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PetroVietnam Power Nhon Trach 2 Joint Stock Company (NT2) Fair Value & Analysis

Utilities · VN · Market cap 6.6T VND

PP PetroVietnam Power Nhon Trach 2 Joint Stock Company NT2 · VN
Price21,550 VND
Fair Value54,550 VND
Upside+153.1%
Quality78/100
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Healthy Growth
Solidly profitable · 14.6% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Wide moat 66/100
Evidence: High Range 39,401 VND – 78,591 VND Share as image

Fair value as of: Jul 24, 2026

From 24 valuation models · updated 17 days ago

Share price −1.1% over the past month.

A strong business, screening 153% undervalued on our models.

What matters now

  • The rarer combination: high quality (78/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (39,401 VND). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (39,401 VND to 78,591 VND) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

28,900 VND 13,567 VND Fair Value 54,550 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range 13,567 VND – 28,900 VND · fair‑value band 39,401 VND – 78,591 VND · the 21,550 VND price screens below the 54,550 VND fair value. Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

PetroVietnam Power Nhon Trach 2 Joint Stock Company (NT2) currently trades at 21,550 VND, while our model-based Fair Value estimate is 54,550 VND, implying the stock looks roughly 153.1% undervalued today. The Quality Score stands at 78/100 (high 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: high), always confirm before acting.

Over the trailing twelve months, PetroVietnam Power Nhon Trach 2 Joint Stock Company generated revenue of 8.7T VND at a net margin of 14.6%. Revenue grew 52.2% year over year. It earns a return on equity of 28.2%. Net debt stands at 1.7T VND. Fundamentals as of Jul 24, 2026

Our scenario range runs from 39,401 VND (bear case) to 78,591 VND (bull case); at 21,550 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 27% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 153%, NT2 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 41,651 VND 62,176 VND 92,680 VND 80
Residual Income 26,174 VND 34,987 VND 174,489 VND 76
Rev-Margin DCF 36,916 VND 58,084 VND 81,952 VND 74
All 24 models by family
DCF Models
FCF DCF 40,644 VND 63,329 VND 98,972 VND 38
Owner Earnings 67,386 VND 105,025 VND 164,165 VND 31
5Y Revenue Exit 36,916 VND 57,914 VND 84,355 VND 39
5Y EBITDA Exit 40,086 VND 63,759 VND 90,909 VND 41
5Y P/E Exit 44,129 VND 71,212 VND 99,177 VND 38
10Y Revenue Exit 36,716 VND 56,370 VND 82,033 VND 36
10Y EBITDA Exit 39,923 VND 60,489 VND 87,083 VND 37
10Y P/E Exit 42,544 VND 65,743 VND 93,454 VND 35
Earnings-Based
Graham-Dodd 26,034 VND 75,093 VND 99,085 VND 54
Lynch FV 15,490 VND 22,129 VND 28,767 VND 50
PEG = 1.0 15,490 VND 22,129 VND 28,767 VND 46
EPV 36,434 VND 42,850 VND 48,553 VND 59
Multiples
P/E Multiple 51,685 VND 68,913 VND 86,141 VND 63
P/S Multiple 48,813 VND 65,085 VND 81,356 VND 58
P/B Multiple 22,788 VND 30,384 VND 37,980 VND 55
EV/EBIT 45,523 VND 60,671 VND 75,820 VND 53
EV/EBITDA 44,869 VND 59,799 VND 74,730 VND 54
EV/Revenue 36,838 VND 52,592 VND 68,347 VND 43
Asset-Based
NCAV (Graham) 8,440 VND 11,310 VND 16,880 VND 50
Growth DCF
Growth DCF 41,651 VND 62,176 VND 92,680 VND 80
Rev-Margin DCF 36,916 VND 58,084 VND 81,952 VND 74
Economic Profit
Residual Income 26,174 VND 34,987 VND 174,489 VND 76
ROIC Compounder 38,871 VND 49,238 VND 61,244 VND 72
Growth Earnings
Growth-Adj P/E 42,318 VND 60,454 VND 78,591 VND 68

Widest divergence: DCF Models (63,329 VND) versus Asset-Based (11,310 VND). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 8.7T VND
Revenue growth (YoY) +52.2%
Net margin 14.6%
Return on equity 28.2%
Free cash flow 994B VND FY2025
P/E ratio 5.2
More key figures
Operating margin 8.5%
EPS (TTM) 4,424 VND
EPS growth (YoY) +478%
Net debt 1.7T VND FY2025

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 78/100

Of which business quality 73 · Market factors (momentum, volatility) 49

Profitability 60
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 82
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 Power Nhon Trach 2 Joint Stock Company engages in the production, transmission, and distribution of electricity in Vietnam. The company manages combined cycle gas turbine power plant.

Full company description

PetroVietnam Power Nhon Trach 2 Joint Stock Company engages in the production, transmission, and distribution of electricity in Vietnam. The company manages combined cycle gas turbine power plant. It also involved in the provision of support services for transportation by waterway; warehouse and storage; road transportation; architecture and technical consultancy; professional activities, other scientific and technological; vocational education; domestic waterway transportation; and other transportation support services. In addition, the company engages in the wholesale of solid, liquid, and gas fuels, as well as related products; and machinery, equipment, and other spare parts. Further, it engages in real estate business, such as leasing, operation, and management of residential and non-residential houses and land; and owns land use rights. PetroVietnam Power Nhon Trach 2 Joint Stock Company was founded in 2007 and is headquartered in Nhon Trach, Vietnam.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PetroVietnam Power Nhon Trach 2 Joint Stock Company reported revenue of 8.0T VND in FY2025 versus 6.1T VND in FY2021, a compound +6.7%/yr. Reported net income was 1.1T VND in FY2025, compounding +21.5%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
8.0T VND
Latest YoY
+33.9%
Avg. growth/yr (3Y) 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.
−3.3%
Avg. growth/yr (5Y) 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.
+5.5%
Revenue +6.7%/yr
FY21 6.1T VND
FY22 8.8T VND
FY23 6.4T VND
FY24 5.9T VND
FY25 8.0T VND
Net income +21.5%/yr
FY21 506B VND
FY22 852B VND
FY23 445B VND
FY24 54.7B VND
FY25 1.1T VND

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Cite: Fair Value Calculator (2026). "PetroVietnam Power Nhon Trach 2 Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/NT2

Peer Group

Utilities - Regulated Electric · 154 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 78 · Top 25%
Fair Value upside +153% · Top 25%
Return on equity (TTM) 28% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 15% · Above median
Operating margin (TTM) 8% · Bottom 25%
Revenue growth 52% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 5.2× · Cheaper than 75% of peers
P/B 1.36× · Cheaper than median
P/S (TTM) 0.76× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 3.8× · Cheaper 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 100 · sector 7
FUTURE 100 · sector 32
PAST 100 · sector 39
HEALTH 100 · sector 54
DIVIDEND 0 · sector 56

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 - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is PetroVietnam Power Nhon Trach 2 Joint Stock Company (NT2) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 54,550 VND versus a price of 21,550 VND, about +153% (undervalued).
What is the fair value of NT2?
Our model-based fair value for PetroVietnam Power Nhon Trach 2 Joint Stock Company is 54,550 VND (as of Jul 24, 2026), built from audited fundamentals. The current price is 21,550 VND.
What is the quality score of NT2?
PetroVietnam Power Nhon Trach 2 Joint Stock Company has a Quality Score of 78/100. 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 Power Nhon Trach 2 Joint Stock Company (NT2)?
PetroVietnam Power Nhon Trach 2 Joint Stock Company reported trailing-twelve-month revenue of about 8.7T VND (latest available figure, as of Jul 24, 2026).
What is the net profit margin of NT2?
The net profit margin of PetroVietnam Power Nhon Trach 2 Joint Stock Company is about 14.6%, meaning it keeps roughly 14.6% 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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