Petrovietnam Gas JSC (GAS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Petrovietnam Gas JSC VND 79,519, price VND 84,800, upside -6.2%, quality 63 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 50,800 VND – 128,700 VND · fair‑value band 47,489 VND – 127,313 VND · the 84,800 VND price screens above the 79,519 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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Petrovietnam Gas Joint Stock Corporation, together with its subsidiaries, engages in the collection, transportation, processing, storage, distribution, importing, and trading of gas and gas related products in Vietnam.
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Petrovietnam Gas Joint Stock Corporation, together with its subsidiaries, engages in the collection, transportation, processing, storage, distribution, importing, and trading of gas and gas related products in Vietnam. The company offers liquefied petroleum gas, dry gas, condensate, compressed natural gas, and liquefied natural gas; gas cylinders under PetroVietnam brand; and steel pipes products. It also provides gas gathering, importation, and transportation and distribution, converting engines to run on gas, and maintenance and repair services for gas facility equipment; coating services for oil and gas pipelines; and steel pipe services comprising steel plates supply, welding, non-destructing testing, and chemical analysis and mechanical testing services, as well as engages in the construction and installation of equipment and other accessories. In addition, the company is involved in wholesaling solid, liquid and gaseous fuel, and other products; construction activities, including investing, constructing, managing, maintaining, and repairing gas and gas related construction works and projects; real estate business; and investing activities. It supplies its gas to power and fertilizer plants, industrial manufacturers, LPG trading and distributing companies, and transportation and processing industries, as well as to manufacturers of ceramic tiles, steel, and porcelain. The company was formerly known as PetroVietnam Gas Corporation " One Member Company Limited and changed its name to Petrovietnam Gas Joint Stock Corporation in May 2011. The company was founded in 1990 and is headquartered in Ho Chi Minh City, Vietnam. Petrovietnam Gas Joint Stock Corporation is a subsidiary of Vietnam Oil and Gas Group.
Stock analysis
Petrovietnam Gas JSC (GAS) currently trades at 84,800 VND, while our model-based Fair Value estimate is 79,519 VND, implying the stock looks roughly 6.6% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 102,274 VND per share, and 10 of the 26 models we run sit above the 84,800 VND price.
Bear case: the Asset-Based group reads lowest at 18,408 VND, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 47,489 VND (bear) to 127,313 VND (bull), the price of 84,800 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 63/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Petrovietnam Gas JSC reported revenue of 135T VND in FY2025 versus 79.0T VND in FY2021, a compound +14.4%/yr. Reported net income was 11.4T VND in FY2025, compounding +7.1%/yr from FY2021.
Key figures
Market cap 205T VND · P/E ratio 18.0 · P/S ratio 1.52 · EPS (TTM) 4,705 VND · Dividend yield 2.7% · Net margin 8.4% · Return on equity 17.5% · Return on assets (EBIT) 15.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at −6%, GAS screens cheaper than that median.
Fair Value models
Bear 47,489 VNDFair Value 79,519 VNDBull 127,313 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 (3,442 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+30.5%
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.
+10.3%
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.
+16.1%
Start year 2020 (pandemic)
Revenue growth 6 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.
+10.3%
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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.
+3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.9%
Dividend (yield on the price)2.7%
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.14% → 10%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
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).
+15.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−3.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +10.5% a year for the price and −7.3% for the forecasts.
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.Oil & Gas Integrated · 52 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−6% · Above median
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)9% · Below median
Growth and dividend
Revenue growth48% · Top 25%
Dividend yield (TTM)2.7% · Below median
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Oil & Gas Integrated median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Petrovietnam Gas JSC Fair Value". https://www.fairvalue-calculator.com/stock/GAS
Frequently asked questions
Is Petrovietnam Gas JSC (GAS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 79,519 VND versus a price of 84,800 VND, about −6% upside (fairly valued).
What is the fair value of GAS?
Our model-based fair value for Petrovietnam Gas JSC is 79,519 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 84,800 VND.
What is the quality score of GAS?
Petrovietnam Gas JSC has a Quality Score of 63/100. 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 Petrovietnam Gas JSC (GAS)?
Our model-based price target is the fair value of 79,519 VND (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 47,489 VND, optimistic scenario 127,313 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Petrovietnam Gas JSC stock forecast for 2026?
Our models put fair value at 79,519 VND, about −6% upside versus a price of 84,800 VND (fairly valued). Cautious scenario 47,489 VND, optimistic scenario 127,313 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Petrovietnam Gas JSC (GAS)?
Petrovietnam Gas JSC reported trailing-twelve-month revenue of about 147T VND (latest available figure, as of Sep 24, 2026).
Does Petrovietnam Gas JSC pay a dividend?
Petrovietnam Gas JSC currently shows a dividend yield of about 2.66% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Petrovietnam Gas JSC (GAS)?
For today's price to be fair in a discounted-cash-flow model, Petrovietnam Gas JSC would have to grow free cash flow by +15.0 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of GAS use?
Our models discount Petrovietnam Gas JSC at 12.6 %: a base by market capitalisation (mid), damped by beta 0.77, 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 Petrovietnam Gas JSC that is +15.0 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Petrovietnam Gas JSC (GAS) delivered so far?
Over the past 5 years revenue at Petrovietnam Gas JSC grew +16.1 % a year. The price currently implies +15.0 % 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 Petrovietnam Gas JSC (GAS) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Petrovietnam Gas JSC (+15.0 % 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 Petrovietnam Gas JSC (GAS)?
The free-cash-flow yield on the price is 5.24 %: that much free cash flow Petrovietnam Gas JSC produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Petrovietnam Gas JSC (GAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Petrovietnam Gas JSC it is 79,519 VND per share (as of Sep 24, 2026), against a price of 84,800 VND. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Petrovietnam Gas JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GAS trades above its calculated fair value: price 84,800 VND, fair value 79,519 VND, a gap of about −6% (fairly valued). 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 GAS?
No. The price is what the market pays today (84,800 VND); the fair value is what the company's own numbers justify (79,519 VND). For Petrovietnam Gas JSC the two are 5,281 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Petrovietnam Gas JSC worth?
The market values Petrovietnam Gas JSC at about 205T VND (market capitalisation, as of Sep 24, 2026). Per share that is 84,800 VND; our models calculate a fair value of 79,519 VND per share.
What do the bullish and bearish scenarios say about GAS?
Our models span a range for Petrovietnam Gas JSC: cautious scenario 47,489 VND, base 79,519 VND, optimistic 127,313 VND per share (as of Sep 24, 2026, price 84,800 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GAS?
Petrovietnam Gas JSC trades at a price-to-earnings ratio of 18.0 (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 79,519 VND is built from several models across several years. Other multiples: P/B 3.1, P/S 1.4, EV/EBITDA 12.4.
How solid is the balance sheet of Petrovietnam Gas JSC (GAS)?
Balance-sheet figures for Petrovietnam Gas JSC (as of Sep 24, 2026): return on equity 17.5%, debt of 0.02 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is GAS from its 52-week high?
Petrovietnam Gas JSC trades at 84,800 VND, about 34% below its 52-week high of 128,700 VND and 51% above the low of 56,000 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 79,519 VND is for.
Which stocks are comparable to Petrovietnam Gas JSC?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, 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 Petrovietnam Gas JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 84,800 VND, calculated fair value 79,519 VND (−6%), Quality Score 63/100, from 26 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 GAS calculated?
We run Petrovietnam Gas JSC through 26 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 79,519 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 14.1 % above its aggregate fair value. Petrovietnam Gas 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 Petrovietnam Gas JSC (GAS)?
The closing price on Sep 23, 2026 was 84,800 VND. Our model-based fair value is 79,519 VND, about −6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Petrovietnam Gas JSC right now?
The model range is unusually wide (47,489 VND to 127,313 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Petrovietnam Gas JSC
How large is the market capitalisation of Petrovietnam Gas JSC (GAS)?
The market capitalisation of Petrovietnam Gas JSC is 205T 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 Petrovietnam Gas JSC (GAS)?
The price-to-sales ratio of Petrovietnam Gas JSC is 1.52 (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 Petrovietnam Gas JSC (GAS)?
Earnings per share at Petrovietnam Gas JSC are 4,705 VND (price ÷ EPS = P/E 18.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Petrovietnam Gas JSC (GAS)?
The dividend yield of Petrovietnam Gas JSC is 2.7% (payout 48.0%). 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 Petrovietnam Gas JSC (GAS)?
The net margin of Petrovietnam Gas JSC is 8.4% (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 Petrovietnam Gas JSC (GAS)?
The return on equity (ROE) of Petrovietnam Gas JSC is 17.5% (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 Petrovietnam Gas JSC (GAS)?
On an EBIT basis the return on assets of Petrovietnam Gas JSC is 15.6% (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 Petrovietnam Gas JSC (GAS)?
The operating margin of Petrovietnam Gas JSC is 9.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Petrovietnam Gas JSC (GAS)?
Revenue at Petrovietnam Gas JSC is growing +48.1% versus a year earlier (3y avg +10.3%). 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 Petrovietnam Gas JSC (GAS)?
Earnings per share at Petrovietnam Gas JSC are growing +6.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Petrovietnam Gas JSC (GAS) carry?
The net debt of Petrovietnam Gas JSC is 206B VND (fiscal year 2023, ≈ 0.0 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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