The economics behind the value
Vinamilk · Historical evidence, explicit assumptions, and a traceable FCFF valuation.
Start here: what could one share be worth?
The model estimates the cash the business could generate, then works out the portion belonging to one share.
Follow the money through one forecast year
These are calculated examples from your selected assumptions, not reported results. VND tn means trillion đồng; 1 tn = 1,000 billion đồng.
Metric dictionary · search a term you do not understand
Methodology: Damodaran financial definitions · Cash-flow valuation. Examples describe this model’s conventions.
What business are you buying?
Products, customers, operations and the links to valuation.
Understand the historical economics
Has growth kept pace with profitability, and what supports the next decade?
Historical operating statements
Normalize the starting point
Separate filed results, external estimates, and the model’s FY2026 starting assumptions.
Forecast operating performance
Revenue growth fades over ten years. Reinvestment is driven by marginal sales to capital.
Inspect the full forecast and discount factors
Price the risk explicitly
A VND risk-free framework, operating beta, country exposure, and financing weights.
The method changes CRP. The sovereign default-spread deduction is held fixed across methods so the comparison isolates equity country risk.
WACC formulas and methodology
The supplied CDS spread is used as a proxy deduction, not a verified local-currency spread. The yield and spreads have different dates. Review currency, tenor and sovereign-risk compatibility before adopting the construction. Debt uses a book-value proxy because market debt prices are absent.
Review / edit the WACC components and their evidence
Define a sustainable terminal state
Growth requires reinvestment. Stable ROIC determines how much profit remains available as cash.
Discount the cash flows
How much value comes from the explicit forecast, and how much depends on the terminal state?
Bridge operating value to equity
Add cash once, reconcile non-operating assets, then deduct minority and other claims.
Stress-test the investment case
Every sensitivity cell and scenario runs the same deterministic valuation engine.
WACC × terminal growth
Columns shift the entire WACC path in parallel; labels show stable WACC. Rows also change the growth fade and terminal reinvestment. Click a cell to inspect its calculation.
Outlined: accepted assumptions. Amber underline: closest cell to the dated market reference.
Inspect sensitivity rows
Scenario assumptions and full calculation trace
Base uses the database’s central operating ranges. Financing and bridge inputs follow the accepted case. Current user assumptions remain separate. Conservative/Optimistic combine operating ranges with rating/CDS risk methods.
Model integrity
Research gaps & source limitations
Assumption acceptance trail
Vietnam company research library
Browse the market, highlight your research, and keep financial-statement and story dates separate.
Market-cap ranks use one dated provider cross-section. Industry classifications and ranks are screening aids, not investment conclusions. A highlighted company has a research record; that does not certify current inputs.
Directory coverage, logos & refresh sources
Tracking is saved in this browser. Export it to keep a portable copy in your research library.
Does this follow Damodaran, step by step?
Independent arithmetic reconciliation and a clear distinction between implemented formulas and unresolved economic evidence.
Your Vietnam research library
Company records, research notes, and reproducible valuation snapshots.
VNM is the working valuation template. Other companies can be registered in the library; company-specific evidence and model review are required before valuation.
Research notebook
Thesis, catalysts, questions, and filing references. Saved in this browser; export research for a portable backup.
Saved valuations
Each snapshot preserves assumptions, method, database identity and calculated outputs.
Evidence database
Observation history is append-only. Forecast vintages remain separate records.
VNM research template · Local, offline-capable application · Source records are preserved as supplied. The connected quote is the latest available provider observation and may be delayed. Other financial and market inputs retain their source dates.