CDN

Construction

Công ty Cổ phần Cảng Đà Nẵng

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

30.400

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

34.777

Current

30.400

Gap

+14.4%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

74.77%

Kd(1-t)

6.40%

D/(D+E)

25.23%

WACC

10.74%

Growth Estimate

fundamental firm blend5.82%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

27.328

50%DCF Value

42.226

Blended Intrinsic

34.777

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CDN

Earnings Quality

Fiscal year 2025

Good

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.12

Moderate

DSRI

0.950

GMI

0.910

AQI

2.313

SGI

1.140

DEPI

0.819

SGAI

1.144

TATA

-0.034

LVGI

0.986

CDN exhibits a Beneish M-Score of -2.1181, indicating a lower likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality score of 88.5/100 reveals strengths in cash conversion and receivables management, while revenue recognition remains a concern.

Red Flags

Revenue quality is low with an eq_revenue score of 45.8/100, indicating potential issues in revenue recognition practices.

Positive Signals

Strong earnings quality metrics with an eq_cash_conv score of 100.0/100, suggesting excellent cash conversion efficiency.

Ownership Risk

The ownership structure is heavily concentrated, with Tổng Công ty Hàng hải Việt Nam holding 75.0%, which may limit minority shareholder influence and raise concerns about governance practices.

Recommendation

Investors should closely monitor revenue recognition practices due to the low eq_revenue score, while also considering the strong cash conversion metrics as a positive aspect of CDN's financial health.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

4.57

Safe Zone

Sharpe

-0.59

Negative

Composite

Fair

Price Risk

Momentum

-3.9%

Volatility

27.9%

Max Drawdown

-20.6%

Key Ratios

Fiscal year 2025

8.17P/E

P/B1.46

P/S1.82

ROE19.0%

ROA14.1%

EPS3721.40

BVPS20757.90

Gross Margin39.2%

Net Margin22.2%

D/E0.34

Current Ratio3.94

Rev Growth14.0%

Profit Growth22.3%

EV/EBITDA5.58

Div Yield0.0%

Company Overview

Issued Shares

99.0M

Charter Capital

990.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Hàng hải Việt Nam

Inst

75.0%

74.3 trieu

Wan Hai Lines Pte Ltd

Inst

20.3%

20.1 trieu

Vũ Quang Hưng

Indiv

4.9%

3.2 trieu

Board & Management

Lê Quảng Đức

Phó Tổng Giám đốc

Dương Đức Xuân

Phó Tổng Giám đốc

Hồ Thị Bích Nga

Người phụ trách quản trị công ty

Nguyễn Đình Chung

Chủ tịch Hội đồng Quản trị

Hoàng Ngọc Bích

Thành viên Hội đồng Quản trị độc lập

Phan Thị Nhị Hà

Trưởng Ban kiểm soát

Tô Minh Thúy

Thành viên Hội đồng Quản trị độc lập

Nguyễn Quang Phát

Thành viên Ban kiểm soát

Trần Lê Tuấn

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Phan Bảo Lộc

Thành viên Hội đồng Quản trị

Trần Thị Kiều Oanh

Thành viên Ban kiểm soát

Nguyễn Ngọc Tâm

Trưởng phòng Tài chính - Kế toán

Vũ Quyết Thắng

Thành viên Hội đồng Quản trị

Chen Yung Chan

Thành viên Hội đồng Quản trị

Top connections

CCT99.0%PHP92.6%CCR80.9%QNP75.0%SGP75.0%VLG75.0%CPI75.0%VSA75.0%NAP75.0%VNA75.0%VOS75.0%NOS75.0%

Computed 12/04/2026