DNL

Construction

Công ty Cổ phần Logistics Cảng Đà Nẵng

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

29.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

22.655

Current

29.600

Gap

-23.5%

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)

73.04%

Kd(1-t)

6.17%

D/(D+E)

26.96%

WACC

10.57%

Growth Estimate

fundamental firm blend5.26%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

21.215

50%DCF Value

24.095

Blended Intrinsic

22.655

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DNL

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

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.43

Moderate

DSRI

0.904

GMI

0.909

AQI

2.785

SGI

1.068

DEPI

1.308

SGAI

1.220

TATA

-0.106

LVGI

1.297

DNL exhibits a Beneish M-Score of -2.43, indicating a lower likelihood of earnings manipulation, yet the earnings quality score of 74.6 suggests some concerns, particularly with revenue recognition. The strong institutional ownership may provide stability, but the high concentration among a few entities raises potential governance risks.

Red Flags

Earnings Quality Score of 74.6 indicates potential issues with revenue recognition, specifically an eq_revenue score of 0.0/100.
High concentration of ownership with the top three institutional shareholders holding a combined 109.8% of shares, indicating potential governance risks.

Positive Signals

Beneish M-Score of -2.43 is below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
Strong cash conversion metrics with an eq_cash_conv score of 100.0/100, indicating effective cash management.

Ownership Risk

The top shareholders are predominantly institutional, which can provide stability; however, the concentration of ownership among a few entities raises concerns about potential conflicts of interest and governance issues.

Recommendation

Investors should closely monitor revenue recognition practices given the low eq_revenue score, while considering the stability offered by strong institutional ownership. A thorough review of governance practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

6.40

Safe Zone

Sharpe

0.31

Positive

Composite

Fair

Price Risk

Momentum

+13.4%

Volatility

148.1%

Max Drawdown

-55.5%

Key Ratios

Fiscal year 2024

18.12P/E

P/B1.74

P/S0.46

ROE11.4%

ROA8.2%

EPS1596.83

BVPS14178.50

Gross Margin16.6%

Net Margin3.0%

D/E0.46

Current Ratio2.33

Rev Growth6.8%

Profit Growth-6.2%

EV/EBITDA6.44

Div Yield4.1%

Company Overview

Issued Shares

4.3M

Charter Capital

43.1B 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 DNL — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Cảng Đà Nẵng

Inst

45.1%

1.9 trieu

Tổng Công ty Hàng hải Việt Nam

Inst

33.8%

Công ty Cổ phần Container Việt Nam

Inst

30.9%

1.3 trieu

Phạm Thị Thúy Hằng

Indiv

13.0%

560.100

Nguyễn Hữu Sia

Indiv

4.4%

191.000

Nguyễn Quang Phát

Indiv

1.0%

43.177

Trần Phước Hồng

Indiv

0.8%

35.632

Ngô Việt Hà

Indiv

0.7%

25.668

Trịnh Thị Bích Trâm

Indiv

0.7%

28.839

Hứa Quốc Việt

Indiv

0.7%

28.000

Phan Thị Kim Dung

Indiv

0.5%

22.886

Lê Viết Hội

Indiv

0.5%

18.557

Đặng Trần Gia Thoại

Indiv

0.3%

12.000

Board & Management

Trần Phước Hồng0.8%

Thành viên Hội đồng Quản trị/Giám đốc

Trịnh Thị Bích Trâm0.7%

Kế toán trưởng/Người phụ trách quản trị công ty/Trưởng phòng Tài chính - Kế toán

Trần Lê Tuấn

Thành viên Hội đồng Quản trị

Phan Bảo Lộc

Thành viên Hội đồng Quản trị

Trần Thị Phước

Thành viên Ban kiểm soát

Ngô Quốc Văn

Thành viên Ban kiểm soát

Trần Phước Khương

Thành viên Ban kiểm soát

Nguyễn Văn Thương

Thành viên Hội đồng Quản trị

Nguyễn Việt Hòa

Thành viên Hội đồng Quản trị

Top connections

CCT99.0%PHP92.6%CCR80.9%QNP75.0%CDN2 links GIC66.3%SGP65.5%VSM65.0%VLG2 links CPI56.6%VGR54.4%VSA51.0%

Computed 12/04/2026