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Petrovietnam Gas Joint Stock Corporation (GAS) Fair Value & Analysis

Energy · VN · Market cap 188T VND

PG Petrovietnam Gas Joint Stock Corporation GAS · VN
Price74,600 VND
Fair Value66,226 VND
Upside-11.2%
Quality63/100
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Healthy Growth
Thin margins · 7.9% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Moderate moat 53/100
Evidence: High Range 46,956 VND – 131,969 VND Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price −0.3% over the past month.

A solid business, but screening 11% overvalued on our models.

What matters now

  • The model range is unusually wide (46,956 VND to 131,969 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from 46,956 VND (bear) to 131,969 VND (bull), base 66,226 VND. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

128,700 VND 50,800 VND Fair Value 66,226 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 50,800 VND – 128,700 VND · fair‑value band 46,956 VND – 131,969 VND · the 74,600 VND price screens above the 66,226 VND fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Petrovietnam Gas Joint Stock Corporation (GAS) currently trades at 74,600 VND, while our model-based Fair Value estimate is 66,226 VND, implying the stock looks roughly 11.2% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Petrovietnam Gas Joint Stock Corporation generated revenue of 147T VND at a net margin of 7.9%. Revenue grew 48.1% year over year. It earns a return on equity of 17.5%. Net debt stands at 206B VND. Fundamentals as of Jul 15, 2026

Our scenario range runs from 46,956 VND (bear case) to 131,969 VND (bull case); at 74,600 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -11% fair-value upside, at -11%, GAS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 69,945 VND 146,963 VND 290,517 VND 80
Residual Income 32,306 VND 41,635 VND 133,884 VND 76
Rev-Margin DCF 56,937 VND 105,086 VND 174,303 VND 74
All 26 models by family
DCF Models
FCF DCF 72,235 VND 130,206 VND 289,158 VND 38
Owner Earnings 79,824 VND 173,002 VND 367,531 VND 31
5Y Revenue Exit 56,937 VND 105,449 VND 180,223 VND 39
5Y EBITDA Exit 42,475 VND 73,061 VND 116,023 VND 41
5Y P/E Exit 56,426 VND 106,163 VND 167,611 VND 38
10Y Revenue Exit 59,378 VND 112,257 VND 192,498 VND 36
10Y EBITDA Exit 51,052 VND 85,949 VND 143,274 VND 37
10Y P/E Exit 60,933 VND 111,328 VND 192,209 VND 35
Earnings-Based
Graham-Dodd 32,167 VND 203,792 VND 284,777 VND 54
Lynch FV 58,875 VND 84,107 VND 109,340 VND 50
PEG = 1.0 58,875 VND 84,107 VND 109,340 VND 46
EPV 41,108 VND 47,971 VND 54,072 VND 59
Dividend Discount
Gordon GGM 19,979 VND 43,617 VND 73,387 VND 70
DDM Multi-Stage 19,979 VND 35,729 VND 45,455 VND 61
Multiples
P/E Multiple 49,670 VND 66,226 VND 82,783 VND 63
P/S Multiple 50,401 VND 67,202 VND 84,002 VND 58
P/B Multiple 37,091 VND 49,454 VND 61,818 VND 55
EV/EBIT 43,009 VND 56,607 VND 70,205 VND 53
EV/EBITDA 31,892 VND 41,784 VND 51,676 VND 54
EV/Revenue 49,256 VND 69,417 VND 89,577 VND 43
Asset-Based
NCAV (Graham) 13,737 VND 18,408 VND 27,475 VND 50
Growth DCF
Growth DCF 69,945 VND 146,963 VND 290,517 VND 80
Rev-Margin DCF 56,937 VND 105,086 VND 174,303 VND 74
Economic Profit
Residual Income 32,306 VND 41,635 VND 133,884 VND 76
ROIC Compounder 49,585 VND 74,125 VND 98,955 VND 72
Growth Earnings
Growth-Adj P/E 71,060 VND 101,514 VND 131,969 VND 68

Widest divergence: DCF Models (106,163 VND) versus Asset-Based (18,408 VND). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 147T VND
Revenue growth (YoY) +48.1%
Net margin 7.9%
Return on equity 17.5%
Free cash flow 10.7T VND FY2025
P/E ratio 17.6
More key figures
Operating margin 9.2%
EPS (TTM) 4,689 VND
EPS growth (YoY) +6.8%
Net debt 206B VND FY2023

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 39

Profitability 63
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 25
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Petrovietnam Gas Joint Stock Corporation 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.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
135T VND
Latest YoY
+30.5%
Avg. growth/yr (3Y)
+10.3%
Avg. growth/yr (5Y)
+16.1%
Avg. growth/yr (6Y)
+10.3%
Revenue +14.4%/yr
FY21 79.0T VND
FY22 101T VND
FY23 90.0T VND
FY24 104T VND
FY25 135T VND
Net income +7.1%/yr
FY21 8.7T VND
FY22 14.8T VND
FY23 11.6T VND
FY24 10.4T VND
FY25 11.4T VND

GAS screens 11% overvalued. Compare with Saudi Arabian Oil Company →

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Cite: Fair Value Calculator (2026). "Petrovietnam Gas Joint Stock Corporation Fair Value". https://www.fairvalue-calculator.com/stock/GAS

Peer Group

Oil & Gas Integrated · 54 stocks

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.

Quality Score 63 · Top 25%
Fair Value upside −11% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 9% · Below median
Revenue growth 48% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper

P/E (TTM) 16.6× · Pricier than median
P/B 2.84× · Pricier than 75% of peers
P/S (TTM) 1.28× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 11.4× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 18 · sector 16
FUTURE 100 · sector 7
PAST 70 · sector 45
HEALTH 99 · sector 87
DIVIDEND 0 · sector 79

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Saudi Arabian Oil Company 2222 26.72 SAR 20.14 SAR -25%
Exxon Mobil Corporation XOM $144.51 $90.37 -37%
Chevron Corporation CHEV C$22.88 C$7.97 -65%
PetroChina Company 601857 ¥10.29 ¥16.51 +60%
Shell plc SHELL €38.04 €46.09 +21%
TotalEnergies SE TTE C$13.80 C$7.92 -43%
Petróleo Brasileiro S.A PETR3 12,540 ARS 30,914 ARS +147%
BP p.l.c., an integrated energy company, BP $40.83 $12.71 -69%
China Petroleum & Chemical Corporation 600028 ¥5.03 ¥4.46 -11%
Equinor ASA EQNR $36.19 $34.53 -5%

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Frequently asked questions

Is Petrovietnam Gas Joint Stock Corporation (GAS) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 66,226 VND versus a price of 74,600 VND, about −11% (overvalued).
What is the fair value of GAS?
Our model-based fair value for Petrovietnam Gas Joint Stock Corporation is 66,226 VND (as of Jul 15, 2026), built from audited fundamentals. The current price is 74,600 VND.
What is the quality score of GAS?
Petrovietnam Gas Joint Stock Corporation 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 revenue of Petrovietnam Gas Joint Stock Corporation (GAS)?
Petrovietnam Gas Joint Stock Corporation reported trailing-twelve-month revenue of about 147T VND (latest available figure, as of Jul 15, 2026).
What is the net profit margin of GAS?
The net profit margin of Petrovietnam Gas Joint Stock Corporation is about 7.9%, meaning it keeps roughly 7.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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