DAN

Công ty Cổ phần Dược Danapha

VietnamConsumerY tếDược phẩmUPCOMCT

32.700

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 32.700
Calibrated intrinsic value (VND): 36.578

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

The date of the last close could not be confirmed.
Trading liquidity is below the comparison threshold.
The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Y tế→Consumer

Classified as consumer because ICB sector “Y tế” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

60.97%

Kd(1-t)

5.09%

D/(D+E)

39.03%

WACC

10.00%

Growth Estimate

fundamental firm blend6.83%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→80.72B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→32.700

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

36.578

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.00%

Growth rate6.83%growth method: fundamental firm blend

Base cash flow80.7 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	3.8%	5.3%	6.8%	8.3%	9.8%
8.0%	37.502	38.184	38.184	38.184	38.184
9.0%	36.578	36.578	36.578	36.655	37.502
10.0%	34.927	34.927	36.578	36.578	36.578
11.0%	34.927	34.927	34.927	34.927	36.578
12.0%	33.152	33.152	34.927	34.927	34.927

Above market priceBelow market priceCurrent estimate

DAN among Consumer

Every stock in the sector, DAN marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is DAN. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	658	567	551	553	626	453	498	539	484	454	322	272	225
Cash and cash equivalents (Bn. VND)Net debt bridge	·	69	75	59	82	102	88	73	96	21	59	48	58	47
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	129	255	68	0	0	0	0	20	23	0
Accounts receivable (Bn. VND)	·	433	371	359	228	147	192	299	313	337	282	154	112	112
Prepayments to suppliers (Bn. VND)	·	59	85	65	37	30	29	32	36	44	32	12	3	0.9
Net Inventories	·	130	82	91	88	99	89	109	120	122	106	93	75	64
Inventories, Net (Bn. VND)	·	135	85	94	90	101	90	110	121	122	108	94	78	66
Other current assets	·	26	40	42	26	23	16	17	10	4	7	7	4	0.8
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.00
LONG-TERM ASSETS (Bn. VND)	·	1,523	1,029	743	521	261	269	286	278	205	181	150	123	126
Long-term trade receivables (Bn. VND)	·	0	0	4	4	7	0	0	0	0	7	0	0	0
Other long-term receivables (Bn. VND)	·	0	0	4	4	7	0	0	0	0	7	0	0	0
Fixed assets (Bn. VND)	·	96	110	124	141	159	187	209	213	166	118	118	110	115
Tangible fixed assets	·	60	74	87	103	120	138	161	169	122	76	76	68	73
Intagible fixed assets	·	35	36	37	38	39	49	49	44	44	42	42	42	42
Long-term investments (Bn. VND)	·	7	7	7	7	7	16	15	15	15	16	13	13	11
Investments in associate companies	·	9	9	9	9	9	9	9	9	9	9	9	9	9
Other long-term assets (Bn. VND)	·	7	7	7	7	7	7	7	7	7	8	5	5	5
Less: Provision for diminuation in value of long term investments	·	−9	−9	−9	−9	−9	−4	−0.1	−0.1	−0.1	−1.0	−1.0	−1.0	−3
Other non-current assets	·	15	17	14	14	15	14	15	16	16	16	17	0	0
Long-term prepayments (Bn. VND)	·	15	17	14	14	15	14	15	16	16	16	17	0	0
TOTAL ASSETS (Bn. VND)	·	2,181	1,596	1,295	1,074	886	722	785	817	689	634	472	395	350
LIABILITIES (Bn. VND)	·	1,330	831	584	425	260	124	348	398	291	341	214	214	187
Current liabilities (Bn. VND)	·	516	400	379	232	260	124	331	238	274	315	213	212	182
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	197	163	150	65	178	67	253	142	201	158	96	92	71
Advances from customers (Bn. VND)	·	2	2	0.5	1	0.6	0.4	1	29	20	10	0.01	0.01	0.08
Long-term liabilities (Bn. VND)	·	814	431	205	192	0	0	17	159	17	26	1	2	5
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	481	326	205	192	0	0	17	27	17	26	1	2	5
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	851	765	710	649	626	598	436	419	398	293	258	181	164
Capital and reserves (Bn. VND)	·	851	765	710	649	626	597	436	418	397	292	257	181	163
Paid-in capital (Bn. VND)	·	209	209	209	211	211	211	136	130	130	98	98	62	62
Other Reserves	·	0	0	0	0	0	−2	0	0	0	0	0	0	0
Investment and development funds (Bn. VND)	·	374	304	243	209	186	175	162	145	113	113	78	53	38
Undistributed earnings (Bn. VND)	·	86	70	77	50	50	31	31	29	66	0	0	0	0
Budget sources and other funds	·	0.1	0.1	0.1	0.2	0.2	0.2	0.2	2	0.6	1	0.7	−0.3	0.6
Budget sources and other funds	·	0.1	0.1	0.1	0.1	0.1	0.1	0.2	2	0.5	0.8	0.4	−0.3	0.6
TOTAL RESOURCES (Bn. VND)	·	2,181	1,596	1,295	1,074	886	722	785	817	689	634	472	395	350
Convertible bonds (Bn. VND)	·	0	0	0	0	0	0	0	132	0	0	0	0	0
Common shares (Bn. VND)	·	209	209	209	211	211	211	136	130	130	98	98	62	62

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.25 · 54th pctile vs VN companies

YoY ▲ +0.47

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

1.019

GMI

0.944

AQI

1.136

SGI

1.146

DEPI

0.971

SGAI

1.003

TATA

0.014

LVGI

1.004

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.8239th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.7%55th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

0.94

Distress Zone

Sharpe

−0.02

Negative

Composite

30 to 49

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✗ROA Rising

✗OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✓Margin Up

✗Turnover Up

DuPont Decomposition

Tax Burden0.79×Interest Burden1.00×Op. Margin0.17×Turnover0.30×Leverage2.56=ROE10.1%

Price Risk

Momentum

+42.7%

Volatility

145.8%

Max Drawdown

−41.7%

Key Ratios

Fiscal year 2025

7.98P/E

P/B: 0.80
P/S: 1.06
ROE: 10.6%
ROA: 4.5%
EPS: 4.095
BVPS: 40.635
Gross Margin: 55.0%
Net Margin: 13.2%
D/E: 0.80
Current Ratio: 1.27
Rev Growth: +13.7%
Profit Growth: +20.2%
EV/EBITDA: 8.23
Div Yield: —

Company Overview

Shares outstanding: 20.9M
Charter Capital: 209B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

Common ownership links for DAN. Hover for detail, select a link to open it.

Shareholders

Công ty TNHH Danhson VN

Inst

71.0%

14.9M

2025-12-24

Tổng Công ty Dược Việt Nam

Inst

26.5%

5.5M

2025-11-21

Phạm Khắc Hà

Indiv

0.4%

79,000

2025-10-05

Board & Management

Sasho Hristov Dobrev

Member of Management Board

Top connections

CDP66.3%DP165.4%TW365.0%UPH28.4%DP326.5%IMP26.5%MKP26.5%VDP26.5%OPC26.5%MED26.5%VMD26.5%MTP26.5%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DCF Sensitivity

DAN among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

DAN among Consumer