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Military Commercial Joint Stock Bank (MBB) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Military Commercial Joint Stock Bank VND 24,903, price VND 20,000, upside +24.5%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? Yes
Good quality? Yes
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Financial Services · VN · ISIN VN000000MBB5

MC Thin data Sep 24, 2026

Military Commercial Joint Stock Bank

MBB · VN

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value 24,903 VND · Undervalued (+25%)

!Quality 58/100

✓Healthy Growth (revenue 5y +18.0 %/yr)

✓Highly profitable · 49.6% net margin (TTM)

✓generates free cash flow

✓Ranks above peers (9/12)

✓Wide moat 75/100

!Evidence only low, so the estimate is less certain

!The models disagree: range 17,891 VND to 78,487 VND

!Weak on dividend: 22 out of 100

26 models, one by oneBear 17,891 VND to bull 78,487 VND Growth analysisrevenue history, year by year Quality 58/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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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

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 6,416 VND – 25,054 VND · fair‑value band 17,891 VND – 78,487 VND · the 20,000 VND price screens below the 24,903 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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Company profile

Military Commercial Joint Stock Bank provides banking products and services in Vietnam. The company offers savings, current, special-numbered, escrow, special, and lump sum accounts; debit and credit card; business solution package; and MB Ageas life products. It also provides home, production and business, auto, consumer loans, as well as loan for securities advance and equitization loan; fund transfer and payment services; and account services, products and services for soldiers, asset custody, and safe deposit box services. In addition, the company offers other services, including payroll, electricity fee collection services, tax payment collection, and other services; loans and guarantee; trade finance, including import letter of credit (L/C), import collection, outward remittance, export L/C, export collection, inward remittance, export documents discount, pre-delivery export finance based on original L/C, upas LC, and L/C at sight opening by self-financed capital; and digital banking. Further, it provides debt management and asset usage, securities, investment fund management, and consumer finance services; nonlife, life, and health insurance products. The company was incorporated in 1994 and is headquartered in Hanoi, Vietnam.

Stock analysis

Military Commercial Joint Stock Bank (MBB) currently trades at 20,000 VND, while our model-based Fair Value estimate is 24,903 VND, implying the stock looks roughly 19.7% undervalued today.

Valuation

Bull case: the Multiples group reads highest at a median of 56,517 VND per share, and 3 of the 6 models we run sit above the 20,000 VND price.

Bear case: the Dividend Discount group reads lowest at 3,891 VND, and 3 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 17,891 VND (bear) to 78,487 VND (bull), the price of 20,000 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 58/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Military Commercial Joint Stock Bank reported revenue of 63.6T VND in FY2025 versus 34.3T VND in FY2021, a compound +16.7%/yr. Reported net income was 26.8T VND in FY2025, compounding +20.5%/yr from FY2021.

Key figures

Market cap 192T VND · P/E ratio 5.8 · P/S ratio 2.42 · EPS (TTM) 3,473 VND · Dividend yield 1.1% · Net margin 42.1% · Return on equity 20.8% · Return on assets 2.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 25%, MBB screens cheaper than that median.

Fair Value models

Bear 17,891 VND Fair Value 24,903 VND Bull 78,487 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 (2,540 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

Gordon GGM 2,260 VND 4,503 VND 6,819 VND 67

DDM Multi-Stage 2,260 VND 3,891 VND 4,753 VND 67

Residual Income 21,598 VND 30,290 VND 149,190 VND 64

All 6 models by family

Dividend Discount

Gordon GGM 2,260 VND 4,503 VND 6,819 VND 67

DDM Multi-Stage 2,260 VND 3,891 VND 4,753 VND 67

Multiples

P/E Multiple 52,361 VND 69,815 VND 87,268 VND 63

P/B Multiple 42,388 VND 56,517 VND 70,646 VND 55

Asset-Based

NCAV (Graham) 8,450 VND 11,324 VND 16,901 VND 51

Economic Profit

Residual Income 21,598 VND 30,290 VND 149,190 VND 64

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Quality Score breakdown

Overall quality 58/100

Of which business quality 58 · Market factors (momentum, volatility) 39

Profitability 50

Margins and returns on capital today

Quality Growth 59

Are margins and returns improving?

Cashflow 100

Earnings quality: real cash, not paper profit

Fin. Strength 49

Balance sheet, leverage, solvency risk

Investment 32

Disciplined investing over empire-building

Low Volatility 63

Calm price path (market factor)

Momentum 33

Price trend over the last 3–12 months (market factor)

52W Momentum 21

Distance to the 52-week high (market factor)

Net Issuance 40

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. 100/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Revenue growth 1 year

+20.0%

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.

+13.0%

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.

+18.0%

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%

’19

’20

’21

’22

’23

’24

’25

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.

+16.9%

Earnings growth per share plus dividend.

Earnings per share, growth per year+15.8%

Dividend (yield on the price)1.1%

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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.Banks - Regional · 1074 stocks

Beats the industry median on 9/12 measures

Overall it ranks above its industry peers.

Valuation

Quality Score 58 · Above median

Fair Value upside +25% · Top 25%

Profitability

Return on equity (TTM) 21% · Top 25%

Return on assets 2% · Top 25%

Net margin (TTM) 50% · Top 25%

Operating margin (TTM) 68% · Top 25%

Growth and dividend

Revenue growth 17% · Above median

Dividend yield (TTM) 1.1% · Bottom 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 5.8× · Cheapest 25%

P/B 1.41× · Pricier than median

P/S (TTM) 3.43× · Pricier than median

P/FCF 0.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)66 · sector 11

FUTURE (revenue growth)84 · sector 45

PAST (return on equity)83 · sector 41

HEALTH (low debt)0 · sector 85

DIVIDEND (yield)22 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value
DBS Group D05	77.69 SGD	40.48 SGD	−48%
China Merchants Bank Co 3968	HK$51.25	HK$62.30	+22%
Intesa Sanpaolo S.p.A ISP	€6.73	€4.04	−40%
HDFC Bank Limited HDFCBANK	₹737.25	₹406.85	−45%
BNP Paribas SA BNP	€101.30	€105.99	+5%
UniCredit S.p.A UCG	€83.28	€77.62	−7%
Mizuho Financial Group MFG	$10.87	$6.75	−38%
ICICI Bank Limited ICICIBANK	₹1,340	₹616.16	−54%
The PNC Financial Services Group PNC	$227.96	$159.52	−30%
Oversea-Chinese Banking Corporation O39	32.14 SGD	19.80 SGD	−38%

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Military Commercial Joint Stock Bank · Fair Value
24,903 VND +20%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/MBB" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Military Commercial Joint Stock Bank · Fair Value</span><br><b style="font-size:20px">24,903 VND</b> <span style="color:var(--fvc-g-mitte);font-weight:700;font-size:14px">+20%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Military Commercial Joint Stock Bank Fair Value". https://www.fairvalue-calculator.com/stock/MBB

Frequently asked questions

Is Military Commercial Joint Stock Bank (MBB) overvalued or undervalued?

As of Sep 24, 2026, our model estimates a fair value of 24,903 VND versus a price of 20,000 VND, about +25% upside (undervalued).

What is the fair value of MBB?

Our model-based fair value for Military Commercial Joint Stock Bank is 24,903 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 20,000 VND.

What is the quality score of MBB?

Military Commercial Joint Stock Bank has a Quality Score of 58/100. 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 Military Commercial Joint Stock Bank (MBB)?

Our model-based price target is the fair value of 24,903 VND (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 17,891 VND, optimistic scenario 78,487 VND. It is a calculation from audited fundamentals, not an analyst target.

What is the Military Commercial Joint Stock Bank stock forecast for 2026?

Our models put fair value at 24,903 VND, about +25% upside versus a price of 20,000 VND (undervalued). Cautious scenario 17,891 VND, optimistic scenario 78,487 VND. The calculation is refreshed regularly with new filings.

What is the revenue of Military Commercial Joint Stock Bank (MBB)?

Military Commercial Joint Stock Bank reported trailing-twelve-month revenue of about 55.9T VND (latest available figure, as of Sep 24, 2026).

Does Military Commercial Joint Stock Bank pay a dividend?

Military Commercial Joint Stock Bank currently shows a dividend yield of about 1.08% relative to its recent price (as of Sep 24, 2026).

What is the intrinsic value of Military Commercial Joint Stock Bank (MBB)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Military Commercial Joint Stock Bank it is 24,903 VND per share (as of Sep 24, 2026), against a price of 20,000 VND. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).

Is Military Commercial Joint Stock Bank stock overvalued or undervalued in 2026?

As of Sep 24, 2026, MBB trades below its calculated fair value: price 20,000 VND, fair value 24,903 VND, a gap of about +25% (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 MBB?

No. The price is what the market pays today (20,000 VND); the fair value is what the company's own numbers justify (24,903 VND). For Military Commercial Joint Stock Bank the two are 4,903 VND per share apart. That gap is exactly why we show both numbers side by side.

How much is Military Commercial Joint Stock Bank worth?

The market values Military Commercial Joint Stock Bank at about 192T VND (market capitalisation, as of Sep 24, 2026). Per share that is 20,000 VND; our models calculate a fair value of 24,903 VND per share.

What do the bullish and bearish scenarios say about MBB?

Our models span a range for Military Commercial Joint Stock Bank: cautious scenario 17,891 VND, base 24,903 VND, optimistic 78,487 VND per share (as of Sep 24, 2026, price 20,000 VND). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of MBB?

Military Commercial Joint Stock Bank trades at a price-to-earnings ratio of 5.8 (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 24,903 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 3.4.

How solid is the balance sheet of Military Commercial Joint Stock Bank (MBB)?

Balance-sheet figures for Military Commercial Joint Stock Bank (as of Sep 24, 2026): return on equity 20.8%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.

How far is MBB from its 52-week high?

Military Commercial Joint Stock Bank trades at 20,000 VND, about 20% below its 52-week high of 25,054 VND and 6% above the low of 18,826 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 24,903 VND is for.

Which stocks are comparable to Military Commercial Joint Stock Bank?

From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Military Commercial Joint Stock Bank stock attractive at the current price?

The data as of Sep 24, 2026: price 20,000 VND, calculated fair value 24,903 VND (+25%), Quality Score 58/100, from 6 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 MBB calculated?

We run Military Commercial Joint Stock Bank through 6 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 24,903 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. Military Commercial Joint Stock Bank currently trades 25 % 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 Military Commercial Joint Stock Bank (MBB)?

The closing price on Sep 23, 2026 was 20,000 VND. Our model-based fair value is 24,903 VND, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Military Commercial Joint Stock Bank right now?

The model range is unusually wide (17,891 VND to 78,487 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Military Commercial Joint Stock Bank

How large is the market capitalisation of Military Commercial Joint Stock Bank (MBB)?

The market capitalisation of Military Commercial Joint Stock Bank is 192T 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 Military Commercial Joint Stock Bank (MBB)?

The price-to-sales ratio of Military Commercial Joint Stock Bank is 2.42 (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 Military Commercial Joint Stock Bank (MBB)?

Earnings per share at Military Commercial Joint Stock Bank are 3,473 VND (price ÷ EPS = P/E 5.8). Earnings per share over the last twelve months: total profit spread across every single share.

What is the dividend yield of Military Commercial Joint Stock Bank (MBB)?

The dividend yield of Military Commercial Joint Stock Bank is 1.1% (payout 6.2%). 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 Military Commercial Joint Stock Bank (MBB)?

The net margin of Military Commercial Joint Stock Bank is 42.1% (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 Military Commercial Joint Stock Bank (MBB)?

The return on equity (ROE) of Military Commercial Joint Stock Bank is 20.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the return on assets of Military Commercial Joint Stock Bank (MBB)?

The return on assets (ROA) of Military Commercial Joint Stock Bank is 2.1% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.

What is the operating margin of Military Commercial Joint Stock Bank (MBB)?

The operating margin of Military Commercial Joint Stock Bank is 68.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Military Commercial Joint Stock Bank (MBB)?

Revenue at Military Commercial Joint Stock Bank is growing +16.8% versus a year earlier (3y avg +13.0%). 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 Military Commercial Joint Stock Bank (MBB)?

Earnings per share at Military Commercial Joint Stock Bank are growing +14.4% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does Military Commercial Joint Stock Bank (MBB) generate?

The free cash flow of Military Commercial Joint Stock Bank is 136T 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 Military Commercial Joint Stock Bank (MBB) carry?

The net debt of Military Commercial Joint Stock Bank is 16.3T 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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