Vietnam Dairy Products Joint Stock Company (VNM19) fair value: what the stock is really worth
We calculate from audited financials what Vietnam Dairy Products Joint Stock Company is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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 Joint Stock Company (VNM19) currently trades at 7.75 THB, while our model-based Fair Value estimate is 9.07 THB, implying the stock looks roughly 14.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 11.30 THB per share, and 11 of the 22 models we run sit above the 7.75 THB price.
Bear case: the Asset-Based group reads lowest at 1.45 THB, and 11 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 6.20 THB (bear) to 14.63 THB (bull), the price of 7.75 THB 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 77/100 (high quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vietnam Dairy Products Joint Stock Company reported revenue of 63.6T VND in FY2025 versus 60.0T VND in FY2022, a compound +2.0%/yr. Reported net income was 9.4T VND in FY2025, compounding +3.4%/yr from FY2022.
Key figures
Market cap 16.2B THB (≈ $491M) · P/E ratio 1.4 · P/S ratio 0.20 · EPS (TTM) 5.60 THB · Net margin 14.8% · Return on equity 27.7% · Return on assets (EBIT) 19.8% · Revenue growth (YoY) +12.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 13% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −8% fair-value upside, at 17%, VNM19 screens cheaper than that median.
Fair Value models
Bear 6.20 THBFair Value 9.07 THBBull 14.63 THB
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 8 months old). Earnings retained since then (3.93 THB 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.72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest YoY
+3.0%
Revenue 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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+2.7%
Earnings growth per share plus dividend, before any change in valuation.
Earnings per share, growth per year+2.7%
Dividend (yield on the price)0.0%
Share of sales kept as operating profit ⓘ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.16.7% (2022) → 16.8% (2025) · steady
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 · 638 stocks
Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)16% · Top 25%
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth13% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Vietnam Dairy Products Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/VNM19
Frequently asked questions
Is Vietnam Dairy Products Joint Stock Company (VNM19) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 9.07 THB versus a price of 7.75 THB, about +17% upside (undervalued).
What is the fair value of VNM19?
Our model-based fair value for Vietnam Dairy Products Joint Stock Company is 9.07 THB (as of Sep 13, 2026), built from audited fundamentals. The current price: 7.75 THB.
What is the quality score of VNM19?
Vietnam Dairy Products Joint Stock Company has a Quality Score of 77/100. 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 Joint Stock Company (VNM19)?
Our model-based price target is the fair value of 9.07 THB (as of Sep 13, 2026) from 22 valuation models. Cautious scenario 6.20 THB, optimistic scenario 14.63 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam Dairy Products Joint Stock Company stock forecast for 2026?
Our models put fair value at 9.07 THB, about +17% upside versus a price of 7.75 THB (undervalued). Cautious scenario 6.20 THB, optimistic scenario 14.63 THB. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Vietnam Dairy Products Joint Stock Company (VNM19)?
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 Joint Stock Company it is 9.07 THB per share (as of Sep 13, 2026), against a price of 7.75 THB. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam Dairy Products Joint Stock Company stock overvalued or undervalued in 2026?
As of Sep 13, 2026, VNM19 trades below its calculated fair value: price 7.75 THB, fair value 9.07 THB, a gap of about +17% (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 VNM19?
No. The price is what the market pays today (7.75 THB); the fair value is what the company's own numbers justify (9.07 THB). For Vietnam Dairy Products Joint Stock Company the two are 1.32 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam Dairy Products Joint Stock Company worth?
The market values Vietnam Dairy Products Joint Stock Company at about 16.2B THB (market capitalisation, as of Sep 13, 2026). Per share that is 7.75 THB; our models calculate a fair value of 9.07 THB per share.
What do the bullish and bearish scenarios say about VNM19?
Our models span a range for Vietnam Dairy Products Joint Stock Company: cautious scenario 6.20 THB, base 9.07 THB, optimistic 14.63 THB per share (as of Sep 13, 2026, price 7.75 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VNM19?
Vietnam Dairy Products Joint Stock Company trades at a price-to-earnings ratio of 1.4 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.07 THB is built from several models across several years.
How solid is the balance sheet of Vietnam Dairy Products Joint Stock Company (VNM19)?
Balance-sheet figures for Vietnam Dairy Products Joint Stock Company (as of Sep 13, 2026): return on equity 27.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is VNM19 from its 52-week high?
Vietnam Dairy Products Joint Stock Company trades at 7.75 THB, about 13% below its 52-week high of 8.92 THB and 13% above the low of 6.84 THB (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 9.07 THB is for.
Which stocks are comparable to Vietnam Dairy Products Joint Stock Company?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Nestlé India Limited, The Kraft Heinz 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 Joint Stock Company stock attractive at the current price?
The data as of Sep 13, 2026: price 7.75 THB, calculated fair value 9.07 THB (+17%), Quality Score 77/100, from 22 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 VNM19 calculated?
We run Vietnam Dairy Products Joint Stock Company through 22 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 9.07 THB, 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 32.0 % above its aggregate fair value. Vietnam Dairy Products Joint Stock Company currently trades 17 % 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 should I pay attention to with Vietnam Dairy Products Joint Stock Company right now?
A fairly wide model range (6.20 THB to 14.63 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Vietnam Dairy Products Joint Stock Company
How large is the market capitalisation of Vietnam Dairy Products Joint Stock Company (VNM19)?
The market capitalisation of Vietnam Dairy Products Joint Stock Company is 16.2B THB (≈ $491M). 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 Joint Stock Company (VNM19)?
The price-to-sales ratio of Vietnam Dairy Products Joint Stock Company is 0.20 (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 Joint Stock Company (VNM19)?
Earnings per share at Vietnam Dairy Products Joint Stock Company are 5.60 THB (price ÷ EPS = P/E 1.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vietnam Dairy Products Joint Stock Company (VNM19)?
The net margin of Vietnam Dairy Products Joint Stock Company 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 Joint Stock Company (VNM19)?
The return on equity (ROE) of Vietnam Dairy Products Joint Stock Company 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 Joint Stock Company (VNM19)?
On an EBIT basis the return on assets of Vietnam Dairy Products Joint Stock Company is 19.8% (avg 4y). 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.
How fast is revenue growing at Vietnam Dairy Products Joint Stock Company (VNM19)?
Revenue at Vietnam Dairy Products Joint Stock Company is growing +12.7% 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 Joint Stock Company (VNM19)?
Earnings per share at Vietnam Dairy Products Joint Stock Company are growing +46.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vietnam Dairy Products Joint Stock Company (VNM19) generate?
The free cash flow of Vietnam Dairy Products Joint Stock Company is 6.9T 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 Vietnam Dairy Products Joint Stock Company (VNM19) carry?
The net debt of Vietnam Dairy Products Joint Stock Company 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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