DVG

Construction

Công ty Cổ phần Đại Việt Group DVG

Xây dựng và Vật liệuCT

1.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

2.734

Current

1.400

Gap

+95.3%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" 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)

97.90%

Kd(1-t)

7.35%

D/(D+E)

2.10%

WACC

12.10%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.563

50%DCF Value

3.904

Blended Intrinsic

2.734

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DVG

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-0.52

High Risk

DSRI

1.430

GMI

2.334

AQI

0.201

SGI

2.110

DEPI

0.793

SGAI

0.551

TATA

-0.025

LVGI

0.225

DVG's Beneish M-Score of -0.5208 indicates a low likelihood of earnings manipulation, as it is well above the threshold of -1.78. However, the high SGI of 2.1102 and low earnings quality score in revenue and margin raise concerns about growth sustainability and operational efficiency.

Red Flags

SGI of 2.1102 suggests aggressive growth that may not be supported by underlying fundamentals.
Low eq_margin and eq_revenue scores of 0.0/100 indicate potential issues with profitability and revenue recognition.

Positive Signals

Earnings Quality Score of 67.5/100, with high scores in accruals (90.2/100) and cash conversion (100.0/100), suggests strong cash flow management.

Ownership Risk

The ownership structure is highly fragmented with no single shareholder holding a controlling stake, which may lead to governance challenges and misalignment of interests among shareholders.

Recommendation

Investors should monitor DVG's growth strategies closely, particularly the sustainability of its aggressive growth metrics, while considering a cautious approach due to the fragmented ownership structure.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

7.54

Safe Zone

Sharpe

-0.89

Negative

Composite

Weak

Price Risk

Momentum

-58.1%

Volatility

114.2%

Max Drawdown

-68.6%

Key Ratios

Fiscal year 2025

-16.57P/E

P/B0.14

P/S0.20

ROE-0.8%

ROA-0.8%

EPS-91.72

BVPS10771.86

Gross Margin1.4%

Net Margin-1.2%

D/E0.01

Current Ratio59.25

Rev Growth19.6%

Profit Growth-318.5%

EV/EBITDA-20.56

Div Yield0.0%

Company Overview

Issued Shares

28.0M

Charter Capital

280.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trần Thị Trinh

Indiv

10.1%

2.8 trieu

Lê Thị Tình

Indiv

5.0%

1.4 trieu

Nguyễn Thị Nga

Indiv

4.6%

1.3 trieu

Lê Anh Tài

Indiv

4.2%

1.2 trieu

Hoàng Thị Mai Quỳnh

Indiv

4.1%

1.2 trieu

Nguyễn Văn Bảo

Indiv

2.3%

638.700

Bùi Văn Thủy

Indiv

1.8%

501.845

Nguyễn Bá Khánh

Indiv

1.8%

497.400

Phạm Thị Quỳnh Chi

Indiv

0.5%

143.800

Nguyễn Văn Tiến

Indiv

0.4%

115.000

Phạm Thanh Hải

Indiv

0.2%

49.000

Nguyễn Thùy Linh

Indiv

0.1%

33.000

Board & Management

Bùi Văn Thụy1.8%

Thành viên Hội đồng Quản trị

Phạm Thanh Hải0.2%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thùy Linh0.1%

Thành viên Ban Kiểm toán nội bộ/Thành viên Ban kiểm soát

Nguyễn Hữu Dương

Phó Tổng Giám đốc Tài chính/Thành viên Hội đồng Quản trị

Vũ Văn Minh

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

Trương Thị Mai

Trưởng Ban kiểm soát

HỒ ĐÌNH TÙNG

Thành viên Hội đồng Quản trị/Trưởng Ban Kiểm toán nội bộ

Trịnh Văn Nhật

Phó Tổng Giám đốc Điều hành

Chu Văn Lý

Phó Tổng Giám đốc Kinh doanh

Nguyễn Thị Hiền

Thành viên Ban kiểm soát

Phạm Viết Dương

Phó Tổng Giám đốc Sản xuất

Trần Thị Thanh

Kế toán trưởng

Nguyễn Văn Ninh

Chủ tịch Hội đồng Quản trị

Trịnh Thế Hương

Phó Tổng Giám đốc

Top connections

KSQ16.7%LSS5.0%HEC4.9%SMT4.9%CDO4.8%ALV4.6%SSB4.6%CMC4.6%GGG4.6%TR14.6%THU4.6%IME4.6%

Computed 12/04/2026