BNW

Công ty Cổ phần Nước sạch Bắc Ninh

VietnamUtilitiesĐiện, nước & xăng dầu khí đốtNước & Khí đốtUPCOMCT

17.500

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+12.1%Calibrated value vs last close

Last close (VND): 17.500
Calibrated intrinsic value (VND): 19.614

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

Trading liquidity is below the comparison threshold.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 3 Dec 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 3 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Điện, nước & xăng dầu khí đốt→Utility

Classified as utility because ICB sector “Điện, nước & xăng dầu khí đốt” maps to the utility group.

Model3-Stage DDM

Value = Sum of [DPS x (1+g)^t / (1+Ke)^t] + Terminal Dividend / (Ke - g_terminal)

The Dividend Discount Model values a stock based on its future dividend payments, discounted to present value. The 3-stage variant captures three phases of a company's life: high growth (years 1-3), a transition period where growth declines linearly (years 4-6), and a terminal stage of stable, perpetual growth (year 7+).

Technical details

Why this model

Regulated utilities have capped growth but high, stable dividend payouts. DDM is the canonical valuation method when dividends are the primary return to shareholders. Many utilities follow stated or regulated payout policies, so actual dividends are a direct input.

How it works

Uses the median cash dividend of the last 3 years from corporate events; a company with no dividend record gets 50% of its median EPS. 3 stages: high growth (3yr at estimated rate), transition (3yr linear decay), terminal (perpetual at the sector's long-run growth rate). Discounts at cost of equity (CAPM). A payout above 40% of earnings is needed for high model reliability.

Best for

Regulated utilities, power companies, and water suppliers with stable, predictable dividend policies.

Cost of Equity (Ke)

Risk-Free (Rf)

4.36%

Betasector default

0.820

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.70%

Growth Estimate

fundamental equity blend3.50%

Model Inputs

DPS source:Actual dividends

DPS→780

Payout ratio→82.6%

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→17.500

Calibrated value vs last close→+12.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

19.614

What feeds each step— click a source to highlight it in the statements

Growth rate3.50%growth method: fundamental equity blend

Dividend per share780dps source: eventspayout ratio: 82.56

BNW among Utilities

Every stock in the sector, BNW marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is BNW. Drag to turn; open another stock from its bead.

Feeds valuation:GrowthModel inputs

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	149	159	124	95	168	174	175	237	249	50	107	131
Cash and cash equivalents (Bn. VND)	·	42	31	58	37	19	24	12	30	13	21	21	15
Short-term investments (Bn. VND)	·	45	76	18	7	97	99	100	150	155	0	0	0
Accounts receivable (Bn. VND)	·	39	21	24	23	32	30	46	36	64	21	40	36
Prepayments to suppliers (Bn. VND)	·	20	2	0.6	0.2	3	4	9	8	43	0	4	6
Net Inventories	·	21	18	19	18	19	17	10	14	13	7	45	72
Inventories, Net (Bn. VND)	·	21	18	19	18	19	17	10	14	13	7	45	72
Other current assets	·	2	13	6	11	1	4	7	6	4	1	0.6	8
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	6
LONG-TERM ASSETS (Bn. VND)	·	780	748	622	624	435	453	458	385	328	191	186	176
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	2	2	0	0.9	10	−0.3	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	2	2	0	0.9	1	0	0
Fixed assets (Bn. VND)	·	666	512	552	580	406	433	367	343	268	143	162	174
Tangible fixed assets	·	664	510	549	577	402	427	360	338	264	143	161	164
Intagible fixed assets	·	2	2	3	3	4	7	7	6	4	0	0.9	1
Long-term investments (Bn. VND)	·	14	14	14	19	7	5	5	5	2	4	2	0
Investments in associate companies	·	14	14	14	19	7	5	5	5	2	4	2	0
Other non-current assets	·	21	21	12	10	11	3	0.7	0.8	1	0.8	2	2
Long-term prepayments (Bn. VND)	·	21	21	12	10	11	3	0.7	0.8	1	0.8	2	2
TOTAL ASSETS (Bn. VND)	·	929	907	747	719	603	627	633	622	577	241	292	307
LIABILITIES (Bn. VND)	·	516	480	336	325	193	211	222	216	194	94	139	160
Current liabilities (Bn. VND)	·	143	142	96	80	66	67	111	97	62	25	75	110
Short-term borrowings (Bn. VND)	·	26	26	28	15	8	8	6	52	29	3	3	0
Advances from customers (Bn. VND)	·	0.7	0.3	0.3	0.1	0.2	0.1	0.1	0.1	0.3	0	0	22
Long-term liabilities (Bn. VND)	·	373	338	240	244	128	144	111	119	132	69	64	49
Long-term borrowings (Bn. VND)	·	280	247	147	160	38	49	41	47	50	38	41	47
OWNER'S EQUITY(Bn.VND)	·	413	427	411	394	409	415	411	406	383	147	153	143
Capital and reserves (Bn. VND)	·	413	427	411	394	409	415	411	406	383	147	153	143
Paid-in capital (Bn. VND)	·	375	375	375	375	375	375	375	375	375	146	145	139
Investment and development funds (Bn. VND)	·	3	0.6	0	0	0	0	0	0	1	1	3	3
Other Reserves	·	0	0	0	0	0	0	0	0	0.9	0	0	0
Undistributed earnings (Bn. VND)	·	34	51	35	18	34	40	36	31	6	0.5	0.9	0.9
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	5
TOTAL RESOURCES (Bn. VND)	·	929	907	747	719	603	627	633	622	577	241	292	307
Common shares (Bn. VND)	·	375	375	375	375	375	375	375	375	375	146	145	139
MINORITY INTERESTS	·	0	0	0	0	0	0	0	0	0	0	5	0

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.03 · 65th pctile vs VN companies

YoY ▲ +0.28

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

1.854

GMI

1.252

AQI

0.473

SGI

1.032

DEPI

1.140

SGAI

1.002

TATA

−0.060

LVGI

1.064

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.3279th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.1%50th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.43

Distress Zone

Sharpe

0.74

Positive

Composite

Below 30

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✗ROA Rising

✓OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✗Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.85×Interest Burden1.02×Op. Margin0.14×Turnover0.32×Leverage2.25=ROE8.5%

Price Risk

Momentum

+119.9%

Volatility

102.5%

Max Drawdown

−50.2%

Key Ratios

Fiscal year 2025

19.32P/E

P/B: 1.64
P/S: 2.28
ROE: 8.3%
ROA: 3.8%
EPS: 932
BVPS: 10.997
Gross Margin: 24.8%
Net Margin: 11.8%
D/E: 0.74
Current Ratio: 1.04
Rev Growth: +3.2%
Profit Growth: −31.8%
EV/EBITDA: 8.41
Div Yield: 5.9%

Company Overview

Shares outstanding: 37.5M
Charter Capital: 375B VND
Sector (ICB L2): Điện, nước & xăng dầu khí đốt
Industry (ICB L3): Nước & Khí đốt
Sub-industry: Nước
Company Type: CT

Ownership network

Common ownership links for BNW. Hover for detail, select a link to open it.

Shareholders

Ủy Ban Nhân Dân Tỉnh Bắc Ninh

Inst

49.1%

18.4M

2026-06-30

Công ty Cổ Phần Tập Đoàn Long Phương

Inst

40.3%

15.1M

2026-07-23

Lưu Xuân Tâm

Indiv

0.1%

41,900

2026-10-19

Board & Management

Lưu Xuân Tâm0.1%

Vice Chairman of Management Board/General Director

Ngô Việt Thắng

Person in charge of Corporate governace

Trần Thị Hương

Head of Supervisors Board

Nguyễn Thị Mai Lan

Member of Supervisors Board

Nguyễn Đình Tôn

Member of Management Board/Deputy General Director

Trần Khánh Tịnh

Deputy General Director

Nguyễn Thị Phương

Chief Accountant

Top connections

MBN64.6%

Director-deal registrations · 12 months

Sale registrations: 3 by 2 traders; 2,010,261 shares
Purchase registrations: 3 by 2 traders; 2,000,261 shares
Registered net, share of outstanding:: −0.03%

Lưu Xuân Nam
Purchase · Related person
10,000
2026-10-20
Lưu Xuân Tâm
Sale · Insider
15,000
2026-10-19
Lưu Xuân Nam
Purchase · Related person
10,000
2026-10-06
Lưu Xuân Tâm
Sale · Insider
15,000
2026-10-06
Công ty Cổ Phần Tập Đoàn Long Phương
Purchase · Institution
1,980,261
2026-07-13
Vũ Thị Chuyên
Sale · Insider
1,980,261
2026-07-13

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

BNW among Utilities

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

BNW among Utilities

Ownership network

Director-deal registrations · 12 months