§ B

Bank Analysis — Credit Institution

Specialized analysis framework for banks · CAMELS framework

⚠ The DCF/FCFF method does not apply to banks

The FCFF model is designed for non-financial companies (since borrowed funds are financing). For a bank, borrowed funds (customer deposits, debt securities, interbank borrowing) are the raw material of the business — operating cannot be separated from financing. The tool instead shows a CAMELS analysis and 2 valuation methods suited to banks:

P/B Justified via Gordon Growth: P/B = (ROE − g) / (Re − g) — the banking-industry standard
Residual Income / RIM: Equity Value = BV + PV(Excess Returns), where Excess Return = (ROE − Re) × BV

Table B.1 — Bank Income Statement & Balance Sheet — — —

Table B.2 — CAMELS Ratios & Profitability Unit: %

Valuation Assumptions

Reference for Vietnamese banks: Re ≈ 13–16%, g ≈ 4–5% (in line with nominal GDP).

Cost of Equity (Re) Required return on equity %

⚙ Default: 14.00% CAPM: Rf 3% + β 1.1 × ERP 10%

Long-term growth (g) Perpetual growth rate %

⚙ Default: 5.00% ≈ Vietnam nominal GDP

Sustainable ROE Long-term sustainable %

📊 3-yr avg: — ↻ Restore

Shares outstanding Million shares M

📒 Charter capital ÷ 10,000: — ↻ Restore

Current market price VND/share đ

✎ Manual entry required: Today's reference price

Valuation via P/B Justified (Gordon Growth)

Formula: Justified P/B = (ROE − g) / (Re − g). The standard method for bank valuation.

Please enter the current market price to see a recommendation.

Table B.3 — Valuation via Residual Income (RIM) Supplementary method · cross-check vs. P/B

Equity Value = current BV + Σ PV[(ROE_t − Re) × BV_t], assuming ROE converges to Re after 10 years.

Table B.4 — P/B Justified Sensitivity Analysis Axes: Re × ROE

Low High

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

Chart B.1 — Bank Analysis Visuals Income structure · ROE/ROA/NIM trends · PPOP composition

§ S

Securities Firm Analysis — Broker

Specialized analysis framework for securities firms · Brokerage / Margin / Prop trading mix

⚠ DCF/FCFF is not suitable for securities firms

A securities firm is a financial intermediary — its main assets (FVTPL, AFS, HTM, margin loans) make up 90%+ of total assets, and short-term borrowing is the raw material for margin-lending activity. Operating cannot be separated from financing the way it can for a manufacturer. Suitable methods:

P/B Justified via Gordon Growth: P/B = (ROE − g) / (Re − g) — the primary method
P/E on normalized earnings: Use caution since NI swings heavily with the market (FVTPL gain/loss)
Sum-of-the-Parts (SOTP): Value each segment separately (Margin, Brokerage, Prop trading, IB)

Table S.1 — Securities Firm Income Statement & Balance Sheet — — —

Table S.2 — Operating Revenue Mix (latest year) Diversified revenue sources = higher quality

Table S.3 — Financial Ratios ROE, ROA, Margin/Equity leverage

Valuation Assumptions

Reference for Vietnamese securities firms: Re ≈ 14–17%, g ≈ 4–5%. ROE swings heavily with the market cycle.

Cost of Equity (Re) Required return on equity %

⚙ Default: 15.00% Securities firms carry more risk than banks → higher Re

Long-term growth (g) %

⚙ Default: 5.00% ≈ Vietnam nominal GDP

Sustainable ROE Cycle-adjusted %

📊 3-yr avg: — ↻ Restore

Shares outstanding Million shares M

📒 Contributed capital ÷ 10,000: — ↻ Restore

Current market price VND/share đ

✎ Manual entry required: Today's reference price

Valuation via P/B Justified (Gordon Growth)

Justified P/B = (ROE − g) / (Re − g). The primary method for securities firms, since BV reflects the capital base backing the margin-lending business.

Please enter the current market price to see a recommendation.

Table S.4 — P/B Justified Sensitivity Analysis Axes: Re × ROE

Low High

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

Chart S.1 — Securities Firm Analysis Visuals Revenue mix · ROE/Margin trend · Asset composition

§ 02

Historical Results & Restated FCFF

Unit: billion VND · unless noted otherwise

🔍 Quick Glance: Company Trends

Before diving into detail — the big picture, at a glance for anyone

Net Revenue —

Net Income —

EBIT Margin (%) —

Revenue Growth (%) —

Analyzing trends…

Table 2.1 — Income Statement Summary & Free Cash Flow to Firm 2018 — 2025

Historical analysis is the anchor for every forward assumption. Margins, capex intensity, and working-capital dynamics — that's the financial DNA of the business.

§ 03

Valuation Model Assumptions

Defaults are initialized from the most recent 3-year historical average

The tool has auto-filled every cell from the 3-year historical average. Only adjust when you have a specific reason:

Revenue growth: Override Y1 if there's guidance from management. A reasonable range is 5–25%; above 25% is overly optimistic for a Vietnamese company.
EBIT Margin: Add 1–2% if the company has pricing power (Vinamilk, FPT). Subtract 2–5% if competitive pressure is rising.
WACC: Default 12% for an average Vietnamese company. Raise to 13–14% for cyclical companies (real estate, materials). Lower to 10–11% for well-rated companies.
Terminal g: Keep at 4% ~ Vietnam nominal GDP. Avoid exceeding 5%.
Year-by-year CapEx: Use when the company has a front-loaded investment plan (HPG, MWG expansion). Enter an absolute figure for each year.

💡 Conservatism principle: If you raise growth, check whether margin should fall too (fast growth usually comes at the expense of margin).

Growth, Margins & Investment Ratios

Ratio-based assumptions — applied as a share of revenue across the entire projection period.

Revenue growth by year Each year can be adjusted independently

📊 Historical 3-yr avg growth: — ↻ Apply step-down from baseline

EBIT Margin Operating profit margin %

📊 3-yr avg: — ↻ Restore

Effective Tax Rate Effective tax rate %

📊 3-yr avg (capped at 30%): — ↻ Restore

D&A / Revenue Depreciation ratio %

📊 3-yr avg: — ↻ Restore

CapEx / Revenue Fixed-asset investment ratio %

📊 3-yr avg: — ↻ Restore

ΔNWC / ΔRevenue Incremental working capital %

📊 3-yr avg (capped ±50%): — ↻ Restore

Projection years Explicit forecast horizon yrs

⚙ Default: 7 years Common: 5-10 years depending on business cycle

CapEx & Working Capital by Year

Manual overrides for specific years — use when there's an investment plan or unusual NWC swing that differs from the general ratio assumption.

🏗 CapEx by year (optional)

Leave blank = auto-computed as CapEx/Revenue × that year's Revenue. Enter an absolute figure (billion VND) when the company has a front-loaded investment plan.

⚙ Quick actions: ↻ Reset ⚡ Front-load (3 years) 📉 Decay 20%/year

ΔNWC by year (billion VND — blank = auto)

Leave a cell blank = auto-computed as ΔNWC/ΔRevenue × that year's revenue increase (steady-state). Enter an absolute figure (billion VND) for a year with an unusual NWC change.

⚙ Quick actions: ↻ Reset (use steady-state) ⊘ Set to 0 (no NWC change)

WACC & Terminal Value

Discount rate and long-term growth assumption — the single most important valuation lever.

WACC Weighted average cost of capital %

⚙ Default: 12.00% Large & stable: 8-10% · Average: 10-12% · High-growth: 12-15%

Terminal Growth (g) Perpetual growth rate %

⚙ Default: 4.00% Should not exceed Vietnam's nominal GDP growth

⚓ Terminal Value

Normalize Terminal Value (Damodaran: g = RR × ROIC)

Steady-state ROIC Return on long-term capital %

📊 3-yr avg ROIC: — ↻ Restore

📐 Glide-Path

Linear, Year 1 → Terminal

Variable	Year 1	Terminal
EBIT Margin	—	%
D&A / Revenue	—	%
Tax rate	—	%
WACC	—	%
CapEx / Revenue	—	%
ΔNWC / ΔRevenue	—	%

Turn on → enter a Terminal value → §04 shows the year-by-year path.

FCFE Model Assumptions

Cost of equity, interest expense and balance-sheet figures — used specifically for equity free-cash-flow valuation.

Cost of Equity (Re) Required return on equity %

⚙ Default: 13.50% CAPM: Rf 3% + β × ERP. Re > WACC since it's for equity holders only.

Effective interest rate |Interest Expense| / Avg Debt %

📊 3-yr avg: — ↻ Restore

Debt growth factor Net Borrowing factor x

⚙ Default: 1.00x 1.0x = debt grows at the same rate as revenue (D/Rev constant). 0 = no additional borrowing.

Cash & equivalents Most recent period-end bn

📒 BS snapshot — ↻ Restore

Total liabilities Short-term + Long-term debt bn

📒 BS snapshot — ↻ Restore

Minority interest Minority interest bn

📒 BS snapshot — ↻ Restore

Shares outstanding Million shares M

📒 Common shares ÷ 10,000: — ↻ Restore

Current market price VND/share đ

✎ Manual entry required: Today's reference price

§ 04

Projected Cash Flows & Present Value

2-stage DCF method · Unit: billion VND

Table 4.1 — Projected FCFF Build-up and Present Value

§ 05

Enterprise Valuation & Recommendation

Bridge from Enterprise Value to Per-Share Value

Compare Per-Share Value to the market price: Enter today's price in the Current market price field in §03 to see Upside/Downside.
Triangulation: Don't rely on a single number. Compare FCFF, FCFE (this section) against P/E (§06) and P/B (§07). Where they converge = the real value.
Terminal Value weight: If PV(TV) > 75% of EV, the model is less stable. Extend the projection period or revisit growth.
FCFF vs FCFE: A gap <5% is healthy. If >15%, check debtGrowthFactor or costOfEquity.
Margin of Safety: Only buy when the market price sits at least 20–25% below Per-Share Value, to offset model error.

Enterprise Value

—

Value of the enterprise

Equity Value

—

Value of equity

Target Price

—

VND/share

Upside / Downside

—

N/A

Valuation Bridge: EV → Equity → Per Share

Value Composition

The share of PV from explicit FCFF versus Terminal Value shows how dependent the valuation is on long-term assumptions.

Parallel Valuation — FCFE

Free Cash Flow to Equity — cash flow available specifically to shareholders after deducting after-tax interest expense and adding/subtracting Net Borrowing. Discounted at the Cost of Equity (Re) instead of WACC. Produces Equity Value directly, with no need for an Equity Bridge.

Σ PV(FCFE)

—

Projection years

PV(Terminal Value)

—

% of Equity Value

Equity Value (FCFE)

—

Direct, no bridge

Target Price (FCFE)

—

VND/share

Upside (FCFE)

—

N/A

Table 5.1 — FCFF vs FCFE Comparison Valuation triangulation

In theory, FCFF and FCFE should produce an EQUIVALENT equity value if the capital structure is stable. A large gap signals inconsistent D/E or debt-growth assumptions.

Table 5.2 — Terminal Value Consistency Check Damodaran Reinvestment Consistency

§ 06

Relative Valuation — P/E

Cross-check via earnings multiple

Latest EPS (TTM)

—

VND/share

Forward EPS (Year 1)

—

Per §04 projection

Current P/E

—

Price / Latest EPS

Forward P/E

—

Price / Forward EPS

P/E Assumptions

The P/E multiple reflects the market's growth and risk expectations. Vietnam reference: VN30 ~ 12-15x, tech ~ 18-25x, banks ~ 7-10x, retail ~ 10-15x.

Assumed net margin Parent NI / Revenue %

📊 3-yr avg: — ↻ Restore

P/E Bear Case Conservative scenario x

⚙ Market reference: 8x 30-40% below the sector average P/E

P/E Base Case Base scenario x

⚙ Vietnam reference: 12x VN30 ~ 12-15x · Retail ~ 10-15x · Banks ~ 7-10x

P/E Bull Case Optimistic scenario x

⚙ High reference: 18x Tech/high-growth ~ 18-25x

Historical EPS & Growth

Historical EPS is computed from parent-company NI divided by the current share count (assumed constant across years).

Table 6.1 — Valuation via P/E Multiple Compared against the current market price

The P/E method suits companies with stable profits and few one-off items.

§ 07

Relative Valuation — P/B

Cross-check via book-value multiple

BVPS (latest)

—

Parent equity / share count

ROE (3-yr avg)

—

Parent NI / Parent equity

Current P/B

—

Price / BVPS

Justified P/B

—

(ROE − g) / (Re − g)

P/B Assumptions

P/B suits banks, insurers, financial companies, and asset-heavy businesses. Vietnam reference: VN30 ~ 1.5-2x, banks ~ 1.0-1.5x, real estate ~ 0.8-1.5x.

↗ Cost of Equity (Re) is taken from the §03 model assumptions: —

P/B Bear Case Conservative scenario x

⚙ Market reference: 1.0x Equal to book value (no premium)

P/B Base Case Base scenario x

⚙ Vietnam reference: 1.5x VN30 ~ 1.5-2x · Banks ~ 1-1.5x · Real estate ~ 0.8-1.5x

P/B Bull Case Optimistic scenario x

⚙ High reference: 2.5x Companies with ROE > 20% can reach 2.5-4x

Historical BVPS & ROE

Parent equity = Total equity − Minority interest. ROE measures how efficiently the company generates profit on shareholders' capital.

Table 7.1 — Valuation via P/B Multiple Compared against the current market price

Justified P/B under Gordon Growth: if ROE > Re, justified P/B > 1 (the company creates value). If ROE < Re, justified P/B < 1 (it destroys value).

§ 08

Sensitivity Analysis & Position Sizing

Price matrix by WACC × g · Modified Kelly position sizing

Table 8.1 — Sensitivity Heatmap Bold gold cell = base-case assumption

Low High

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

§ 09

Visual Charts

History and projections — a 10+ year view

Revenue & FCFF: History + Projection

Growth trajectory and cash conversion over time

Projected FCFF Composition

EBIT(1−t), D&A, CapEx, ΔNWC by year

§ 10

Entity	Detection Signal	Method
Bank	Net interest income, TOI, credit-loss provisions, customer loans...	P/B Justified, RIM
Securities Firm	Operating revenue, FVTPL gains, brokerage revenue, margin loans...	P/B Justified, Revenue Mix
Corporate	Net revenue, gross profit, operating profit, inventory...	DCF, FCFE, P/E, P/B

Type	Icon	Meaning
Gold hint (historical)	📊	Actual 3-year average from the financials. Has a ↻ Restore button
BS Snapshot	📒	Value from the most recent period
Gray hint (default)	⚙	No historical data — shows a default value
Manual	✎	Must be entered manually — not present in the financials

Verdict	Upside	Action
STRONG BUY	> +20%	Large position
BUY	+10% to +20%	Standard position
HOLD	−10% to +10%	Hold position
REDUCE	−10% to −20%	Partial profit-taking
SELL	< −20%	Consider exiting

Input Field	Default	When to Adjust Manually
Revenue Growth	Step-down from 3-yr avg	Management has given guidance
EBIT Margin	3-yr avg; fallback 18%	Structural improvement/decline
Effective Tax Rate	3-yr avg (capped 30%)	Rarely needs changing
D&A / Revenue	3-yr avg; fallback 4%	Change in capex policy
CapEx / Revenue	3-yr avg; fallback 5%	Major investment project
ΔNWC / ΔRevenue	3-yr avg; fallback 10%	Significant WC change
WACC	12.00%	Unusually high/low risk
Terminal g	4.00%	Rarely needs changing (2-5%)
Cost of Equity	13.50%	Unusually high/low β
Effective Interest Rate	3-yr avg	Debt restructuring
Debt Growth Factor	1.0x	Deleveraging or levering up

Difference	Insight
< 5%	✅ The two methods agree well
5-15%	⚠ Check Net Borrowing and Re
> 15%	🔴 Review the debtGrowthFactor

Sector	Bear	Base	Bull
Banks	5x	8x	12x
Retail	8x	12x	16x
Real Estate	6x	10x	15x
Technology	12x	18x	25x
Consumer Goods	12x	16x	22x
VN30 Avg	10x	13x	16x

Format	Content	Use Case
.xlsx (7 sheets)	Summary, Historicals, Assumptions, FCFF, FCFE, Valuation, Sensitivity	Backup, share with team
HTML Report	Full DCF report (printable)	Personal report
Bank Report	P/B + RIM + CAMELS	Bank analysis
Securities Report	P/B + Revenue Mix	Securities-firm analysis

Input Field	Default	Reason
Re	14.0%	CAPM: Rf 3% + β 1.1 × ERP 10%
Terminal g	5.0%	≈ Vietnam nominal GDP
Sustainable ROE	3-yr avg	Cycle-adjusted, can be overridden

DCF · FCFF Valuation

Load Financial Statement Data

1,500+ HOSE · HNX · UPCOM tickers already available in the system

Methodology

Bank Analysis — Credit Institution

⚠ The DCF/FCFF method does not apply to banks

Valuation Assumptions

Valuation via P/B Justified (Gordon Growth)

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

Securities Firm Analysis — Broker

⚠ DCF/FCFF is not suitable for securities firms

Valuation Assumptions

Valuation via P/B Justified (Gordon Growth)

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

🏷 Sector: —

Historical Results & Restated FCFF

🔍 Quick Glance: Company Trends

Valuation Model Assumptions

🎓 Step-by-Step Guide

Growth, Margins & Investment Ratios

CapEx & Working Capital by Year

WACC & Terminal Value

FCFE Model Assumptions

Projected Cash Flows & Present Value

Enterprise Valuation & Recommendation

Valuation Bridge: EV → Equity → Per Share

Value Composition

Parallel Valuation — FCFE

Relative Valuation — P/E

P/E Assumptions

Historical EPS & Growth

Relative Valuation — P/B

P/B Assumptions

Historical BVPS & ROE

Sensitivity Analysis & Position Sizing

Valuation Range Statistics (25 cells)

Position Sizing — Modified Kelly

Visual Charts

Revenue & FCFF: History + Projection

Projected FCFF Composition

Export Results

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Welcome to the DCF/FCFF Valuator

New to this — Need detailed guidance

Experienced — Compact interface

DCF/FCFF Valuator User Guide

§01 Tool Overview

Philosophy

Key Features

Routing across 3 entity types

8-Step Workflow

§02 Hint Pill System & Units

4 Types of Hint Pills

Units and Formatting

5-Level Verdict Scale

§03 Loading Financials & Historicals

EBIT Formula under VAS

Restated FCFF (Historical)

§04 Model Assumptions — Auto-fill

11 Core Input Fields

Step-Down Growth Logic

§05 Year-by-Year Projections

§06 DCF + FCFE Valuation

FCFF Two-Stage Model

FCFE Model

FCFF vs FCFE Comparison

§07 P/E + P/B Cross-Check

P/E — 3 Scenarios

Vietnam Sector P/E Reference

P/B Justified (Gordon Growth)

§08 Sensitivity + Kelly Position Sizing

5×5 Heatmap

Modified Kelly (¼ Kelly)

§09 Charts & Export

§10 Bank Section (§B)

Valuation Methods

RIM Formula

§B Assumptions