Vestand Inc.

VSTD

Consumer DefensiveFood DistributionNASDAQ

$0.39

Market Cap: $2.23M

Vestand Inc. (VSTD) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.61 – $144,283,648,771,436,380.00	$7.05	+2576.4%
Revenue DCF 10Y	$0.84 – $305,018,632,439,551,700.00	$17.48	+6535.4%

Valuation History

DCF Analysis

Vestand Inc. (VSTD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$17.48

Market Price

$0.39

Upside / Downside

+4354.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -19.9% to a target of 7.6% over 5 years, discounted at a WACC of 5.0%, Vestand Inc. (VSTD) has an intrinsic value of $17.48 per share (range: $0.84 – $305,018,632,439,551,700.00).

Key Assumptions

Current Operating Margin

-19.9%

Target Operating Margin

7.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

14.1%

Target CapEx/Rev

7.9%

D&A/Revenue

5.3%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	17	30.0%	-14.4%	-2	-2	1	(2)	-1	-3	-3
2026	22	30.0%	-8.9%	-2	-2	1	(3)	-0	-3	-3
2027	28	30.0%	-3.4%	-1	-1	1	(3)	-1	-2	-2
2028	36	27.7%	2.1%	1	1	2	(4)	-1	-1	-1
2029	45	24.2%	7.6%	3	3	2	(5)	-1	1	1
2030	54	20.7%	7.6%	4	3	3	(6)	-1	1	1
2031	63	17.1%	7.6%	5	4	3	(6)	-1	2	1
2032	72	13.6%	7.6%	5	4	4	(7)	-1	2	2
2033	79	10.1%	7.6%	6	5	4	(7)	-1	3	2
2034	84	6.5%	7.6%	6	5	4	(7)	-0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)172

PV of Terminal Value108

Enterprise Value108

(–) Net Debt14

Equity Value94

(÷) Shares Outstanding5

Fair Value per Share$17.48

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.0%	$-6	$55606765341566440	$138744054374228208	$221881343406889888	$305018632439551680
4.0%	$-6	$14	$41	$69	$97
5.0%	$-6	$4	$17	$31	$44
6.0%	$-5	$1	$10	$18	$27
7.0%	$-5	$-1	$6	$12	$18

Current price: $0.39. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Vestand Inc. (VSTD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.05

Market Price

$0.39

Upside / Downside

+1696.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -19.9% to a target of 7.6% over 5 years, discounted at a WACC of 5.0%, Vestand Inc. (VSTD) has an intrinsic value of $7.05 per share (range: $0.61 – $144,283,648,771,436,380.00).

Key Assumptions

Current Operating Margin

-19.9%

Target Operating Margin

7.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

14.1%

Target CapEx/Rev

7.9%

D&A/Revenue

5.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	17	30.0%	-14.4%	-2	-2	1	(2)	-1	-3	-3
2026	22	28.9%	-8.9%	-2	-2	1	(3)	-0	-3	-3
2027	26	22.4%	-3.4%	-1	-1	1	(3)	-0	-2	-2
2028	31	16.0%	2.1%	1	1	2	(3)	-0	-0	-0
2029	33	9.5%	7.6%	3	2	2	(3)	-0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)72

PV of Terminal Value58

Enterprise Value52

(–) Net Debt14

Equity Value38

(÷) Shares Outstanding5

Fair Value per Share$7.05

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.0%	$-5	$29506242597217172	$67765377988623608	$106024513380029968	$144283648771436384
4.0%	$-4	$6	$19	$32	$45
5.0%	$-4	$1	$7	$13	$20
6.0%	$-4	$-1	$3	$7	$12
7.0%	$-4	$-2	$1	$4	$7

Current price: $0.39. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.61 – $144,283,648,771,436,380.00

$7.05

+2576.4%

Revenue DCF 10Y

$0.84 – $305,018,632,439,551,700.00

$17.48

+6535.4%

DCF Analysis

Vestand Inc. (VSTD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$17.48

Market Price

$0.39

Upside / Downside

+4354.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-19.9%

Target Operating Margin

7.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

14.1%

Target CapEx/Rev

7.9%

D&A/Revenue

5.3%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	17	30.0%	-14.4%	-2	-2	1	(2)	-1	-3	-3
2026	22	30.0%	-8.9%	-2	-2	1	(3)	-0	-3	-3
2027	28	30.0%	-3.4%	-1	-1	1	(3)	-1	-2	-2
2028	36	27.7%	2.1%	1	1	2	(4)	-1	-1	-1
2029	45	24.2%	7.6%	3	3	2	(5)	-1	1	1
2030	54	20.7%	7.6%	4	3	3	(6)	-1	1	1
2031	63	17.1%	7.6%	5	4	3	(6)	-1	2	1
2032	72	13.6%	7.6%	5	4	4	(7)	-1	2	2
2033	79	10.1%	7.6%	6	5	4	(7)	-1	3	2
2034	84	6.5%	7.6%	6	5	4	(7)	-0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)172

PV of Terminal Value108

Enterprise Value108

(–) Net Debt14

Equity Value94

(÷) Shares Outstanding5

Fair Value per Share$17.48

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.0%	$-6	$55606765341566440	$138744054374228208	$221881343406889888	$305018632439551680
4.0%	$-6	$14	$41	$69	$97
5.0%	$-6	$4	$17	$31	$44
6.0%	$-5	$1	$10	$18	$27
7.0%	$-5	$-1	$6	$12	$18

Current price: $0.39. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.