C47

Construction

Công ty Cổ phần Xây dựng 47

Xây dựng và Vật liệuCT

9.400

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

43.683

Current

9.400

Gap

+364.7%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

24.19%

Kd(1-t)

5.15%

D/(D+E)

75.81%

WACC

10.00%

Growth Estimate

fundamental firm blend2.68%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

13.427

50%DCF Value

73.938

Blended Intrinsic

43.683

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — C47

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-3.18

Low Risk

DSRI

1.004

GMI

1.235

AQI

1.078

SGI

0.957

DEPI

0.961

SGAI

1.642

TATA

-0.151

LVGI

1.009

C47 exhibits several concerning indicators suggesting potential earnings manipulation, particularly with a Beneish M-Score of -3.1824, well below the manipulation threshold of -1.78. While the earnings quality score of 56.7 indicates moderate reliability, the low revenue and margin scores raise further concerns.

Red Flags

Beneish M-Score of -3.1824 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings quality margin score of 0.9/100 suggests extremely low profitability relative to revenue, indicating potential issues with revenue recognition.

Positive Signals

High cash conversion score of 100.0/100 indicates strong cash flow relative to earnings, which is a positive sign for liquidity.
Ownership concentration with the largest shareholder holding 24.9% may provide stability in decision-making and governance.

Ownership Risk

The top shareholder, Công ty TNHH VPInvest, holds a significant 24.9% stake, which may lead to concentrated decision-making risks. However, the presence of institutional investors could mitigate some governance concerns.

Recommendation

Investors should exercise caution and conduct further due diligence on C47, particularly focusing on revenue recognition practices and the sustainability of cash flows before making investment decisions.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.67

Distress Zone

Sharpe

0.79

Positive

Composite

Strong

Price Risk

Momentum

+44.4%

Volatility

28.7%

Max Drawdown

-30.0%

Key Ratios

Fiscal year 2025

6.89P/E

P/B0.77

P/S0.22

ROE11.8%

ROA3.0%

EPS1437.70

BVPS12881.82

Gross Margin11.8%

Net Margin3.1%

D/E2.29

Current Ratio1.45

Rev Growth76.6%

Profit Growth1236.6%

EV/EBITDA4.67

Div Yield0.0%

Company Overview

Issued Shares

36.3M

Charter Capital

363.4B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for C47 — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH VPInvest

Inst

24.9%

9.1 trieu

Lê Đông Lâm

Indiv

5.5%

2.0 trieu

Công ty Cổ phần Chứng khoán Bảo Minh

Inst

4.7%

1.3 trieu

Trần Hoàng Tuấn

Indiv

4.7%

560.080

Phạm Thị Trung Hiếu

Indiv

4.7%

1.0 trieu

nguyen-luong-am

Indiv

4.5%

759.127

Nguyễn Đức Viện

Indiv

4.2%

721.170

Lê Trường Sơn

Indiv

3.6%

619.890

Dương Minh Quang

Indiv

2.5%

925.797

Công ty Cổ Phần Vp Energy

Inst

2.2%

802.500

Phạm Nam Phong

Indiv

1.6%

582.008

nguyen-van-ton

Indiv

1.0%

119.274

Lê Văn Đồng

Indiv

0.9%

110.620

Phạm Văn Nho

Indiv

0.6%

96.637

Phan Ngọc Thuận

Indiv

0.5%

58.752

Nguyễn Đức Thái

Indiv

0.5%

58.304

Vũ Xuân Chính

Indiv

0.5%

57.804

Nguyễn Thị Lan

Indiv

0.5%

54.492

Huỳnh Khế

Indiv

0.4%

77.102

Nguyễn Văn Phúc

Indiv

0.3%

49.878

Nguyễn Hữu Hải

Indiv

0.3%

95.515

Đinh Tấn Dương

Indiv

0.3%

56.836

Phùng Văn Viễn

Indiv

0.3%

30.157

Nguyễn Xuân Cần

Indiv

0.2%

41.250

Trần Đình Liễn

Indiv

0.2%

33.933

Nguyễn Thị Thục Oanh

Indiv

0.2%

30.560

Phan Thanh Lân

Indiv

0.1%

21.409

Hồ Đình Phong

Indiv

0.1%

39.604

Nguyễn Đức Hòa

Indiv

0.1%

18.480

nguyen-thanh-hai

Indiv

0.1%

35.861

Board & Management

Dương Minh Quang2.5%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phạm Nam Phong1.6%

Chủ tịch Hội đồng Quản trị

Nguyễn Hữu Hải0.3%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Đinh Tấn Dương0.3%

Phó Tổng Giám đốc

Nguyễn Thị Thục Oanh0.2%

Giám đốc Kinh doanh

Hồ Đình Phong0.1%

Kế toán trưởng

Bùi Văn Tuynh

Thành viên Hội đồng Quản trị

Lê Trung Nam

Trưởng Ban Kiểm toán nội bộ /Thành viên Hội đồng Quản trị

Tạ Nam Bình

Phó Chủ tịch Hội đồng Quản trị

Võ Trọng Hiếu

Thành viên Hội đồng Quản trị độc lập

Trịnh Quốc Thọ

Người phụ trách quản trị công ty

Trần Đức Dương

Phó Tổng Giám đốc

Nguyễn Quang Dũng

Phụ trách Công bố thông tin

Top connections

TV324.9%VDN15.7%USC10.3%CRC9.3%MNB2 links IDI5.3%TRC5.1%AGM2 links SGT4.9%DID4.8%TTZ4.7%RYG4.7%

Computed 12/04/2026