Vietnam Dairy Products JSC (VNM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Vietnam Dairy Products JSC VND 50,068, price VND 60,600, upside -17.4%, quality 76 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
60‑month range 46,717 VND – 73,193 VND · fair‑value band 35,277 VND – 67,124 VND · the 60,600 VND price screens above the 50,068 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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Vietnam Dairy Products Joint Stock Company provides milk and dairy products in Vietnam and internationally.
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Vietnam Dairy Products Joint Stock Company provides milk and dairy products in Vietnam and internationally. The company processes, manufactures, and distributes milk cake, soya and fresh milk, refreshment drinks, bottled and powdered milk, nutritious powder, and other milk products; and products for pregnant and infant, baby food, spoon yogurt, yoghurt and juicy milk drink, condensed and plant-based milk, ice cream, sugar, and cheese products, as well as nutritional products for adult. It is also involved in trading of food technology, spare parts, equipment, materials, and chemicals; trading in real estate properties, warehouses, and yards; owning or leasing land use rights; provision of internal transportation by cars for manufacturing and consuming company's products; manufacture, sale, and distribution of beverages, grocery and processing food, and roasted-ground-filtered and instant coffee; and manufacture and sale of plastic packaging products. In addition, the company engages in the provision of healthcare clinic services; cattle raising and cultivation activities; and retail sale of milk and products from milk, bread, jam, candy, and products processed from cereal, flour, starch, and other food. Further, it processes beef products; sugar producing and refining activity; livestock raising and agricultural products trading; and manufactures, raises, processes, and trades in cattle and poultry products. The company was formerly known as Vietnam Milk Company and changed its name to Vietnam Dairy Products Joint Stock Company in November 2003. Vietnam Dairy Products Joint Stock Company was founded in 1976 and is headquartered in Ho Chi Minh City, Vietnam.
Stock analysis
Vietnam Dairy Products JSC (VNM) currently trades at 60,600 VND, while our model-based Fair Value estimate is 50,068 VND, implying the stock looks roughly 21.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 76,544 VND per share, and 11 of the 24 models we run sit above the 60,600 VND price.
Bear case: the Asset-Based group reads lowest at 9,837 VND, and 13 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 35,277 VND (bear) to 67,124 VND (bull), the price of 60,600 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 76/100 (high quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Vietnam Dairy Products JSC reported revenue of 63.6T VND in FY2025 versus 60.9T VND in FY2021, a compound +1.1%/yr. Reported net income was 9.4T VND in FY2025, compounding −2.8%/yr from FY2021.
Key figures
Market cap 127T VND · P/E ratio 13.7 · P/S ratio 2.03 · EPS (TTM) 4,407 VND · Dividend yield 9.1% · Net margin 14.8% · Return on equity 27.7% · Return on assets (EBIT) 20.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at −17%, VNM screens richer than that median.
Fair Value models
Bear 35,277 VNDFair Value 50,068 VNDBull 67,124 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 (3,236 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+3.0%
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.
+2.0%
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.
+1.3%
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.
+2.1%
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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.
+6.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.3%
Dividend (yield on the price)9.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 17%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+14.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +9.8% a year for the price and +0.8% for the forecasts.
Compare Vietnam Dairy Products JSC with another stock
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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.Packaged Foods · 667 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside−17% · Below median
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)15% · Top 25%
Operating margin (TTM)17% · Top 25%
Growth and dividend
Revenue growth25% · Top 25%
Dividend yield (TTM)9.1% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Is Vietnam Dairy Products JSC (VNM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 50,068 VND versus a price of 60,600 VND, about −17% upside (overvalued).
What is the fair value of VNM?
Our model-based fair value for Vietnam Dairy Products JSC is 50,068 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 60,600 VND.
What is the quality score of VNM?
Vietnam Dairy Products JSC has a Quality Score of 76/100. 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 Vietnam Dairy Products JSC (VNM)?
Our model-based price target is the fair value of 50,068 VND (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 35,277 VND, optimistic scenario 67,124 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam Dairy Products JSC stock forecast for 2026?
Our models put fair value at 50,068 VND, about −17% upside versus a price of 60,600 VND (overvalued). Cautious scenario 35,277 VND, optimistic scenario 67,124 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam Dairy Products JSC (VNM)?
Vietnam Dairy Products JSC reported trailing-twelve-month revenue of about 66.8T VND (latest available figure, as of Sep 24, 2026).
Does Vietnam Dairy Products JSC pay a dividend?
Vietnam Dairy Products JSC currently shows a dividend yield of about 9.14% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Vietnam Dairy Products JSC (VNM)?
For today's price to be fair in a discounted-cash-flow model, Vietnam Dairy Products JSC would have to grow free cash flow by +14.2 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VNM use?
Our models discount Vietnam Dairy Products JSC at 11.9 %: a base by market capitalisation (mid), damped by beta 0.37, 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 Vietnam Dairy Products JSC that is +14.2 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Vietnam Dairy Products JSC (VNM) delivered so far?
Over the past 5 years revenue at Vietnam Dairy Products JSC grew +1.3 % a year. The price currently implies +14.2 % 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 Vietnam Dairy Products JSC (VNM) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Vietnam Dairy Products JSC (+14.2 % 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 Vietnam Dairy Products JSC (VNM)?
The free-cash-flow yield on the price is 5.45 %: that much free cash flow Vietnam Dairy Products JSC produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vietnam Dairy Products JSC (VNM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam Dairy Products JSC it is 50,068 VND per share (as of Sep 24, 2026), against a price of 60,600 VND. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam Dairy Products JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VNM trades above its calculated fair value: price 60,600 VND, fair value 50,068 VND, a gap of about −17% (overvalued). 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 VNM?
No. The price is what the market pays today (60,600 VND); the fair value is what the company's own numbers justify (50,068 VND). For Vietnam Dairy Products JSC the two are 10,532 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam Dairy Products JSC worth?
The market values Vietnam Dairy Products JSC at about 127T VND (market capitalisation, as of Sep 24, 2026). Per share that is 60,600 VND; our models calculate a fair value of 50,068 VND per share.
What do the bullish and bearish scenarios say about VNM?
Our models span a range for Vietnam Dairy Products JSC: cautious scenario 35,277 VND, base 50,068 VND, optimistic 67,124 VND per share (as of Sep 24, 2026, price 60,600 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VNM?
Vietnam Dairy Products JSC trades at a price-to-earnings ratio of 13.7 (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 50,068 VND is built from several models across several years. Other multiples: P/B 4.1, P/S 1.9, EV/EBITDA 8.8.
How solid is the balance sheet of Vietnam Dairy Products JSC (VNM)?
Balance-sheet figures for Vietnam Dairy Products JSC (as of Sep 24, 2026): return on equity 27.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is VNM from its 52-week high?
Vietnam Dairy Products JSC trades at 60,600 VND, about 15% below its 52-week high of 71,071 VND and 14% above the low of 53,255 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 50,068 VND is for.
Which stocks are comparable to Vietnam Dairy Products JSC?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, 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 Vietnam Dairy Products JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 60,600 VND, calculated fair value 50,068 VND (−17%), Quality Score 76/100, from 24 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 VNM calculated?
We run Vietnam Dairy Products JSC through 24 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 50,068 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 13.2 % above its aggregate fair value. Vietnam Dairy Products JSC itself currently trades above fair value. 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 Vietnam Dairy Products JSC (VNM)?
The closing price on Sep 24, 2026 was 60,600 VND. Our model-based fair value is 50,068 VND, about −17% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam Dairy Products JSC right now?
A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (35,277 VND to 67,124 VND) leaves room in how you read the outcome.
Key figures of Vietnam Dairy Products JSC
How large is the market capitalisation of Vietnam Dairy Products JSC (VNM)?
The market capitalisation of Vietnam Dairy Products JSC is 127T 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 Vietnam Dairy Products JSC (VNM)?
The price-to-sales ratio of Vietnam Dairy Products JSC is 2.03 (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 Vietnam Dairy Products JSC (VNM)?
Earnings per share at Vietnam Dairy Products JSC are 4,407 VND (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vietnam Dairy Products JSC (VNM)?
The dividend yield of Vietnam Dairy Products JSC is 9.1% (payout 126%). 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 Vietnam Dairy Products JSC (VNM)?
The net margin of Vietnam Dairy Products JSC is 14.8% (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 Vietnam Dairy Products JSC (VNM)?
The return on equity (ROE) of Vietnam Dairy Products JSC is 27.7% (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 Vietnam Dairy Products JSC (VNM)?
On an EBIT basis the return on assets of Vietnam Dairy Products JSC is 20.3% (avg 5y). 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 Vietnam Dairy Products JSC (VNM)?
The operating margin of Vietnam Dairy Products JSC is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam Dairy Products JSC (VNM)?
Revenue at Vietnam Dairy Products JSC is growing +24.6% versus a year earlier (3y avg +2.0%). 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 Vietnam Dairy Products JSC (VNM)?
Earnings per share at Vietnam Dairy Products JSC are growing +55.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vietnam Dairy Products JSC (VNM) carry?
The net debt of Vietnam Dairy Products JSC is 7.7T VND (fiscal year 2025, ≈ 1.1 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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