND, fair value 9,981 VND, a gap of about −84% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VPI?
No. The price is what the market pays today (61,000 VND); the fair value is what the company's own numbers justify (9,981 VND). For Van Phu - Invest Investment JSC the two are 51,019 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Van Phu - Invest Investment JSC worth?
The market values Van Phu - Invest Investment JSC at about 19.5T VND (market capitalisation, as of Nov 7, 2026). Per share that is 61,000 VND; our models calculate a fair value of 9,981 VND per share.
What do the bullish and bearish scenarios say about VPI?
Our models span a range for Van Phu - Invest Investment JSC: cautious scenario 9,981 VND, base 9,981 VND, optimistic 12,104 VND per share (as of Nov 7, 2026, price 61,000 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VPI?
Van Phu - Invest Investment JSC trades at a price-to-earnings ratio of 54.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9,981 VND is built from several models across several years. Other multiples: P/B 3.7, P/S 7.3, EV/EBITDA 32.0.
How solid is the balance sheet of Van Phu - Invest Investment JSC (VPI)?
Balance-sheet figures for Van Phu - Invest Investment JSC (as of Nov 7, 2026): return on equity 8.2%, debt of 0.99 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is VPI from its 52-week high?
Van Phu - Invest Investment JSC trades at 61,000 VND, about 3% below its 52-week high of 63,100 VND and 29% above the low of 47,273 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 9,981 VND is for.
Which stocks are comparable to Van Phu - Invest Investment JSC?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Van Phu - Invest Investment JSC stock attractive at the current price?
The data as of Nov 7, 2026: price 61,000 VND, calculated fair value 9,981 VND (−84%), Quality Score 41/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VPI calculated?
We run Van Phu - Invest Investment JSC through 12 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 9,981 VND builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Van Phu - Invest Investment JSC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Van Phu - Invest Investment JSC (VPI)?
The closing price on Nov 6, 2026 was 61,000 VND. Our model-based fair value is 9,981 VND, about 84% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Van Phu - Invest Investment JSC right now?
The price sits above even our optimistic bull case (12,104 VND). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Van Phu - Invest Investment JSC
How large is the market capitalisation of Van Phu - Invest Investment JSC (VPI)?
The market capitalisation of Van Phu - Invest Investment JSC is 19.5T VND (≈ $763M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Van Phu - Invest Investment JSC (VPI)?
The price-to-sales ratio of Van Phu - Invest Investment JSC is 7.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Van Phu - Invest Investment JSC (VPI)?
Earnings per share at Van Phu - Invest Investment JSC are 1,124 VND (price ÷ EPS = P/E 54.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Van Phu - Invest Investment JSC (VPI)?
The net margin of Van Phu - Invest Investment JSC is 14.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Van Phu - Invest Investment JSC (VPI)?
The return on equity (ROE) of Van Phu - Invest Investment JSC is 8.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Van Phu - Invest Investment JSC (VPI)?
On an EBIT basis the return on assets of Van Phu - Invest Investment JSC is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Van Phu - Invest Investment JSC (VPI)?
The operating margin of Van Phu - Invest Investment JSC is 25.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Van Phu - Invest Investment JSC (VPI)?
Revenue at Van Phu - Invest Investment JSC is growing +371% versus a year earlier (3y avg −2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Van Phu - Invest Investment JSC (VPI)?
Earnings per share at Van Phu - Invest Investment JSC are growing +17.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Van Phu - Invest Investment JSC (VPI) carry?
The net debt of Van Phu - Invest Investment JSC is 5.6T VND (fiscal year 2025, ≈ 57.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026