Thac Ba Hydropower Joint Stock Company (TBC) Fair Value & Analysis
Utilities · VN · Market cap 2.0T VND
Fair value as of: Jul 18, 2026
From 26 valuation models · updated 23 days ago
Share price −0.6% over the past month.
A solid business, screening 70% 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 (40,204 VND). The market is more pessimistic than our downside scenario.
Price vs Fair Value (5 years)
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
60‑month range 15,443 VND – 38,060 VND · fair‑value band 40,204 VND – 68,099 VND · the 32,000 VND price screens below the 54,479 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.
Analysis
Thac Ba Hydropower Joint Stock Company (TBC) currently trades at 32,000 VND, while our model-based Fair Value estimate is 54,479 VND, implying the stock looks roughly 70.3% 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, Thac Ba Hydropower Joint Stock Company generated revenue of 612B VND at a net margin of 38.3%. Revenue grew 48.2% year over year. It earns a return on equity of 21.8%. Net debt stands at 10.4B VND. Fundamentals as of Jul 18, 2026
Our scenario range runs from 40,204 VND (bear case) to 68,099 VND (bull case); at 32,000 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 12% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at 70%, TBC 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.
All 26 models by family
Widest divergence: DCF Models (56,906 VND) versus Asset-Based (12,326 VND). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 71 · Market factors (momentum, volatility) 49
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
Thac Ba Hydropower Joint Stock Company produces and trades in electricity in Vietnam. It also provides repairment, maintenance, and renovation services for equipment of hydropower plants. The company was founded in 1971 and is headquartered in Lao Cai, Vietnam.
Full company description
Thac Ba Hydropower Joint Stock Company produces and trades in electricity in Vietnam. It also provides repairment, maintenance, and renovation services for equipment of hydropower plants. The company was founded in 1971 and is headquartered in Lao Cai, Vietnam. Thac Ba Hydropower Joint Stock Company operates as a subsidiary of R Refrigeration Electrical Engineering Corporation.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thac Ba Hydropower Joint Stock Company reported revenue of 563B VND in FY2025 versus 495B VND in FY2021, a compound +3.2%/yr. Reported net income was 192B VND in FY2025, compounding +3.3%/yr from FY2021.
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Peer Group
Utilities - Independent Power Producers · 77 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.
Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Constellation Energy Corporation CEG | $257.57 | $89.08 | -65% |
| Vistra Corp VST | $158.86 | $47.59 | -70% |
| Adani Power Limited ADANIPOWER | ₹218.45 | ₹75.57 | -65% |
| CGN Power Co 003816 | ¥3.88 | ¥3.13 | -19% |
| NRG Energy, Inc NRG | $137.90 | $56.02 | -59% |
| Gulf Development Public Company GULF | 67.50 THB | 40.44 THB | -40% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,730 | ₹342.02 | -80% |
| Talen Energy Corporation TLN | $372.37 | $44.67 | -88% |
| Datang International Power Generation Co 601991 | ¥5.80 | ¥4.95 | -15% |
| Power Assets Holdings 0006 | HK$58.45 | HK$31.90 | -45% |
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Frequently asked questions
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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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