VLC

Tổng Công ty Chăn nuôi Việt Nam - Công ty Cổ phần

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT

11.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+6.8%Calibrated value vs last close

Last close (VND): 11.000
Calibrated intrinsic value (VND): 11.749

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 model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Trading liquidity is low.
Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.
Historical growth has declined.

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→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector “Thực phẩm và đồ uống” 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

0.720

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.26%

E/(D+E)

98.88%

Kd(1-t)

6.42%

D/(D+E)

1.12%

WACC

10.22%

Growth Estimate

historical blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→118.36B

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)→11.000

Calibrated value vs last close→+6.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

11.749

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

Discount rate (WACC)10.22%

Growth rate4.00%growth method: historical blend

Base cash flow118.4 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	1.0%	2.5%	4.0%	5.5%	7.0%
8.2%	12.845	12.845	12.845	12.845	12.845
9.2%	12.845	12.845	12.845	12.845	12.845
10.2%	12.330	12.330	12.330	12.615	12.615
11.2%	12.330	12.330	12.330	12.330	12.330
12.2%	12.330	12.330	12.330	12.330	12.330

Above market priceBelow market priceCurrent estimate

VLC among Consumer

Every stock in the sector, VLC 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 VLC. 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)	·	3,777	4,077	4,396	3,562	3,242	1,612	1,356	1,297	1,184	1,193	983	890	856
Cash and cash equivalents (Bn. VND)Net debt bridge	·	122	421	1,334	744	178	61	334	40	119	215	79	174	170
Short-term investments (Bn. VND)Net debt bridge	·	2,753	2,989	2,212	2,111	2,563	1,130	626	742	664	549	498	312	122
Accounts receivable (Bn. VND)	·	372	361	566	455	297	162	87	142	92	79	126	91	151
Prepayments to suppliers (Bn. VND)	·	62	55	199	159	20	0.9	9	14	7	16	8	7	10
Net Inventories	·	480	259	210	210	196	205	294	360	298	338	276	309	408
Inventories, Net (Bn. VND)	·	491	265	214	212	198	206	294	360	301	340	276	309	408
Other current assets	·	49	47	74	42	8	54	16	13	10	12	4	4	4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.6
LONG-TERM ASSETS (Bn. VND)	·	2,861	2,738	1,519	1,337	1,412	241	274	296	393	396	471	481	598
Long-term trade receivables (Bn. VND)	·	0.5	0.6	0.3	0.3	0.3	0.2	0	0	0	0.06	0.06	0.06	0
Other long-term receivables (Bn. VND)	·	0.5	0.6	0.3	0.3	0.3	0.2	0	0	0	0.06	0.06	0.06	0
Fixed assets (Bn. VND)	·	2,004	1,482	941	841	848	174	220	241	309	297	310	332	394
Tangible fixed assets	·	1,632	1,075	499	364	335	171	218	241	309	297	310	332	394
Intagible fixed assets	·	372	407	442	477	513	3	3	0.04	0.2	0	0	0	0
Long-term investments (Bn. VND)	·	190	252	181	194	205	31	47	47	69	77	129	115	89
Investments in associate companies	·	165	172	173	186	193	13	23	23	40	48	94	102	77
Other long-term assets (Bn. VND)	·	22	22	30	30	30	30	32	29	33	33	18	15	15
Less: Provision for diminuation in value of long term investments	·	−22	−22	−22	−22	−18	−11	−9	−5	−4	−4	−3	−2	−3
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	88
Other non-current assets	·	74	118	157	194	243	6	8	8	15	23	31	32	28
Long-term prepayments (Bn. VND)	·	28	26	19	10	12	6	7	8	15	23	31	32	27
TOTAL ASSETS (Bn. VND)	·	6,637	6,816	5,915	4,898	4,654	1,853	1,631	1,594	1,577	1,589	1,454	1,371	1,454
LIABILITIES (Bn. VND)	·	710	808	507	441	513	314	295	315	325	390	282	289	401
Current liabilities (Bn. VND)	·	615	699	383	301	342	253	287	303	313	377	276	283	344
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	67	99	0	0	77	0	0	0	5	12	18	29	39
Advances from customers (Bn. VND)	·	33	5	2	2	2	3	28	18	40	81	12	6	8
Long-term liabilities (Bn. VND)	·	95	109	124	140	171	61	7	11	12	13	7	5	57
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	3	0	0.6	55
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	5,927	6,008	5,407	4,457	4,141	1,539	1,336	1,279	1,252	1,199	1,171	1,082	758
Capital and reserves (Bn. VND)	·	5,927	6,008	5,407	4,457	4,141	1,539	1,336	1,279	1,252	1,199	1,171	1,082	758
Paid-in capital (Bn. VND)	·	2,125	2,125	2,125	1,723	2,500	631	631	631	631	631	631	631	631
Other Reserves	·	38	38	38	38	38	153	153	102	102	102	102	0	0
Difference upon Assets Revaluation	·	−64	−65	−65	−65	−65	−87	−89	−95	−96	−96	−86	0	0
Foreign Currency Difference reserve	·	0	0	0	0	0	0	0	0	0	0	0	−86	0
Investment and development funds (Bn. VND)	·	116	116	132	94	55	65	41	63	50	31	18	104	59
Undistributed earnings (Bn. VND)	·	110	122	369	384	−215	331	244	201	190	184	144	107	24
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	295
TOTAL RESOURCES (Bn. VND)	·	6,637	6,816	5,915	4,898	4,654	1,853	1,631	1,594	1,577	1,589	1,454	1,371	1,454
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0.2	31	35	31	15	2	2	0
Common shares (Bn. VND)	·	2,125	2,125	2,125	1,723	2,500	631	631	631	631	631	631	631	631
Good will (Bn. VND)	·	45	92	138	184	230	0	0	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	2,410	2,478	1,616	1,250	1,572	447	356	376	376	348	363	327	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 −2.22 · 55th pctile vs VN companies

YoY ▲ +0.34

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

0.980

GMI

1.211

AQI

0.700

SGI

1.052

DEPI

1.104

SGAI

0.921

TATA

0.038

LVGI

0.904

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.2827th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.9%35th 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

5/9

Neutral

Z-Score

3.56

Safe Zone

Sharpe

−1.29

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 Burden0.53×Interest Burden0.97×Op. Margin0.01×Turnover0.47×Leverage1.12=ROE0.4%

Price Risk

Momentum

−17.9%

Volatility

19.3%

Max Drawdown

−31.1%

Key Ratios

Fiscal year 2025

4848.88P/E

P/B: 0.66
P/S: 0.75
ROE: 0.0%
ROA: 0.0%
EPS: 2
BVPS: 16.551
Gross Margin: 21.5%
Net Margin: 0.7%
D/E: 0.01
Current Ratio: 6.14
Rev Growth: +5.3%
Profit Growth: −99.1%
EV/EBITDA: 24.62
Div Yield: —

Company Overview

Shares outstanding: 212M
Charter Capital: 2,125B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Sản xuất thực phẩm
Sub-industry: Nuôi trồng nông & hải sản
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần Sữa Việt Nam

VNM

68.9%

146M

2026-06-30

Phạm Thị Linh

Indiv

3.0%

6.3M

2026-06-30

Đỗ Hoàng Phương

Indiv

2.9%

6.3M

2026-06-30

Trần Công Chiến

Indiv

0.2%

120,000

2019-12-31

Bùi Đức Hoàn

Indiv

0.2%

102,600

2016-06-30

Board & Management

Hoàng Mạnh Cường

Chief Accountant

Top connections

MCM68.9%SBT68.9%

Listed group

VNMCông ty Cổ phần Sữa Việt Nam
Parent: holds over 50%
68.9%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

VLC among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Ownership network

Listed group

VLC among Consumer