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Hua Na Hydropower Joint Stock Company (HNA) Fair Value & Analysis

Utilities · VN · Market cap 5.1T VND

HN Hua Na Hydropower Joint Stock Company HNA · VN
Price21,650 VND
Fair Value32,209 VND
Upside+48.8%
Quality74/100
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Healthy Growth
Highly profitable · 44.1% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Wide moat 76/100
Evidence: Medium Range 24,073 VND – 59,788 VND Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 24 days ago

Share price +0.5% over the past month.

A solid business, screening 49% undervalued on our models.

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (24,073 VND). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (24,073 VND to 59,788 VND) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

26,123 VND 17,077 VND Fair Value 32,209 VND Jan 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

31‑month range 17,077 VND – 26,123 VND · fair‑value band 24,073 VND – 59,788 VND · the 21,650 VND price screens below the 32,209 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Hua Na Hydropower Joint Stock Company (HNA) currently trades at 21,650 VND, while our model-based Fair Value estimate is 32,209 VND, implying the stock looks roughly 48.8% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Hua Na Hydropower Joint Stock Company generated revenue of 1.2T VND at a net margin of 44.1%. Revenue grew 30.3% year over year. It earns a return on equity of 15.6%. Net debt stands at 79.3B VND. Fundamentals as of Jul 18, 2026

Our scenario range runs from 24,073 VND (bear case) to 59,788 VND (bull case); at 21,650 VND, the current price sits below 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 16% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -30% fair-value upside, at 49%, HNA 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 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
Highest evidence
Growth DCF 41,773 VND 87,085 VND 163,185 VND 80
Residual Income 14,504 VND 18,407 VND 45,323 VND 76
Rev-Margin DCF 20,364 VND 32,137 VND 56,264 VND 74
All 26 models by family
DCF Models
FCF DCF 44,322 VND 71,479 VND 160,274 VND 38
Owner Earnings 43,768 VND 102,581 VND 231,569 VND 31
5Y Revenue Exit 18,677 VND 28,019 VND 47,209 VND 39
5Y EBITDA Exit 32,208 VND 55,390 VND 100,791 VND 41
5Y P/E Exit 32,669 VND 70,079 VND 120,561 VND 38
10Y Revenue Exit 25,786 VND 46,624 VND 56,691 VND 36
10Y EBITDA Exit 36,293 VND 76,450 VND 145,012 VND 37
10Y P/E Exit 36,637 VND 77,466 VND 143,436 VND 35
Earnings-Based
Graham-Dodd 13,755 VND 95,923 VND 134,613 VND 54
Lynch FV 49,557 VND 70,796 VND 92,035 VND 50
PEG = 1.0 49,557 VND 70,796 VND 92,035 VND 46
EPV 17,120 VND 20,145 VND 22,834 VND 59
Dividend Discount
Gordon GGM 9,586 VND 20,927 VND 35,210 VND 70
DDM Multi-Stage 9,586 VND 17,143 VND 21,809 VND 61
Multiples
P/E Multiple 27,307 VND 36,409 VND 45,512 VND 63
P/S Multiple 9,195 VND 12,261 VND 15,326 VND 58
P/B Multiple 19,896 VND 26,528 VND 33,160 VND 55
EV/EBIT 24,389 VND 32,526 VND 40,662 VND 53
EV/EBITDA 26,689 VND 35,593 VND 44,496 VND 54
EV/Revenue 8,561 VND 12,240 VND 15,918 VND 43
Asset-Based
NCAV (Graham) 7,369 VND 9,874 VND 14,738 VND 50
Growth DCF
Growth DCF 41,773 VND 87,085 VND 163,185 VND 80
Rev-Margin DCF 20,364 VND 32,137 VND 56,264 VND 74
Economic Profit
Residual Income 14,504 VND 18,407 VND 45,323 VND 76
ROIC Compounder 20,539 VND 29,337 VND 38,447 VND 72
Growth Earnings
Growth-Adj P/E 61,932 VND 88,475 VND 115,017 VND 68

Widest divergence: Growth Earnings (88,475 VND) versus Asset-Based (9,874 VND). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.2T VND
Revenue growth (YoY) +30.3%
Net margin 44.1%
Return on equity 15.6%
Free cash flow 584B VND FY2025
P/E ratio 9.5
More key figures
Operating margin 49.4%
EPS (TTM) 2,253 VND
EPS growth (YoY) +134%
Net debt 79.3B VND FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 73 · Market factors (momentum, volatility) 45

Profitability 53
Margins and returns on capital today
Quality Growth 99
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 22
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 80
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

Hua Na Hydropower Joint Stock Company engages in the investment, production, and trading of electricity in Vietnam. It operates two hydropower projects in Vietnam with a 2,00 megawatt capacity, as well as provides electrical engineering services. Hua Na Hydropower Joint Stock Company was founded in 2007 and is headquartered in Vinh, Vietnam.

Full company description

Hua Na Hydropower Joint Stock Company engages in the investment, production, and trading of electricity in Vietnam. It operates two hydropower projects in Vietnam with a 2,00 megawatt capacity, as well as provides electrical engineering services. Hua Na Hydropower Joint Stock Company was founded in 2007 and is headquartered in Vinh, Vietnam. Hua Na Hydropower Joint Stock Company operates as a subsidiary of PetroVietnam Power Corporation - JSC.

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

Revenue & earnings trend

FY2023 – FY2025 · reported fiscal years

Hua Na Hydropower Joint Stock Company reported revenue of 1.2T VND in FY2025 versus 749B VND in FY2023, a compound +24.1%/yr. Reported net income was 476B VND in FY2025, compounding +41.8%/yr from FY2023.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.2T VND
Latest YoY
+46.2%
Revenue +24.1%/yr
FY23 749B VND
FY24 789B VND
FY25 1.2T VND
Net income +41.8%/yr
FY23 237B VND
FY24 272B VND
FY25 476B VND

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Cite: Fair Value Calculator (2026). "Hua Na Hydropower Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/HNA

Peer Group

Utilities - Renewable · 221 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 74 · Top 25%
Fair Value upside +49% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 44% · Top 25%
Operating margin (TTM) 49% · Top 25%
Revenue growth 30% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.09× · Lower than 75% of peers

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 9.5× · Cheaper than 75% of peers
P/B 1.46× · Pricier than median
P/S (TTM) 4.21× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 5.7× · Cheaper than median

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 98 · sector 11
FUTURE 100 · sector 0
PAST 62 · sector 12
HEALTH 95 · sector 68
DIVIDEND 0 · sector 44

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

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

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥27.99 ¥25.13 -10%
Ørsted A/S ORSTED kr 149.70 kr 31.40 -79%
Huaneng Lancang River Hydropower Inc 600025 ¥9.81 ¥5.57 -43%
Adani Green Energy Limited ADANIGREEN ₹1,537 ₹170.50 -89%
AXIA Energia SA AXIAP $10.74 $9.65 -10%
VERBUND AG OEWA €58.65 €66.19 +13%
BEP BEP $32.33 $73.35 +127%
BEPUN BEPUN C$44.56 C$10.15 -77%
Fortum Oyj FORTUM €19.89 €13.90 -30%
China Longyuan Power Group 001289 ¥16.21 ¥8.23 -49%

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Frequently asked questions

Is Hua Na Hydropower Joint Stock Company (HNA) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 32,209 VND versus a price of 21,650 VND, about +49% (undervalued).
What is the fair value of HNA?
Our model-based fair value for Hua Na Hydropower Joint Stock Company is 32,209 VND (as of Jul 18, 2026), built from audited fundamentals. The current price is 21,650 VND.
What is the quality score of HNA?
Hua Na Hydropower Joint Stock Company has a Quality Score of 74/100. 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 Hua Na Hydropower Joint Stock Company (HNA)?
Hua Na Hydropower Joint Stock Company reported trailing-twelve-month revenue of about 1.2T VND (latest available figure, as of Jul 18, 2026).
What is the net profit margin of HNA?
The net profit margin of Hua Na Hydropower Joint Stock Company is about 44.1%, meaning it keeps roughly 44.1% 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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