DHB
CyclicalsValuation Breakdown
Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.
Valuation Track Record
Retroactive intrinsic value vs actual close price — DHB
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
DHB exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of -2.8371, which is well below the manipulation threshold of -1.78. The earnings quality metrics reveal severe weaknesses, particularly in receivables and revenue recognition, raising concerns about the reliability of reported financials.
- Beneish M-Score of -2.8371 indicates a high likelihood of earnings manipulation.
- Earnings Quality Score of 51.1/100, with eq_receivables at 15.5/100 and eq_revenue at 0.0/100, suggests poor revenue recognition and high risk of accounting irregularities.
- Cash conversion rate is perfect at 100.0/100, indicating strong cash flow relative to earnings.
The ownership structure is heavily concentrated, with Tập đoàn Hóa chất Việt Nam holding 97.7% and the state owning 64.0%, which may limit minority shareholder influence and increase the risk of decisions favoring controlling shareholders over minority interests.
Investors should exercise caution and conduct further due diligence before considering an investment in DHB, particularly focusing on the company's revenue recognition practices and overall financial transparency.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for DHB — hover nodes for intel, click to navigate