Hua Na Hydropower JSC (HNA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hua Na Hydropower JSC VND 35,341, price VND 21,900, upside +61.4%, quality 74 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
32‑month range 17,077 VND – 26,123 VND · fair‑value band 23,602 VND – 53,759 VND · the 21,900 VND price screens below the 35,341 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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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.
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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.
Stock analysis
Hua Na Hydropower JSC (HNA) currently trades at 21,900 VND, while our model-based Fair Value estimate is 35,341 VND, implying the stock looks roughly 38.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 88,475 VND per share, and 18 of the 26 models we run sit above the 21,900 VND price.
Bear case: the Asset-Based group reads lowest at 9,874 VND, and 8 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 23,602 VND (bear) to 53,759 VND (bull), the price of 21,900 VND sits below 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 74/100 (solid quality), in the Utilities sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hua Na Hydropower JSC 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.
Key figures
Market cap 5.2T VND · P/E ratio 9.3 · P/S ratio 3.85 · EPS (TTM) 2,344 VND · Dividend yield 4.5% · Net margin 41.2% · Return on equity 15.7% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −40% fair-value upside, at 61%, HNA screens cheaper than that median.
Fair Value models
Bear 23,602 VNDFair Value 35,341 VNDBull 53,759 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 (1,721 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
Little optimism in the price
The price assumes less 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).
+4.6%
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 +0.5% a year for the price.
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.Utilities - Renewable · 207 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+61% · Top 25%
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)45% · Top 25%
Operating margin (TTM)49% · Top 25%
Growth and dividend
Revenue growth13% · Above median
Dividend yield (TTM)4.5% · Top 25%
Balance sheet
Debt / equity0.09× · Lowest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Hua Na Hydropower JSC Fair Value". https://www.fairvalue-calculator.com/stock/HNA
Frequently asked questions
Is Hua Na Hydropower JSC (HNA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 35,341 VND versus a price of 21,900 VND, about +61% upside (undervalued).
What is the fair value of HNA?
Our model-based fair value for Hua Na Hydropower JSC is 35,341 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 21,900 VND.
What is the quality score of HNA?
Hua Na Hydropower JSC 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 price target for Hua Na Hydropower JSC (HNA)?
Our model-based price target is the fair value of 35,341 VND (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 23,602 VND, optimistic scenario 53,759 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Hua Na Hydropower JSC stock forecast for 2026?
Our models put fair value at 35,341 VND, about +61% upside versus a price of 21,900 VND (undervalued). Cautious scenario 23,602 VND, optimistic scenario 53,759 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Hua Na Hydropower JSC (HNA)?
Hua Na Hydropower JSC reported trailing-twelve-month revenue of about 1.2T VND (latest available figure, as of Sep 24, 2026).
Does Hua Na Hydropower JSC pay a dividend?
Hua Na Hydropower JSC currently shows a dividend yield of about 4.47% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hua Na Hydropower JSC (HNA)?
For today's price to be fair in a discounted-cash-flow model, Hua Na Hydropower JSC would have to grow free cash flow by +4.6 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +24.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HNA use?
Our models discount Hua Na Hydropower JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.12, 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 Hua Na Hydropower JSC that is +4.6 % 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 Hua Na Hydropower JSC (HNA) delivered so far?
Over the past 2 years revenue at Hua Na Hydropower JSC grew +24.1 % a year. The price currently implies +4.6 % 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 Hua Na Hydropower JSC (HNA) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Hua Na Hydropower JSC (+4.6 % 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 Hua Na Hydropower JSC (HNA)?
The free-cash-flow yield on the price is 11.34 %: that much free cash flow Hua Na Hydropower 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 Hua Na Hydropower JSC (HNA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hua Na Hydropower JSC it is 35,341 VND per share (as of Sep 24, 2026), against a price of 21,900 VND. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hua Na Hydropower JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HNA trades below its calculated fair value: price 21,900 VND, fair value 35,341 VND, a gap of about +61% (undervalued). 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 HNA?
No. The price is what the market pays today (21,900 VND); the fair value is what the company's own numbers justify (35,341 VND). For Hua Na Hydropower JSC the two are 13,441 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Hua Na Hydropower JSC worth?
The market values Hua Na Hydropower JSC at about 5.2T VND (market capitalisation, as of Sep 24, 2026). Per share that is 21,900 VND; our models calculate a fair value of 35,341 VND per share.
What do the bullish and bearish scenarios say about HNA?
Our models span a range for Hua Na Hydropower JSC: cautious scenario 23,602 VND, base 35,341 VND, optimistic 53,759 VND per share (as of Sep 24, 2026, price 21,900 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HNA?
Hua Na Hydropower JSC trades at a price-to-earnings ratio of 9.3 (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 35,341 VND is built from several models across several years. Other multiples: P/B 1.5, P/S 4.2, EV/EBITDA 5.7.
How solid is the balance sheet of Hua Na Hydropower JSC (HNA)?
Balance-sheet figures for Hua Na Hydropower JSC (as of Sep 24, 2026): return on equity 15.7%, debt of 0.09 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is HNA from its 52-week high?
Hua Na Hydropower JSC trades at 21,900 VND, about 9% below its 52-week high of 24,100 VND and 7% above the low of 20,450 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 35,341 VND is for.
Which stocks are comparable to Hua Na Hydropower JSC?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Adani Green Energy Limited, 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 Hua Na Hydropower JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 21,900 VND, calculated fair value 35,341 VND (+61%), Quality Score 74/100, 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 HNA calculated?
We run Hua Na Hydropower 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 35,341 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 14.0 % above its aggregate fair value. Hua Na Hydropower JSC currently trades 61 % below its own fair value, and the market average says nothing about that. 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 Hua Na Hydropower JSC (HNA)?
The closing price on Sep 23, 2026 was 21,900 VND. Our model-based fair value is 35,341 VND, about +61% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hua Na Hydropower JSC right 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 (23,602 VND). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (23,602 VND to 53,759 VND) leaves room in how you read the outcome.
Key figures of Hua Na Hydropower JSC
How large is the market capitalisation of Hua Na Hydropower JSC (HNA)?
The market capitalisation of Hua Na Hydropower JSC is 5.2T 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 Hua Na Hydropower JSC (HNA)?
The price-to-sales ratio of Hua Na Hydropower JSC is 3.85 (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 Hua Na Hydropower JSC (HNA)?
Earnings per share at Hua Na Hydropower JSC are 2,344 VND (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hua Na Hydropower JSC (HNA)?
The dividend yield of Hua Na Hydropower JSC is 4.5% (payout 41.8%). 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 Hua Na Hydropower JSC (HNA)?
The net margin of Hua Na Hydropower JSC is 41.2% (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 Hua Na Hydropower JSC (HNA)?
The return on equity (ROE) of Hua Na Hydropower JSC is 15.7% (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 Hua Na Hydropower JSC (HNA)?
On an EBIT basis the return on assets of Hua Na Hydropower JSC is 9.2% (avg 3y). 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 Hua Na Hydropower JSC (HNA)?
The operating margin of Hua Na Hydropower JSC is 49.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hua Na Hydropower JSC (HNA)?
Revenue at Hua Na Hydropower JSC is growing +13.2% versus a year earlier. 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 Hua Na Hydropower JSC (HNA)?
Earnings per share at Hua Na Hydropower JSC are growing +23.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hua Na Hydropower JSC (HNA) carry?
The net debt of Hua Na Hydropower JSC is 79.3B VND (fiscal year 2025, ≈ 0.1 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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