Van Phu - Invest Investment JSC (VPI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Van Phu - Invest Investment JSC VND 10,979, price VND 61,100, upside -82.0%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 10,979 VND · Strongly overvalued (−82%)
!Quality 40/100
!Weak Growth(revenue 5y −1.8 %/yr)
✓Solidly profitable · 13.7% net margin (TTM)
✓Moderate debt · generates free cash flow
!Trails peers(5/13)
!Moderate moat46/100
!Evidence only low, so the estimate is less certain
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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 20,415 VND – 63,100 VND · the 61,100 VND price screens above the 10,979 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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Van Phu Real Estate Development Joint Stock Company, together with its subsidiaries, operates as a real estate developer in Vietnam. It operates through Real Estate Business, Provision of Accommodation Services, and Other Activities segments.
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Van Phu Real Estate Development Joint Stock Company, together with its subsidiaries, operates as a real estate developer in Vietnam. It operates through Real Estate Business, Provision of Accommodation Services, and Other Activities segments. The company offers investment consulting, construction, and accommodation services; and real estate consulting, brokerage, and auction services. It also engages in the planning and implementation of urban real estate and resort projects; management and operation of real estate services; and real estate support services. The company was formerly known as Van Phu - Invest Investment Joint Stock Company and changed its name to Van Phu Real Estate Development Joint Stock Company in April 2025. Van Phu Real Estate Development Joint Stock Company was founded in 2003 and is headquartered in Hanoi, Vietnam.
Stock analysis
Van Phu - Invest Investment JSC (VPI) currently trades at 61,100 VND, while our model-based Fair Value estimate is 10,979 VND, implying the stock looks roughly 456.5% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 108,563 VND per share, and 7 of the 13 models we run sit above the 61,100 VND price.
Bear case: the DCF Models group reads lowest at 10,046 VND, and 6 of the 13 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Van Phu - Invest Investment JSC reported revenue of 2.0T VND in FY2025 versus 2.6T VND in FY2021, a compound −6.7%/yr. Reported net income was 391B VND in FY2025, compounding +2.9%/yr from FY2021.
Key figures
Market cap 19.6T VND · P/E ratio 70.8 · P/S ratio 14.0 · EPS (TTM) 862.92 VND · Net margin 19.8% · Return on equity 5.1% · Return on assets (EBIT) 4.6% · Operating margin 12.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −82%, VPI screens richer than that median.
Fair Value models
Bear 10,979 VNDFair Value 10,979 VNDBull 10,979 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 (631.23 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.37/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.2%
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.
−2.8%
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.
−1.8%
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.
+3.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.3%
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.22% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+66.6%
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 +60.1% a year for the price.
Compare Van Phu - Invest Investment JSC with another stock
Price, fair value, quality and upside side by side.
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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.Real Estate Services · 547 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside−83% · Bottom 25%
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)14% · Above median
Operating margin (TTM)12% · Below median
Growth and dividend
Revenue growth16% · Above median
Balance sheet
Debt / equity0.99× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (TTM)70.8× · Priciest 25%
P/B3.63× · Priciest 25%
P/S (TTM)9.47× · Priciest 25%
P/FCF0.0× · Cheapest 25%
EV/EBITDA45.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)78· sector 12
PAST (return on equity)21· sector 16
HEALTH (low debt)50· sector 83
DIVIDEND (yield)0· sector 64
VALUE 0: the price sits above our fair-value range.
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.
Is Van Phu - Invest Investment JSC (VPI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 10,979 VND versus a price of 61,100 VND, about −82% upside (overvalued).
What is the fair value of VPI?
Our model-based fair value for Van Phu - Invest Investment JSC is 10,979 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 61,100 VND.
What is the quality score of VPI?
Van Phu - Invest Investment JSC has a Quality Score of 40/100. 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 Van Phu - Invest Investment JSC (VPI)?
Our model-based price target is the fair value of 10,979 VND (as of Sep 24, 2026) from 14 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Van Phu - Invest Investment JSC stock forecast for 2026?
Our models put fair value at 10,979 VND, about −82% upside versus a price of 61,100 VND (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Van Phu - Invest Investment JSC (VPI)?
Van Phu - Invest Investment JSC reported trailing-twelve-month revenue of about 2.0T VND (latest available figure, as of Sep 24, 2026).
What growth is priced into Van Phu - Invest Investment JSC (VPI)?
For today's price to be fair in a discounted-cash-flow model, Van Phu - Invest Investment JSC would have to grow free cash flow by +66.6 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VPI use?
Our models discount Van Phu - Invest Investment JSC at 10.9 %: a base by market capitalisation (mega), damped by beta 0.06, 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 Van Phu - Invest Investment JSC that is +66.6 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Van Phu - Invest Investment JSC (VPI) delivered so far?
Over the past 5 years revenue at Van Phu - Invest Investment JSC grew -1.8 % a year. The price currently implies +66.6 % 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 Van Phu - Invest Investment JSC (VPI) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Van Phu - Invest Investment JSC (+66.6 % 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 Van Phu - Invest Investment JSC (VPI)?
The free-cash-flow yield on the price is 0.50 %: that much free cash flow Van Phu - Invest Investment JSC produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Van Phu - Invest Investment JSC (VPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Van Phu - Invest Investment JSC it is 10,979 VND per share (as of Sep 24, 2026), against a price of 61,100 VND. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Van Phu - Invest Investment JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VPI trades above its calculated fair value: price 61,100 VND, fair value 10,979 VND, a gap of about −82% (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 VPI?
No. The price is what the market pays today (61,100 VND); the fair value is what the company's own numbers justify (10,979 VND). For Van Phu - Invest Investment JSC the two are 50,121 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Van Phu - Invest Investment JSC worth?
The market values Van Phu - Invest Investment JSC at about 19.6T VND (market capitalisation, as of Sep 24, 2026). Per share that is 61,100 VND; our models calculate a fair value of 10,979 VND per share.
What is the P/E ratio of VPI?
Van Phu - Invest Investment JSC trades at a price-to-earnings ratio of 70.8 (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 10,979 VND is built from several models across several years. Other multiples: P/B 3.6, P/S 9.5, EV/EBITDA 45.6.
How solid is the balance sheet of Van Phu - Invest Investment JSC (VPI)?
Balance-sheet figures for Van Phu - Invest Investment JSC (as of Sep 24, 2026): return on equity 5.1%, debt of 0.99 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is VPI from its 52-week high?
Van Phu - Invest Investment JSC trades at 61,100 VND, about 3% below its 52-week high of 63,100 VND and 29% above the low of 47,273 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 10,979 VND is for.
Which stocks are comparable to Van Phu - Invest Investment JSC?
From the same area (Real Estate) we also value CBRE Group, Vonovia SE, Cellnex Telecom, S.A, KE Holdings, 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 Van Phu - Invest Investment JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 61,100 VND, calculated fair value 10,979 VND (−82%), Quality Score 40/100, from 14 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 VPI calculated?
We run Van Phu - Invest Investment JSC through 14 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 10,979 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. Van Phu - Invest Investment 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 Van Phu - Invest Investment JSC (VPI)?
The closing price on Sep 23, 2026 was 61,100 VND. Our model-based fair value is 10,979 VND, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Van Phu - Invest Investment JSC right now?
The price sits above even our optimistic bull case (10,979 VND). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Van Phu - Invest Investment JSC
How large is the market capitalisation of Van Phu - Invest Investment JSC (VPI)?
The market capitalisation of Van Phu - Invest Investment JSC is 19.6T 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 Van Phu - Invest Investment JSC (VPI)?
The price-to-sales ratio of Van Phu - Invest Investment JSC is 14.0 (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 Van Phu - Invest Investment JSC (VPI)?
Earnings per share at Van Phu - Invest Investment JSC are 862.92 VND (price ÷ EPS = P/E 70.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Van Phu - Invest Investment JSC (VPI)?
The net margin of Van Phu - Invest Investment JSC is 19.8% (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 Van Phu - Invest Investment JSC (VPI)?
The return on equity (ROE) of Van Phu - Invest Investment JSC is 5.1% (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 Van Phu - Invest Investment JSC (VPI)?
On an EBIT basis the return on assets of Van Phu - Invest Investment JSC is 4.6% (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 Van Phu - Invest Investment JSC (VPI)?
The operating margin of Van Phu - Invest Investment JSC is 12.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Van Phu - Invest Investment JSC (VPI)?
Revenue at Van Phu - Invest Investment JSC is growing +15.5% versus a year earlier (3y avg −2.8%). 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 Van Phu - Invest Investment JSC (VPI)?
Earnings per share at Van Phu - Invest Investment JSC are growing −80.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Van Phu - Invest Investment JSC (VPI) carry?
The net debt of Van Phu - Invest Investment JSC is 5.6T VND (fiscal year 2025, ≈ 57.6 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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