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Consumer sector

DUS

Consumer
Công ty Cổ phần Dịch vụ Đô thị Đà Lạt
Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT
6.200
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
43.485
Current
6.200
Gap
+500.0%
ModelFCF DCF

Valuation Breakdown

CTHàng & Dịch vụ Công nghiệpConsumer
Classified as consumer because ICB sector "Hàng & Dịch vụ Công nghiệp" 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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
1.000
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.50%
Ke
11.50%
x
E/(D+E)
39.97%
+
Kd(1-t)
6.37%
x
D/(D+E)
60.03%
=
WACC
10.00%
2
Growth Estimate
Sector Default5.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF13.60B
Projection years10
4
Valuation
Base FCF
13.60B
Growth Rate
5.00%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
43.485
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DUS

Earnings Quality

Fiscal year 2024

37
Weak
Accrual Quality
27
Cash Conversion
40
Receivables
100
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2023

2.30
High Risk
DSRI
0.820
GMI
4.176
AQI
7.824
SGI
1.051
DEPI
0.897
SGAI
0.720
TATA
0.119
LVGI
1.386

DUS exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of 2.3014, well above the manipulation threshold of -1.78. The earnings quality score of 37.4/100 further highlights concerns regarding revenue recognition and cash conversion.

Red Flags
  • Beneish M-Score of 2.3014 indicates likely earnings manipulation.
  • Earnings Quality Score of 37.4/100 suggests poor revenue recognition and cash conversion.
  • GMI of 4.1756 indicates a significant increase in gross margin, which may be unsustainable.
Positive Signals
  • DSRI of 0.8197 suggests that accounts receivable are growing slower than revenue, which is a positive sign.
  • SGI of 1.0506 indicates modest revenue growth, which could be a positive signal if sustainable.
Ownership Risk

The high ownership concentration with 73.8% held by a state entity raises concerns about governance and potential conflicts of interest, particularly in the context of SOE mandates.

Recommendation

Investors should exercise caution and consider conducting further due diligence on DUS, particularly focusing on cash flow statements and revenue recognition practices before making investment decisions.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
0.37
Distress Zone
Sharpe
-0.91
Negative
Composite
44
Weak
Price Risk
Momentum
-29.2%
Volatility
118.9%
Max Drawdown
-52.3%

Key Ratios

Fiscal year 2024
-1.81P/E
P/B0.74
P/S0.20
ROE-34.1%
ROA-11.8%
EPS-3419.01
BVPS8332.71
Gross Margin-5.7%
Net Margin-11.2%
D/E2.45
Current Ratio0.59
Rev Growth1.0%
Profit Growth-688.6%
EV/EBITDA-2.35
Div Yield0.0%

Company Overview

Issued Shares
5.6M
Charter Capital
56.1B VND
Sector (ICB L2)
Hàng & Dịch vụ Công nghiệp
Industry (ICB L3)
Tư vấn & Hỗ trợ Kinh doanh
Sub-industry
Chất thải & Môi trường
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Ủy Ban Nhân Dân Tỉnh Lâm Đồng
State
73.8%
4.1 trieu
Công ty CP Du Lịch Lâm Đồng
Inst
14.7%
825.000
Lê Quang Thanh Liêm
Indiv
0.3%
16.100
Bùi Trung Đường
Indiv
0.2%
12.800
Phạm Văn Tuyên
Indiv
0.2%
10.800
Phạm Tuấn Sơn
Indiv
0.2%
8.800
Board & Management
Lê Quang Thanh Liêm0.3%
Thành viên Hội đồng Quản trị/Giám đốc
Phạm Văn Tuyên0.2%
Chủ tịch Hội đồng Quản trị
Phạm Tuấn Sơn0.2%
Thành viên Hội đồng Quản trị/Phó Giám đốc
Nguyễn Minh Đức
Phó Giám đốc/Thành viên Hội đồng Quản trị
Trần Quang Thắng
Thành viên Ban kiểm soát
Trần Thị Nam Hải
Trưởng Ban kiểm soát
Đặng Quỳnh Như
Kế toán trưởng
Nguyễn Võ Lê Huy
Thành viên Hội đồng Quản trị
Lê Lý Thị Quỳnh Thương
Phụ trách Công bố thông tin
Nguyễn Thị Phương Thảo
Thành viên Ban kiểm soát
Computed 12/04/2026
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