NVL

Công ty Cổ phần Tập đoàn Đầu tư Địa ốc No Va

VietnamReal EstateBất động sảnHOSECT

10.350

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.6%Calibrated value vs last close

Last close (VND): 10.350
Calibrated intrinsic value (VND): 12.072

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

Under financial distress the model falls back to book value.

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 2026Valid through 2 Dec 2026

Model reliability: Medium; 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 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Bất động sản→Real Estate

Classified as real estate because ICB sector “Bất động sản” maps to the real estate group.

ModelRNAV + DCF Blend

Intrinsic = 40% x RNAV proxy + 60% x DCF Value

Developers often carry land banks at historical cost under VAS, so book value can understate asset value. This model blends two approaches: an RNAV proxy (book value with its property share marked up 1.5×) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.

Technical details

Why this model

RE developers carry large land inventories at historical cost; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen guards against over-leveraged developers.

How it works

RNAV proxy: the property share of BVPS (investment property, fixed assets and inventories over total assets) × 1.5 plus the rest at book, or 1.25× all of book when that share is 10% or less or unknown, cut by up to 50% as D/E rises above 2. DCF: 5-year projection on median cash flow with CAPM-derived WACC. If D/E > 3 or interest coverage < 1.5, WACC is increased by 2%. Final value = 40% RNAV + 60% DCF.

Best for

Property developers and real estate firms with significant land banks recorded at below-market historical cost.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

1.051

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.71%

E/(D+E)

43.98%

Kd(1-t)

2.79%

D/(D+E)

56.02%

WACC

10.00%

Growth Estimate

Sector Default3.50%

Growth decays 10%/yr toward terminal

Model Inputs

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)→10.350

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

12.072

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

Discount rate (WACC)10.00%high risk: no

Growth rate3.50%growth method: default

Base cash flow383.5 tỷone off strip ratio: 1.03

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	0.5%	2.0%	3.5%	5.0%	6.5%
8.0%	N/A	N/A	N/A	N/A	N/A
9.0%	N/A	N/A	N/A	N/A	N/A
10.0%	N/A	N/A	N/A	N/A	N/A
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

NVL among Real Estate

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

Each bead is one stock in the sector; the amber bead with its stem is NVL. 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)	·	206,106	207,831	191,155	198,115	156,049	114,204	71,195	50,081	41,166	30,289	18,133	14,353	7,565
Cash and cash equivalents (Bn. VND)Net debt bridge	·	4,352	4,608	3,413	8,600	17,249	11,559	6,466	12,315	6,650	3,337	3,860	2,779	249
Short-term investments (Bn. VND)Net debt bridge	·	17,348	31	44	327	837	722	466	96	513	965	819	206	148
Accounts receivable (Bn. VND)	·	28,941	54,813	47,011	52,346	26,409	13,798	5,894	5,622	5,998	9,636	6,059	3,135	1,288
Prepayments to suppliers (Bn. VND)	·	8,153	7,858	7,458	8,051	2,333	1,467	834	1,423	1,771	937	284	604	637
Net Inventories	·	153,324	146,607	138,935	134,956	110,157	86,865	57,206	31,123	27,129	15,790	7,159	8,151	5,837
Inventories, Net (Bn. VND)	·	153,745	147,028	139,096	134,958	110,159	86,868	57,209	31,130	27,136	15,795	7,202	8,160	5,840
Other current assets	·	2,141	1,771	1,752	1,886	1,396	1,260	1,163	926	876	562	237	81	42
Other current assets (Bn. VND)	·	59	0	0	0	0	0	0	0	0	0	0	0	0.9
LONG-TERM ASSETS (Bn. VND)	·	43,802	29,947	50,332	59,620	45,785	30,333	18,784	19,041	8,301	6,238	8,437	1,740	1,263
Long-term trade receivables (Bn. VND)	·	14,928	15,901	34,560	44,082	33,582	17,644	371	255	654	912	3,309	965	6
Other long-term receivables (Bn. VND)	·	14,944	15,741	34,298	43,984	33,348	17,468	371	255	204	911	3,309	965	0
Fixed assets (Bn. VND)	·	1,901	1,938	2,401	3,937	1,442	1,218	840	756	327	149	88	69	123
Tangible fixed assets	·	1,839	1,876	2,332	3,854	1,345	1,102	698	674	282	120	60	34	15
Intagible fixed assets	·	61	62	70	83	97	117	142	82	45	29	28	35	35
Investment in properties	·	5,151	5,737	5,543	3,141	2,754	2,824	3,798	3,057	2,945	1,945	1,083	395	646
Long-term investments (Bn. VND)	·	18,174	1,709	1,728	1,616	1,624	1,891	5,744	7,703	1,043	375	1,582	21	63
Investments in associate companies	·	4,997	1,411	1,423	1,582	1,585	1,645	5,695	7,695	1,043	372	1,526	16	63
Other long-term assets (Bn. VND)	·	4,260	302	305	34	25	10	8	8	0	3	56	5	300,000
Less: Provision for diminuation in value of long term investments	·	−5	−4	0	0	0	236	0	0	0	0	0	0	0
Goodwill	·	0	0	0	0	0	0	0	0	0	0	1,120	102	0
Other non-current assets	·	3,224	4,118	5,570	6,272	6,090	6,470	7,181	6,840	2,971	2,573	186	102	426
Long-term prepayments (Bn. VND)	·	1,438	1,500	1,689	1,575	828	420	263	414	449	288	161	97	14
TOTAL ASSETS (Bn. VND)	·	249,908	237,778	241,486	257,735	201,834	144,536	89,979	69,122	49,467	36,527	26,570	16,094	8,828
LIABILITIES (Bn. VND)	·	191,015	190,487	196,184	212,917	160,660	112,604	65,518	49,152	36,211	26,480	20,475	12,731	7,389
Current liabilities (Bn. VND)	·	95,997	107,222	87,283	78,174	49,215	31,427	18,810	27,995	22,658	15,011	13,355	9,906	4,924
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	31,718	36,978	30,937	29,202	19,088	14,544	8,445	11,645	7,749	5,596	2,513	1,646	1,647
Advances from customers (Bn. VND)	·	20,353	18,915	19,115	15,963	8,306	4,087	1,254	7,780	8,848	5,955	8,147	3,441	1,941
Long-term liabilities (Bn. VND)	·	95,018	83,265	108,901	134,743	111,446	81,177	46,709	21,157	13,552	11,469	7,121	2,825	2,465
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	35,673	24,588	26,775	35,667	41,431	34,357	26,146	16,263	10,201	7,907	5,481	2,020	2,266
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	58,893	47,291	45,303	44,818	41,173	31,932	24,461	19,970	13,256	10,047	6,095	3,362	879
Capital and reserves (Bn. VND)	·	58,893	47,291	45,303	44,818	41,173	31,932	24,461	19,970	13,256	10,047	6,095	3,362	879
Paid-in capital (Bn. VND)	·	22,320	19,501	19,501	19,501	19,304	9,863	9,695	9,373	6,497	5,962	3,683	2,300	1,200
Undistributed earnings (Bn. VND)	·	16,976	13,281	13,494	12,889	10,708	12,051	8,723	5,619	2,907	952	550	331	237
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	560
TOTAL RESOURCES (Bn. VND)	·	249,908	237,778	241,486	257,735	201,834	144,536	89,979	69,122	49,467	36,527	26,570	16,094	8,828
Short-term loans receivables (Bn. VND)	·	0	6,051	6,602	4,467	6,303	3,019	769	431	626	3,314	1,268	554	0
Long-term loans receivables (Bn. VND)	·	0	176	176	98	235	176	0	0	450	0	0	0	0
Common shares (Bn. VND)	·	22,320	19,501	19,501	19,501	19,304	9,863	9,695	9,304	6,428	5,894	3,505	2,300	1,200
Good will (Bn. VND)	·	0	2,476	3,697	4,544	5,104	0	6,841	6,356	2,406	2,218	0	0	0
MINORITY INTERESTSNet debt bridge	·	13,554	9,457	7,256	7,376	6,138	6,048	2,183	981	646	958	979	696	0

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.17 · 10th pctile vs VN companies

YoY ▼ −5.74

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

0.688

GMI

0.014

AQI

1.423

SGI

0.768

DEPI

1.255

SGAI

1.248

TATA

0.032

LVGI

0.950

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 9.2%79th 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.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

0.78

Distress Zone

Sharpe

−0.59

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 Burden0.61×Interest Burden1.47×Op. Margin0.30×Turnover0.03×Leverage4.24=ROE3.2%

Price Risk

Momentum

−17.5%

Volatility

34.6%

Max Drawdown

−46.1%

Key Ratios

Fiscal year 2025

19.11P/E

P/B: 0.74
P/S: 4.78
ROE: 4.2%
ROA: 0.7%
EPS: 780
BVPS: 20.291
Gross Margin: 63.5%
Net Margin: 26.7%
D/E: 1.14
Current Ratio: 2.15
Rev Growth: −23.3%
Profit Growth: +126.3%
EV/EBITDA: 25.95
Div Yield: —

Company Overview

Shares outstanding: 3,204M
Charter Capital: 32,045B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty Cổ Phần Novagroup

Inst

22.0%

528M

2026-06-30

Công ty CP Diamond Properties

Inst

7.4%

178M

2026-10-21

Bùi Thành Nhơn

Indiv

4.3%

104M

2026-06-30

Bùi Cao Nhật Quân

Indiv

3.4%

81.0M

2026-06-30

Cao Thị Ngọc Sương

Indiv

2.2%

51.8M

2026-10-21

Bùi Xuân Huy

Indiv

1.7%

33.8M

2023-12-31

Nguyễn Hiếu Liêm

Indiv

1.2%

22.5M

2023-06-08

Trần Thị Thanh Vân

Indiv

0.8%

19.2M

2026-06-30

Dương Văn Bắc

Indiv

0.7%

15.8M

2026-06-30

Cao Trần Duy Nam

Indiv

0.5%

11.3M

2026-06-30

Bùi Cao Ngọc Quỳnh

Indiv

0.3%

8.3M

2026-06-30

Hoàng Thu Châu

Indiv

0.2%

4.1M

2023-12-31

Công Đoàn Cơ Sở Công ty Cổ Phần Tập Đoàn Đầu Tư Địa Ốc No Va

Inst

0.2%

4.2M

2026-09-24

Bùi Đạt Chương

Indiv

0.1%

3.3M

2026-06-30

Board & Management

Bùi Cao Nhật Quân3.4%

Chairman of Management Board

Trần Thị Thanh Vân0.8%

Deputy General Director

Dương Văn Bắc0.7%

Member of Management Board/General Director/Spokesman

Cao Trần Duy Nam0.5%

Deputy General Director

Hoàng Thu Châu0.3%

Spokesman

Võ Thị Cao Ly

Department Director

Nguyễn Thị Xuân Dung

Chief Financial Officer

Dương Thị Thu Thủy

Department Director

Nguyễn Thuỳ Xuân Mai

Chief Accountant

Huỳnh Văn Phước

Person in charge of Corporate governace

Phạm Tiến Vân

Member of Management Board/Internal auditor

Director-deal registrations · 12 months

Sale registrations: 12 by 4 traders; 45,772,400 shares · 3 without a stated volume
Purchase registrations: None

Cao Thị Ngọc Sương
Sale · Related person
6,300,000
2026-10-21
Công ty CP Diamond Properties
Sale · Institution
7,000,000
2026-10-21
Công ty CP Diamond Properties
Sale · Institution
2,700,000
2026-10-09
Công ty CP Diamond Properties
Sale · Institution
2,700,000
2026-09-25
Công Đoàn Cơ Sở Công ty Cổ Phần Tập Đoàn Đầu Tư Địa Ốc No Va
Sale · Institution
2,500,000
2026-09-24
Công ty CP Diamond Properties
Sale · Institution
2,984,200
2026-05-21
Công ty CP Diamond Properties
Sale · Institution
—
2026-04-15
Công ty Cổ Phần Novagroup
Sale · Institution
—
2026-04-15

4 more registrations

Công ty CP Diamond Properties
Sale · Institution
2,157,000
2026-04-10
Công ty Cổ Phần Novagroup
Sale · Institution
—
2026-03-26
Công ty CP Diamond Properties
Sale · Institution
2,157,000
2026-03-02
Cao Thị Ngọc Sương
Sale · Related person
17,274,200
2025-11-28

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

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

NVL among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

NVL among Real Estate

Ownership network

Director-deal registrations · 12 months