DVP

Construction

Công ty Cổ phần Đầu tư và Phát triển Cảng Đình Vũ

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

69.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

57.713

Current

69.600

Gap

-17.1%

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)

90.84%

Kd(1-t)

6.66%

D/(D+E)

9.16%

WACC

11.69%

Growth Estimate

fundamental firm blend3.59%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

65.465

50%DCF Value

49.962

Blended Intrinsic

57.713

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DVP

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.20

Moderate

DSRI

0.999

GMI

0.828

AQI

1.043

SGI

0.846

DEPI

0.000

SGAI

0.909

TATA

0.104

LVGI

0.679

DVP exhibits a Beneish M-Score of -2.2004, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 39.6/100, particularly low scores in receivables and revenue quality, raise concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 39.6/100, with eq_receivables and eq_revenue both at 0.0/100, suggesting potential issues in revenue recognition and collection.
Beneish M-Score of -2.2004, while below the manipulation threshold, indicates that the company is close to the risk zone, warranting caution.

Positive Signals

Strong institutional ownership with Công ty Cổ phần Cảng Hải Phòng holding 51.0%, indicating a stable base of support.
High eq_margin score of 96.5/100, suggesting strong profitability on a per-unit basis.

Ownership Risk

The high concentration of ownership among institutions, particularly the 51.0% held by Công ty Cổ phần Cảng Hải Phòng, may lead to governance risks and potential conflicts of interest, especially in decision-making processes.

Recommendation

Monitor DVP closely for any changes in earnings quality metrics, particularly in receivables and revenue recognition. Consider a cautious investment approach, given the elevated risk signals, while leveraging the strengths of institutional backing.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

19.12

Safe Zone

Sharpe

-0.70

Negative

Composite

Weak

Price Risk

Momentum

-6.6%

Volatility

13.9%

Max Drawdown

-16.7%

Key Ratios

Fiscal year 2025

8.46P/E

P/B1.95

P/S4.87

ROE22.9%

ROA21.1%

EPS8454.32

BVPS36640.56

Gross Margin56.9%

Net Margin57.6%

D/E0.07

Current Ratio12.83

Rev Growth-15.4%

Profit Growth0.6%

EV/EBITDA8.74

Div Yield0.0%

Company Overview

Issued Shares

40.0M

Charter Capital

400.0B 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 DVP — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Cảng Hải Phòng

Inst

51.0%

20.4 trieu

Công ty Cổ phần Vật tư Nông sản

Inst

18.7%

7.5 trieu

america limited liability company

Inst

8.0%

3.2 trieu

Samarang Ucits - Samarang Asian Prosperity

Inst

4.9%

2.0 trieu

PYN Elite Fund

Inst

4.9%

979.000

Erikoissijoitusrahasto Elite (Mutual Fund Elite (Non-ucits))

Inst

4.5%

1.8 trieu

Công ty Cổ phần Cảng Đoạn Xá

Inst

2.8%

1.1 trieu

Nguyễn Thị Thành

Indiv

1.4%

557.450

Greystanes Limited Company

Inst

0.9%

347.210

Công ty Cổ phần Vận Tải 1 Traco

Inst

0.3%

110.000

Ngô Thị Luyên

Indiv

0.2%

78.000

Đoàn Minh Trung

Indiv

0.1%

60.000

Cao Tiến Thụ

Indiv

0.1%

42.000

Board & Management

Đoàn Minh Trung0.1%

Kế toán trưởng

Vũ Hoàng Lâm

Thành viên Ban kiểm soát

Triệu Thế Thuận

Phó Tổng Giám đốc

Vũ Tuấn Dương

Chủ tịch Hội đồng Quản trị

Nguyễn Tiến Dũng

Phó Chủ tịch Hội đồng Quản trị

Cao Văn Tĩnh

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Cao Xuân Hợp

Thành viên Ban kiểm soát

Trần Thị Thanh Hải

Trưởng Ban kiểm soát

Nguyễn Việt Hải

Thành viên Hội đồng Quản trị

Chu Minh Hoàng

Thành viên Hội đồng Quản trị

Top connections

TUG60.3%VLG51.0%HAC51.0%SGN25.0%WCS23.6%DNM22.7%SAC18.7%IDV18.0%SZL16.1%BAX16.1%TIP15.3%MTH13.6%

Computed 12/04/2026