DBM

Consumer

Công ty Cổ phần Dược - Vật tư Y tế Đắk Lắk

Y tế/Dược phẩmCT

24.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

32.835

Current

24.000

Gap

+36.8%

ModelFCF DCF

Valuation Breakdown

CT→Y tế→Consumer

Classified as consumer because ICB sector "Y tế" maps to the consumer group

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

65.34%

Kd(1-t)

6.50%

D/(D+E)

34.66%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→3.04B

Projection years→10

Valuation

Base FCF

3.04B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

32.835

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DBM

Earnings Quality

Fiscal year 2024

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

100

Financial Forensics

Beneish M-Score · 2024

-2.64

Low Risk

DSRI

0.931

GMI

1.070

AQI

1.016

SGI

0.901

DEPI

0.901

SGAI

1.103

TATA

-0.009

LVGI

0.946

DBM exhibits a Beneish M-Score of -2.6426, indicating no immediate signs of earnings manipulation, as it is below the critical threshold of -1.78. However, the earnings quality metrics reveal some concerns, particularly in revenue margins and receivables, which could indicate potential operational inefficiencies.

Red Flags

Earnings quality margin score is low at 47.7/100, suggesting potential issues in profitability.
Receivables quality score is at 69.3/100, indicating possible challenges in collecting receivables.

Positive Signals

Beneish M-Score of -2.6426 suggests a low likelihood of earnings manipulation.
Earnings quality score of 85.1/100 indicates strong overall earnings quality, with cash conversion at a perfect 100.0/100.

Ownership Risk

The ownership structure is heavily concentrated, with Công ty Cổ phần Traphaco holding 58.2%, which may lead to governance risks and potential conflicts of interest. However, the presence of individual shareholders may provide some level of oversight.

Recommendation

Investors should monitor the company's operational efficiency closely, particularly regarding receivables and margins, while considering the strong cash conversion as a positive factor. A deeper analysis into the governance practices of major shareholders is also advisable.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

4.05

Safe Zone

Sharpe

0.25

Positive

Composite

Strong

Price Risk

Momentum

+8.0%

Volatility

126.1%

Max Drawdown

-42.2%

Key Ratios

Fiscal year 2024

18.62P/E

P/B0.77

P/S0.24

ROE4.1%

ROA2.7%

EPS1439.47

BVPS34848.33

Gross Margin9.3%

Net Margin1.3%

D/E0.49

Current Ratio2.91

Rev Growth-9.9%

Profit Growth-50.3%

EV/EBITDA50.98

Div Yield4.3%

Company Overview

Issued Shares

1.9M

Charter Capital

19.4B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Traphaco

Inst

58.2%

1.1 trieu

Trương Vương Quốc Vũ

Indiv

12.4%

241.000

Phan Thành Trinh

Indiv

8.6%

166.346

Nguyễn Công Nguyện

Indiv

4.9%

95.621

Chử Văn Oanh

Indiv

2.6%

50.000

Công ty Cổ phần Đầu tư Nam Dương

Inst

2.0%

39.470

Lường Thị Phương Minh

Indiv

1.4%

26.954

Nguyễn Thị Ngọc Thúy

Indiv

1.4%

26.954

Trần Thanh Bình

Indiv

1.3%

24.370

Đỗ Thị Tuyết

Indiv

1.2%

23.600

Nguyễn Thị Kim Liên

Indiv

1.1%

22.220

Nguyễn Ngọc Tuyên

Indiv

0.2%

3.745

Phạm Thành Toại

Indiv

0.1%

2.840

Nguyễn Bá Lộc

Indiv

0.1%

2.700

Phạm Thị Xuân

Indiv

0.1%

2.070

Nguyễn Trung Hậu

Indiv

0.1%

2.000

Board & Management

Phan Thành Trinh8.6%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Kim Liên1.1%

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Bá Lộc0.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc Kinh doanh

Nguyễn Mậu Hoàng Sơn

Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin

Trần Văn Lợi

Thành viên Ban kiểm soát

Nguyễn Văn Thông

Trưởng Ban kiểm soát

Đinh Trung Kiên

Thành viên Hội đồng Quản trị

Nguyễn Khắc Sơn

Phó Tổng Giám đốc

Lê Thị Mỹ Lệ

Kế toán trưởng

Nguyễn Thị Hồng Anh

Thành viên Ban kiểm soát

Hồ Hoàng Long

Người phụ trách quản trị công ty

Top connections

CNC58.2%GND10.5%DPG5.8%MED3.9%SHE1.5%NAU1.4%LAS1.4%BAF1.4%DAD1.3%NBT1.3%HC11.2%RAL1.1%

Computed 12/04/2026