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Vietnam Enterprise Investments Limited (VEIL) Fair Value & Analysis

Financial Services · GB · Market cap 1.1B GBX

VE Vietnam Enterprise Investments Limited VEIL · LSE
Price£7.01
Fair Value£14.02
Upside+100.0%
Quality87/100
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Strengths

Trades 100% below our fair value of £14.02
Highly profitable · 89.4% net margin
generates free cash flow
Ranks above peers (12/12)

Risks

!Mixed Growth
!The models disagree: range £10.52 to £28.06
Mixed Growth
Highly profitable · 89.4% net margin
generates free cash flow
Ranks above peers (12/12)
Wide moat 82/100
Evidence: High Range £10.52 – £28.06 Share as image

Fair value as of: Aug 20, 2026

From 9 valuation models · updated yesterday

Fair value updated Aug 20, 2026, revised from £14.52 to £14.02 (−3.4%) since Aug 13, 2026. Share price −1.1% over the past month.

A strong business, screening 100% undervalued on our models.

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What matters now

  • The rarer combination: high quality (87/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (£10.52). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (£10.52 to £28.06). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£8.48 £4.60 Fair Value £14.02 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range £4.60 – £8.48 · fair‑value band £10.52 – £28.06 · the £7.01 price screens below the £14.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Vietnam Enterprise Investments Limited (VEIL) currently trades at £7.01, while our model-based Fair Value estimate is £14.02, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 87/100 (high quality), in the Financial Services 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, Vietnam Enterprise Investments Limited generated revenue of £405M at a net margin of 89.4%. Revenue grew 282.2% year over year. It earns a return on equity of 19.3%. The balance sheet holds a net cash position of £62.7M. Fundamentals as of Aug 20, 2026

Our scenario range runs from £10.52 (bear case) to £28.06 (bull case); at £7.01, 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. For context, the median of 10 Financial Services peers we cover trades at -33% fair-value upside, at 100%, VEIL 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 £24.25 £41.59 £68.83 72
P/E Multiple £25.66 £34.22 £42.77 63
Residual Income £15.00 £19.94 £59.57 61
All 9 models by family
DCF Models
5Y P/E Exit £26.33 £57.04 £98.66 38
10Y P/E Exit £26.30 £55.77 £103.63 35
Earnings-Based
Graham-Dodd £17.90 £124.81 £175.16 54
Lynch FV £64.48 £92.12 £119.76 50
Multiples
P/E Multiple £25.66 £34.22 £42.77 63
P/B Multiple £14.89 £19.86 £24.82 55
Asset-Based
NCAV (Graham) £7.09 £9.50 £14.18 50
Growth DCF
Growth DCF £24.25 £41.59 £68.83 72
Economic Profit
Residual Income £15.00 £19.94 £59.57 61

Widest divergence: Earnings-Based (£92.12) versus Asset-Based (£9.50). Highest evidence: Growth DCF (72).

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Key figures & financial health

Revenue (TTM) 405M GBX
Revenue growth (YoY) +282%
Net margin 89.4%
Return on equity 19.3%
Free cash flow 256M GBX FY2025
P/E ratio 4.4
More key figures
Operating margin 94.8%
EPS (TTM) £1.58
EPS growth (YoY) +409%
Net cash 62.7M GBX FY2025

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 87/100

Of which business quality 80 · Market factors (momentum, volatility) 47

Profitability 61
Margins and returns on capital today
Quality Growth 97
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 100
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

Vietnam Enterprise Investments Limited is a closed ended equity mutual fund launched and managed by Dragon Capital Management Limited. It invests in the public equity markets of Vietnam. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value and growth stocks of companies.

Full company description

Vietnam Enterprise Investments Limited is a closed ended equity mutual fund launched and managed by Dragon Capital Management Limited. It invests in the public equity markets of Vietnam. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value and growth stocks of companies. The fund also invests a part of its assets in private companies and equity linked instruments. It focuses on such factors as good corporate governance and alignment to Vietnam's underlying growth drivers to create its portfolio. The fund benchmarks the performance of its portfolio against the VN index, the MSCI EM Index, and the VN30 Index. Vietnam Enterprise Investments Limited was formed on August 31, 1995 and is domiciled in the Cayman Islands.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vietnam Enterprise Investments Limited reported revenue of £375M in FY2025 versus £845M in FY2021, a compound −18.4%/yr. Reported net income was £362M in FY2025, compounding −19.0%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£375M
Latest YoY
+73.0%
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.
+2.3%
Avg. growth/yr (13Y) 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.
+12.8%
Revenue −18.4%/yr
FY21 £845M
FY22 −£920M
FY23 £200M
FY24 £217M
FY25 £375M
Net income −19.0%/yr
FY21 £840M
FY22 −£923M
FY23 £161M
FY24 £176M
FY25 £362M
Character of growth · EPS growth decomposed (2012-2023) +23.3 % p.a.
Revenue per share +23.2 pp

of which total revenue +23.5 pp · buybacks/dilution −0.4 pp

EBIT margin +0.1 pp
Tax rate −1.9 pp
Residual (interest, one-offs) +1.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Vietnam Enterprise Investments Limited Fair Value". https://www.fairvalue-calculator.com/stock/VEIL

Peer Group

Asset Management · 714 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 86 · Top 25%
Fair Value upside +100% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 89% · Top 25%
Operating margin (TTM) 95% · Top 25%
Revenue growth 282% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 4.4× · Cheaper than 75% of peers
P/B 0.74× · Cheaper than median
P/S (TTM) 3.57× · Cheaper than median
P/FCF 5.6× · Cheaper than median
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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 40
FUTURE100 · sector 15
PAST77 · sector 25
HEALTH0 · sector 95
DIVIDEND0 · sector 77

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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ICICIAMC ICICIAMC ₹3,077 ₹1,132 -63%
Jio Financial Services Limited JIOFIN ₹256.05 ₹171.84 -33%
Hedef Holding HEDEF 267.25 TRY 321.44 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹11,294 ₹11,257 -0%
HDFC Asset Management Company HDFCAMC ₹2,490 ₹866.78 -65%
Nippon Life Asset Management Limited NAMINDIA ₹1,233 ₹311.00 -75%
360 One Wam Limited 360ONE ₹1,185 ₹255.94 -78%

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Frequently asked questions

Is Vietnam Enterprise Investments Limited (VEIL) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of £14.02 versus a price of £7.01, about +100% (undervalued).
What is the fair value of VEIL?
Our model-based fair value for Vietnam Enterprise Investments Limited is £14.02 (as of Aug 20, 2026), built from audited fundamentals. The current price: £7.01.
What is the quality score of VEIL?
Vietnam Enterprise Investments Limited has a Quality Score of 87/100. 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 Vietnam Enterprise Investments Limited (VEIL)?
Vietnam Enterprise Investments Limited reported trailing-twelve-month revenue of about £405M (latest available figure, as of Aug 20, 2026).
What is the net profit margin of VEIL?
The net profit margin of Vietnam Enterprise Investments Limited is about 89.4%, meaning it keeps roughly 89.4% 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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