Case: Turn-around : Market &lt; Intrinsic Value:

=&gt; Data come from 2020 to 2025 financial statements (Thong Nhat Flat Steel)
- ∑ (NI + Depreciation) - 6 years : 252,841,458,730 =&gt; Average: 42,140,243,121.6
- ∑ (Expended Depreciation) - 6 years: 11,171,037,926 =&gt; Average: 1,861,839,654.3

Balace Earning Power : Average Cash flow - Average Expended Depreciation
= 42,140,243,121.6 - 1,861,839,654.3 = 40,278,403,467

Common outstanding: 20 million =&gt; Earning Power = 2,013.9 VND/share

If cap-rate : 
-    8 % : Intrinsic Value = 25,174 VND/share 
-    10 %: Intrinsic Value = 20,139 VND/share 
-    12 %: Intrinsic Value = 16,782 VND/ Share 
-    15  %: Intrinsic Value = 13,426 VND/share 

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Case: Turn-around : Market < Intrinsic Value:

=> Data come from 2020 to 2025 financial statements (Thong Nhat Flat Steel)
- ∑ (NI + Depreciation) - 6 years : 252,841,458,730 => Average: 42,140,243,121.6
- ∑ (Expended Depreciation) - 6 years: 11,171,037,926 => Average: 1,861,839,654.3

Balace Earning Power : Average Cash flow - Average Expended Depreciation
= 42,140,243,121.6 - 1,861,839,654.3 = 40,278,403,467

Common outstanding: 20 million => Earning Power = 2,013.9 VND/share

If cap-rate : 
-    8 % : Intrinsic Value = 25,174 VND/share 
-    10 %: Intrinsic Value = 20,139 VND/share 
-    12 %: Intrinsic Value = 16,782 VND/ Share 
-    15  %: Intrinsic Value = 13,426 VND/share 

=]] 😍🤑