Business analysis and valuation : Vietnam dairy products joint stock company ( VNM)

Abstract

The thesis shows the business analysis and valuation process of Vietnam dairy products joint stock company (VNM). It includes Company’s profile, strategy analysis of Company as well as the Vietnam dairy industry. The financial performances of VNM in the previous years are also analyzed through the trend and ratio analysis which are the foundation for comparisons between VNM and other companies in the beverage industry. Moreover, some main assumptions are made based on VNM’s current business reality and other related factors. CAPM and WACC are applied to estimate its cost of capital. And the fair value of VNM is calculated by using the Discounted Cash Flow and P/E Multiple approach. In conclusion, VNM is a good choice for long term investors because of its current competitive advantages and some favorable economic and demographic factors.