Hanoi Beer Alcohol and Beverage JSC (BHN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hanoi Beer Alcohol and Beverage JSC VND 24,312, price VND 27,200, upside -10.6%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 27,200 VND – 62,901 VND · fair‑value band 18,509 VND – 31,266 VND · the 27,200 VND price screens above the 24,312 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Hanoi Beer Alcohol and Beverage Joint Stock Corporation, together with its subsidiaries, engages in the production and sale of beer, fermenting malt, spirits, non-alcoholic beverages, and mineral water. It also engages in the wholesale of rice, wheat, flour, and other grains; warehouse rental; and rental of machinery and equipment.
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Hanoi Beer Alcohol and Beverage Joint Stock Corporation, together with its subsidiaries, engages in the production and sale of beer, fermenting malt, spirits, non-alcoholic beverages, and mineral water. It also engages in the wholesale of rice, wheat, flour, and other grains; warehouse rental; and rental of machinery and equipment. The company offers its products under the Hanoi Draft Beer, Truc Bach Beer, Uniaqua bottled water, and Hanoi Beer brands. It operates in Vietnam, Taiwan, South Korea, the United Kingdom, Germany, the United States, Australia, and internationally. Hanoi Beer Alcohol and Beverage Joint Stock Corporation was founded in 1890 and is headquartered in Hanoi, Vietnam.
Stock analysis
Hanoi Beer Alcohol and Beverage JSC (BHN) currently trades at 27,200 VND, while our model-based Fair Value estimate is 24,312 VND, implying the stock looks roughly 11.9% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 34,264 VND per share, and 12 of the 25 models we run sit above the 27,200 VND price.
Bear case: the Earnings-Based group reads lowest at 11,155 VND, and 13 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: 18,509 VND (bear) to 31,266 VND (bull), the price of 27,200 VND sits inside 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 69/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hanoi Beer Alcohol and Beverage JSC reported revenue of 8.5T VND in FY2025 versus 7.0T VND in FY2021, a compound +5.3%/yr. Reported net income was 467B VND in FY2025, compounding +11.3%/yr from FY2021.
Key figures
Market cap 7.2T VND · P/E ratio 10.7 · P/S ratio 0.58 · EPS (TTM) 2,550 VND · Dividend yield 3.9% · Net margin 5.5% · Return on equity 11.7% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −4% fair-value upside, at −11%, BHN screens richer than that median.
Fair Value models
Bear 18,509 VNDFair Value 24,312 VNDBull 31,266 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1,865 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.Evidence ⓘEvidence = 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.62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.9%
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.
+0.5%
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.
+2.8%
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−0.6%
Dividend (yield on the price)3.9%
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.5% → 4%
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).
+10.9%
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 +6.5% a year for the price.
Compare Hanoi Beer Alcohol and Beverage JSC with another stock
Price, fair value, quality and upside side by side.
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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.Beverages - Brewers · 58 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−11% · Below median
Profitability
Return on equity (TTM)12% · Above median
Return on assets4% · Below median
Net margin (TTM)6% · Below median
Operating margin (TTM)7% · Below median
Growth and dividend
Revenue growth20% · Top 25%
Dividend yield (TTM)3.9% · Above median
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hanoi Beer Alcohol and Beverage JSC Fair Value". https://www.fairvalue-calculator.com/stock/BHN
Frequently asked questions
Is Hanoi Beer Alcohol and Beverage JSC (BHN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 24,312 VND versus a price of 27,200 VND, about −11% upside (overvalued).
What is the fair value of BHN?
Our model-based fair value for Hanoi Beer Alcohol and Beverage JSC is 24,312 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 27,200 VND.
What is the quality score of BHN?
Hanoi Beer Alcohol and Beverage JSC has a Quality Score of 69/100. 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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
Our model-based price target is the fair value of 24,312 VND (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 18,509 VND, optimistic scenario 31,266 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanoi Beer Alcohol and Beverage JSC stock forecast for 2026?
Our models put fair value at 24,312 VND, about −11% upside versus a price of 27,200 VND (overvalued). Cautious scenario 18,509 VND, optimistic scenario 31,266 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Hanoi Beer Alcohol and Beverage JSC (BHN)?
Hanoi Beer Alcohol and Beverage JSC reported trailing-twelve-month revenue of about 9.5T VND (latest available figure, as of Sep 24, 2026).
Does Hanoi Beer Alcohol and Beverage JSC pay a dividend?
Hanoi Beer Alcohol and Beverage JSC currently shows a dividend yield of about 3.86% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hanoi Beer Alcohol and Beverage JSC (BHN)?
For today's price to be fair in a discounted-cash-flow model, Hanoi Beer Alcohol and Beverage JSC would have to grow free cash flow by +10.9 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BHN use?
Our models discount Hanoi Beer Alcohol and Beverage JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.17, 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 Hanoi Beer Alcohol and Beverage JSC that is +10.9 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Hanoi Beer Alcohol and Beverage JSC (BHN) delivered so far?
Over the past 5 years revenue at Hanoi Beer Alcohol and Beverage JSC grew +2.8 % a year. The price currently implies +10.9 % per year free-cash-flow growth a 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 Hanoi Beer Alcohol and Beverage JSC (BHN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Hanoi Beer Alcohol and Beverage JSC (+10.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hanoi Beer Alcohol and Beverage JSC (BHN)?
The free-cash-flow yield on the price is 7.19 %: that much free cash flow Hanoi Beer Alcohol and Beverage JSC produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanoi Beer Alcohol and Beverage JSC (BHN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanoi Beer Alcohol and Beverage JSC it is 24,312 VND per share (as of Sep 24, 2026), against a price of 27,200 VND. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Hanoi Beer Alcohol and Beverage JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BHN trades above its calculated fair value: price 27,200 VND, fair value 24,312 VND, a gap of about −11% (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 BHN?
No. The price is what the market pays today (27,200 VND); the fair value is what the company's own numbers justify (24,312 VND). For Hanoi Beer Alcohol and Beverage JSC the two are 2,888 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanoi Beer Alcohol and Beverage JSC worth?
The market values Hanoi Beer Alcohol and Beverage JSC at about 7.2T VND (market capitalisation, as of Sep 24, 2026). Per share that is 27,200 VND; our models calculate a fair value of 24,312 VND per share.
What do the bullish and bearish scenarios say about BHN?
Our models span a range for Hanoi Beer Alcohol and Beverage JSC: cautious scenario 18,509 VND, base 24,312 VND, optimistic 31,266 VND per share (as of Sep 24, 2026, price 27,200 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BHN?
Hanoi Beer Alcohol and Beverage JSC trades at a price-to-earnings ratio of 10.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 24,312 VND is built from several models across several years. Other multiples: P/B 1.5, P/S 0.8, EV/EBITDA 9.2.
How solid is the balance sheet of Hanoi Beer Alcohol and Beverage JSC (BHN)?
Balance-sheet figures for Hanoi Beer Alcohol and Beverage JSC (as of Sep 24, 2026): return on equity 11.7%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is BHN from its 52-week high?
Hanoi Beer Alcohol and Beverage JSC trades at 27,200 VND, about 20% below its 52-week high of 34,000 VND and at the low of 27,200 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 24,312 VND is for.
Which stocks are comparable to Hanoi Beer Alcohol and Beverage JSC?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Fomento Económico Mexicano, S.A., Constellation Brands, Inc, 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 Hanoi Beer Alcohol and Beverage JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 27,200 VND, calculated fair value 24,312 VND (−11%), Quality Score 69/100, from 25 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 BHN calculated?
We run Hanoi Beer Alcohol and Beverage JSC through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 24,312 VND, 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 13.2 % above its aggregate fair value. Hanoi Beer Alcohol and Beverage 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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
The closing price on Sep 24, 2026 was 27,200 VND. Our model-based fair value is 24,312 VND, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanoi Beer Alcohol and Beverage JSC right now?
The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Hanoi Beer Alcohol and Beverage JSC
How large is the market capitalisation of Hanoi Beer Alcohol and Beverage JSC (BHN)?
The market capitalisation of Hanoi Beer Alcohol and Beverage JSC is 7.2T VND. 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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
The price-to-sales ratio of Hanoi Beer Alcohol and Beverage JSC is 0.58 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hanoi Beer Alcohol and Beverage JSC (BHN)?
Earnings per share at Hanoi Beer Alcohol and Beverage JSC are 2,550 VND (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hanoi Beer Alcohol and Beverage JSC (BHN)?
The dividend yield of Hanoi Beer Alcohol and Beverage JSC is 3.9% (payout 41.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hanoi Beer Alcohol and Beverage JSC (BHN)?
The net margin of Hanoi Beer Alcohol and Beverage JSC is 5.5% (fiscal year 2025). 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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
The return on equity (ROE) of Hanoi Beer Alcohol and Beverage JSC is 11.7% (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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
On an EBIT basis the return on assets of Hanoi Beer Alcohol and Beverage JSC is 4.4% (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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
The operating margin of Hanoi Beer Alcohol and Beverage JSC is 7.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanoi Beer Alcohol and Beverage JSC (BHN)?
Revenue at Hanoi Beer Alcohol and Beverage JSC is growing +20.3% versus a year earlier (3y avg +0.5%). 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 Hanoi Beer Alcohol and Beverage JSC (BHN)?
Earnings per share at Hanoi Beer Alcohol and Beverage JSC are growing +55.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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