Viet Nam Power Development JSC (VPD) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Viet Nam Power Development JSC VND 31,631, price VND 20,500, upside +54.3%, quality 87 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 9,746 VND – 25,289 VND · fair‑value band 22,940 VND – 42,291 VND · the 20,500 VND price screens below the 31,631 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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Viet Nam Power Development Joint Stock Company engages in the electric generation business in Vietnam. The company offers technical safety inspection of electrical equipment and instruments operating in non-hazardous environments with respect to flammable gases and explosive dust; and consulting services.
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Viet Nam Power Development Joint Stock Company engages in the electric generation business in Vietnam. The company offers technical safety inspection of electrical equipment and instruments operating in non-hazardous environments with respect to flammable gases and explosive dust; and consulting services. Viet Nam Power Development Joint Stock Company was founded in 2002 and is headquartered in Hanoi, Vietnam.
Stock analysis
Viet Nam Power Development JSC (VPD) currently trades at 20,500 VND, while our model-based Fair Value estimate is 31,631 VND, implying the stock looks roughly 35.2% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 42,331 VND per share, and 16 of the 20 models we run sit above the 20,500 VND price.
Bear case: the Asset-Based group reads lowest at 10,211 VND, and 4 of the 20 models stay below the price. Evidence for this calculation is low.
Scenario range: 22,940 VND (bear) to 42,291 VND (bull), the price of 20,500 VND sits below 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 87/100 (high quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Viet Nam Power Development JSC reported revenue of 696B VND in FY2025 versus 569B VND in FY2021, a compound +5.2%/yr. Reported net income was 262B VND in FY2025, compounding +12.5%/yr from FY2021.
Key figures
Market cap 2.2T VND · P/E ratio 8.5 · P/S ratio 3.21 · EPS (TTM) 2,404 VND · Net margin 37.7% · Return on equity 18.4% · Return on assets (EBIT) 15.6% · Operating margin 33.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at 54%, VPD screens cheaper than that median.
Fair Value models
Bear 22,940 VNDFair Value 31,631 VNDBull 42,291 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 (1,765 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.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.7%
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.
+0.7%
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.
+8.9%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+16.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.5%
Dividend (yield on the price)0.0%
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.38% → 47%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−1.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about −4.9% a year for the price.
Compare Viet Nam Power Development 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.Utilities - Regulated Electric · 158 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score87 · Top 25%
Fair Value upside+54% · Top 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)39% · Top 25%
Operating margin (TTM)33% · Top 25%
Growth and dividend
Revenue growth27% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Viet Nam Power Development JSC Fair Value". https://www.fairvalue-calculator.com/stock/VPD
Frequently asked questions
Is Viet Nam Power Development JSC (VPD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 31,631 VND versus a price of 20,500 VND, about +54% upside (undervalued).
What is the fair value of VPD?
Our model-based fair value for Viet Nam Power Development JSC is 31,631 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 20,500 VND.
What is the quality score of VPD?
Viet Nam Power Development JSC 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 price target for Viet Nam Power Development JSC (VPD)?
Our model-based price target is the fair value of 31,631 VND (as of Sep 24, 2026) from 20 valuation models. Cautious scenario 22,940 VND, optimistic scenario 42,291 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Viet Nam Power Development JSC stock forecast for 2026?
Our models put fair value at 31,631 VND, about +54% upside versus a price of 20,500 VND (undervalued). Cautious scenario 22,940 VND, optimistic scenario 42,291 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Viet Nam Power Development JSC (VPD)?
Viet Nam Power Development JSC reported trailing-twelve-month revenue of about 718B VND (latest available figure, as of Sep 24, 2026).
What growth is priced into Viet Nam Power Development JSC (VPD)?
For today's price to be fair in a discounted-cash-flow model, Viet Nam Power Development JSC would have to grow free cash flow by -1.1 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VPD use?
Our models discount Viet Nam Power Development JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.07, 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 Viet Nam Power Development JSC that is -1.1 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Viet Nam Power Development JSC (VPD) delivered so far?
Over the past 5 years revenue at Viet Nam Power Development JSC grew +8.9 % a year. The price currently implies -1.1 % 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 Viet Nam Power Development JSC (VPD) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Viet Nam Power Development JSC (-1.1 % 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 Viet Nam Power Development JSC (VPD)?
The free-cash-flow yield on the price is 12.92 %: that much free cash flow Viet Nam Power Development JSC produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Viet Nam Power Development JSC (VPD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Viet Nam Power Development JSC it is 31,631 VND per share (as of Sep 24, 2026), against a price of 20,500 VND. It is the blended result of 20 valuation models (cash flow, earnings, asset, dividend).
Is Viet Nam Power Development JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VPD trades below its calculated fair value: price 20,500 VND, fair value 31,631 VND, a gap of about +54% (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 VPD?
No. The price is what the market pays today (20,500 VND); the fair value is what the company's own numbers justify (31,631 VND). For Viet Nam Power Development JSC the two are 11,131 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Viet Nam Power Development JSC worth?
The market values Viet Nam Power Development JSC at about 2.2T VND (market capitalisation, as of Sep 24, 2026). Per share that is 20,500 VND; our models calculate a fair value of 31,631 VND per share.
What do the bullish and bearish scenarios say about VPD?
Our models span a range for Viet Nam Power Development JSC: cautious scenario 22,940 VND, base 31,631 VND, optimistic 42,291 VND per share (as of Sep 24, 2026, price 20,500 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VPD?
Viet Nam Power Development JSC trades at a price-to-earnings ratio of 8.5 (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 31,631 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 3.0, EV/EBITDA 3.8.
How solid is the balance sheet of Viet Nam Power Development JSC (VPD)?
Balance-sheet figures for Viet Nam Power Development JSC (as of Sep 24, 2026): return on equity 18.4%. They feed the Quality Score of 87/100, which measures business quality independently of the share price.
How far is VPD from its 52-week high?
Viet Nam Power Development JSC trades at 20,500 VND, about 14% below its 52-week high of 23,951 VND and at the low of 20,400 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 31,631 VND is for.
Which stocks are comparable to Viet Nam Power Development JSC?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power 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 Viet Nam Power Development JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 20,500 VND, calculated fair value 31,631 VND (+54%), Quality Score 87/100, from 20 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 VPD calculated?
We run Viet Nam Power Development JSC through 20 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 31,631 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 14.1 % above its aggregate fair value. Viet Nam Power Development JSC currently trades 54 % 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 is the share price of Viet Nam Power Development JSC (VPD)?
The closing price on Sep 23, 2026 was 20,500 VND. Our model-based fair value is 31,631 VND, about +54% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Viet Nam Power Development JSC right 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 (22,940 VND). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (22,940 VND to 42,291 VND) leaves room in how you read the outcome.
Key figures of Viet Nam Power Development JSC
How large is the market capitalisation of Viet Nam Power Development JSC (VPD)?
The market capitalisation of Viet Nam Power Development JSC is 2.2T 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 Viet Nam Power Development JSC (VPD)?
The price-to-sales ratio of Viet Nam Power Development JSC is 3.21 (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 Viet Nam Power Development JSC (VPD)?
Earnings per share at Viet Nam Power Development JSC are 2,404 VND (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Viet Nam Power Development JSC (VPD)?
The net margin of Viet Nam Power Development JSC is 37.7% (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 Viet Nam Power Development JSC (VPD)?
The return on equity (ROE) of Viet Nam Power Development JSC is 18.4% (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 Viet Nam Power Development JSC (VPD)?
On an EBIT basis the return on assets of Viet Nam Power Development JSC is 15.6% (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 Viet Nam Power Development JSC (VPD)?
The operating margin of Viet Nam Power Development JSC is 33.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Viet Nam Power Development JSC (VPD)?
Revenue at Viet Nam Power Development JSC is growing +26.7% versus a year earlier (3y avg +0.7%). 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 Viet Nam Power Development JSC (VPD)?
Earnings per share at Viet Nam Power Development JSC are growing +187% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Viet Nam Power Development JSC (VPD) carry?
The net debt of Viet Nam Power Development JSC is 118B VND (fiscal year 2023, ≈ 0.4 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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