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Gelex Group JSC (GEX) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Gelex Group JSC VND 18,550, price VND 24,350, upside -23.8%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · VN · ISIN VN000000GEX5

GG Thin data Sep 24, 2026

Gelex Group JSC

GEX · VN

Weak valuationQuality is weak on top of the rich price.

!Fair value 18,550 VND · Overvalued (−24%)
!Quality 31/100
!Expensive Growth (revenue 5y +17.1 %/yr)
!Thin margins · 3.5% net margin (TTM)
!Moderate debt · negative free cash flow
✓Ranks above peers (10/13)
!Narrow moat 44/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 2 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

45,103 VND 6,980 VND Fair Value 18,550 VND Jun 2021 Sep 2026

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 6,980 VND – 45,103 VND · fair‑value band 12,985 VND – 23,201 VND · the 24,350 VND price screens above the 18,550 VND fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

GELEX Group Joint Stock Company primarily engages in the production and sale of electrical equipment principally in Vietnam. The company operates through Industrial Production, Real Estate, and Infrastructure segments. It also offers power cables, transformers, and electrical measuring equipment.

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GELEX Group Joint Stock Company primarily engages in the production and sale of electrical equipment principally in Vietnam. The company operates through Industrial Production, Real Estate, and Infrastructure segments. It also offers power cables, transformers, and electrical measuring equipment. In addition, the company invests and develops in sectors, such as energy, industrial real estate, affordable housing, worker housing, mid-range residential projects, and social housing; and invests and operates hydropower, solar power, rooftop solar power, and wind power energy projects. Further, it offers building materials, such as sanitary ceramics, shower faucet, autoclaved aerated concrete, sintered stone, ceramic tiles, energy-saving glass, and clear glass, as well as produces and supplies water. Additionally, the company is involved in the development of various infrastructure projects, including transportation, urban infrastructure, energy, and telecommunication. It operates under the CADIVI, EMIC, THIBIDI, HEM, CFT, MEE, Viglacera, and Song Da Clean Water brands. The company was formerly known as Vietnam Electrical Equipment Joint Stock Corporation. GELEX Group Joint Stock Company was founded in 1990 and is headquartered in Hanoi, Vietnam.

Stock analysis

Gelex Group JSC (GEX) currently trades at 24,350 VND, while our model-based Fair Value estimate is 18,550 VND, implying the stock looks roughly 31.3% overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of 22,267 VND per share, and 7 of the 16 models we run sit above the 24,350 VND price.

Bear case: the Asset-Based group reads lowest at 8,819 VND, and 9 of the 16 models stay below the price. Evidence for this calculation is low.

Scenario range: 12,985 VND (bear) to 23,201 VND (bull), the price of 24,350 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 31/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Gelex Group JSC reported revenue of 39.5T VND in FY2025 versus 28.6T VND in FY2021, a compound +8.4%/yr. Reported net income was 1.5T VND in FY2025, compounding +9.2%/yr from FY2021.

Key figures

Market cap 33.8T VND · P/E ratio 22.3 · P/S ratio 0.83 · EPS (TTM) 1,093 VND · Dividend yield 7.0% · Net margin 3.7% · Return on equity 10.6% · Return on assets (EBIT) 5.9%.

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 46% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −24%, GEX screens cheaper than that median.

Fair Value models

Bear 12,985 VND Fair Value 18,550 VND Bull 23,201 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 (799.17 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.
Highest evidence
Residual Income 10,534 VND 11,182 VND 11,900 VND 76
EPV 21,531 VND 25,263 VND 28,373 VND 74
ROIC Compounder 24,461 VND 33,485 VND 44,893 VND 71
All 16 models by family
Earnings-Based
Graham-Dodd 7,424 VND 38,304 VND 52,957 VND 64
Lynch FV 10,463 VND 14,947 VND 19,431 VND 61
PEG = 1.0 10,463 VND 14,947 VND 19,431 VND 57
EPV 21,531 VND 25,263 VND 28,373 VND 74
Dividend Discount
Gordon GGM 13,528 VND 24,376 VND 33,557 VND 68
DDM Multi-Stage 13,528 VND 22,267 VND 26,040 VND 67
Multiples
P/E Multiple 11,464 VND 15,286 VND 19,107 VND 63
P/S Multiple 13,921 VND 18,561 VND 23,201 VND 58
P/B Multiple 13,921 VND 18,561 VND 23,201 VND 55
EV/EBIT 22,671 VND 32,174 VND 41,676 VND 65
EV/EBITDA 22,033 VND 31,323 VND 40,613 VND 67
EV/Revenue 18,684 VND 29,193 VND 39,701 VND 53
Asset-Based
NCAV (Graham) 6,581 VND 8,819 VND 13,162 VND 54
Economic Profit
Residual Income 10,534 VND 11,182 VND 11,900 VND 76
ROIC Compounder 24,461 VND 33,485 VND 44,893 VND 71
Growth Earnings
Growth-Adj P/E 12,985 VND 18,550 VND 24,115 VND 67

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Quality Score breakdown

Overall quality 31/100

Of which business quality 29 · Market factors (momentum, volatility) 24

Profitability 29
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 47
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.1%
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.
+7.2%
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.
+17.1%
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.
+17.1%
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+13.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)7.0%
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.9% → 13%
2025 sits 278% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

GEX screens 31% overvalued. Compare with Contemporary Amperex Technology Co →

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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.Electrical Equipment & Parts · 550 stocks

Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside −24% · Above median
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 5% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 11% · Above median
Growth and dividend
Revenue growth 35% · Top 25%
Dividend yield (TTM) 7.0% · Top 25%
Balance sheet
Debt / equity 0.93× · Highest 25%

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 22.3× · Cheaper than median
P/B 1.90× · Cheaper than median
P/S (TTM) 0.80× · Cheaper than median
EV/EBITDA 5.2× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)2 · sector 0
FUTURE (revenue growth)100 · sector 58
PAST (return on equity)42 · sector 26
HEALTH (low debt)54 · sector 97
DIVIDEND (yield)100 · sector 23

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$507.00 HK$816.64 +61%
ABB Ltd ABBN CHF 83.10 CHF 29.28 −65%
Delta Electronics (Thailand) Public Company DELTA 256.00 THB 38.87 THB −85%
Vertiv Holdings VRT $253.46 $179.08 −29%
Prysmian S.p.A PRY €129.30 €77.45 −40%
Legrand SA LR €140.45 €82.53 −41%
Sungrow Power Supply Co 300274 ¥88.20 ¥201.23 +128%
Hubbell Incorporated HUBB $458.83 $293.12 −36%
Shenzhen Inovance Technology Co 300124 ¥54.05 ¥47.94 −11%
nVent Electric plc NVT $162.65 $43.54 −73%

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Gelex Group JSC · Fair Value
18,550 VND −31%Fair Value
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Cite: Fair Value Calculator (2026). "Gelex Group JSC Fair Value". https://www.fairvalue-calculator.com/stock/GEX

Frequently asked questions

Is Gelex Group JSC (GEX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18,550 VND versus a price of 24,350 VND, about −24% upside (overvalued).
What is the fair value of GEX?
Our model-based fair value for Gelex Group JSC is 18,550 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 24,350 VND.
What is the quality score of GEX?
Gelex Group JSC has a Quality Score of 31/100. 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 Gelex Group JSC (GEX)?
Our model-based price target is the fair value of 18,550 VND (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 12,985 VND, optimistic scenario 23,201 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Gelex Group JSC stock forecast for 2026?
Our models put fair value at 18,550 VND, about −24% upside versus a price of 24,350 VND (overvalued). Cautious scenario 12,985 VND, optimistic scenario 23,201 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Gelex Group JSC (GEX)?
Gelex Group JSC reported trailing-twelve-month revenue of about 42.3T VND (latest available figure, as of Sep 24, 2026).
Does Gelex Group JSC pay a dividend?
Gelex Group JSC currently shows a dividend yield of about 6.96% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Gelex Group JSC (GEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gelex Group JSC it is 18,550 VND per share (as of Sep 24, 2026), against a price of 24,350 VND. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Gelex Group JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GEX trades above its calculated fair value: price 24,350 VND, fair value 18,550 VND, a gap of about −24% (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 GEX?
No. The price is what the market pays today (24,350 VND); the fair value is what the company's own numbers justify (18,550 VND). For Gelex Group JSC the two are 5,800 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Gelex Group JSC worth?
The market values Gelex Group JSC at about 33.8T VND (market capitalisation, as of Sep 24, 2026). Per share that is 24,350 VND; our models calculate a fair value of 18,550 VND per share.
What do the bullish and bearish scenarios say about GEX?
Our models span a range for Gelex Group JSC: cautious scenario 12,985 VND, base 18,550 VND, optimistic 23,201 VND per share (as of Sep 24, 2026, price 24,350 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GEX?
Gelex Group JSC trades at a price-to-earnings ratio of 22.3 (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 18,550 VND is built from several models across several years. Other multiples: P/B 1.9, P/S 0.8, EV/EBITDA 5.2.
How solid is the balance sheet of Gelex Group JSC (GEX)?
Balance-sheet figures for Gelex Group JSC (as of Sep 24, 2026): return on equity 10.6%, debt of 0.93 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is GEX from its 52-week high?
Gelex Group JSC trades at 24,350 VND, about 46% below its 52-week high of 45,103 VND and 20% above the low of 20,300 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 18,550 VND is for.
Which stocks are comparable to Gelex Group JSC?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 Gelex Group JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 24,350 VND, calculated fair value 18,550 VND (−24%), Quality Score 31/100, from 16 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 GEX calculated?
We run Gelex Group JSC through 16 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 18,550 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. Gelex Group 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 Gelex Group JSC (GEX)?
The closing price on Sep 23, 2026 was 24,350 VND. Our model-based fair value is 18,550 VND, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gelex Group JSC right now?
The price sits above even our optimistic bull case (23,201 VND). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Gelex Group JSC

How large is the market capitalisation of Gelex Group JSC (GEX)?
The market capitalisation of Gelex Group JSC is 33.8T 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 Gelex Group JSC (GEX)?
The price-to-sales ratio of Gelex Group JSC is 0.83 (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 Gelex Group JSC (GEX)?
Earnings per share at Gelex Group JSC are 1,093 VND (price ÷ EPS = P/E 22.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gelex Group JSC (GEX)?
The dividend yield of Gelex Group JSC is 7.0% (payout 155%). 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 Gelex Group JSC (GEX)?
The net margin of Gelex Group JSC is 3.7% (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 Gelex Group JSC (GEX)?
The return on equity (ROE) of Gelex Group JSC is 10.6% (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 Gelex Group JSC (GEX)?
On an EBIT basis the return on assets of Gelex Group JSC is 5.9% (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 Gelex Group JSC (GEX)?
The operating margin of Gelex Group JSC is 11.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gelex Group JSC (GEX)?
Revenue at Gelex Group JSC is growing +35.4% versus a year earlier (3y avg +7.2%). 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 Gelex Group JSC (GEX)?
Earnings per share at Gelex Group JSC are growing +5.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gelex Group JSC (GEX) generate?
The free cash flow of Gelex Group JSC is −5.3T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gelex Group JSC (GEX) carry?
The net debt of Gelex Group JSC is 20.1T VND (fiscal year 2025). 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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