DVW

Construction

Công ty Cổ phần Dịch vụ và Xây dựng cấp nước Đồng Nai

Xây dựng và Vật liệuCT

46.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

55.580

Current

46.200

Gap

+20.3%

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)

78.76%

Kd(1-t)

7.01%

D/(D+E)

21.24%

WACC

11.10%

Growth Estimate

fundamental firm blend2.37%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

34.491

50%DCF Value

76.669

Blended Intrinsic

55.580

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DVW

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

-3.47

Low Risk

DSRI

0.399

GMI

0.969

AQI

0.413

SGI

1.003

DEPI

0.959

SGAI

0.988

TATA

-0.049

LVGI

0.857

The forensic assessment of DVW indicates a low risk of earnings manipulation, as evidenced by a Beneish M-Score of -3.4707, well below the manipulation threshold. The company demonstrates strong earnings quality metrics, particularly in cash conversion and receivables management, which are critical in the Vietnamese market context.

Positive Signals

Earnings Quality Score of 83.5/100 indicates strong overall earnings quality.
High eq_cash_conv score of 100.0/100 suggests excellent cash flow generation relative to earnings.

Ownership Risk

The ownership structure is relatively concentrated, with the largest shareholder holding 36.0%. While this may lead to potential governance risks, the presence of institutional ownership can provide some stability.

Recommendation

Continue monitoring DVW's financial performance and governance practices, particularly with respect to cash flow management and shareholder engagement, to ensure sustainable growth.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

4.18

Safe Zone

Sharpe

1.37

Excellent

Composite

Strong

Price Risk

Momentum

+13.9%

Volatility

65.3%

Max Drawdown

-20.6%

Key Ratios

Fiscal year 2024

8.79P/E

P/B1.38

P/S1.70

ROE18.9%

ROA15.1%

EPS4259.08

BVPS23349.65

Gross Margin47.1%

Net Margin22.5%

D/E0.22

Current Ratio3.76

Rev Growth0.3%

Profit Growth6.8%

EV/EBITDA4.60

Div Yield9.3%

Company Overview

Issued Shares

2.3M

Charter Capital

23.4B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Cấp nước Đồng Nai

Inst

36.0%

844.200

Đặng Công Thành

Indiv

8.4%

196.000

Đặng Nguyễn Thanh Liêm

Indiv

6.0%

140.147

Trần Chiến Thắng

Indiv

6.0%

139.664

Nguyễn Thị Tân Hường

Indiv

3.6%

84.651

Phạm Văn Hội

Indiv

1.8%

42.112

Phạm Ngọc Tú

Indiv

1.3%

31.124

Đặng Trọng Thành

Indiv

1.3%

29.400

Lê Chí Nguyên Thăng

Indiv

1.0%

23.336

Phan Bình

Indiv

1.0%

23.336

Đặng Thị Tâm

Indiv

0.4%

9.913

Lê Chí-Nguyên Khang

Indiv

0.1%

2.800

Board & Management

Trần Chiến Thắng6.0%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Nguyễn Thị Tân Hường3.6%

Người phụ trách quản trị công ty

Phạm Ngọc Tú1.3%

Giám đốc

Lê Chí Nguyên Thăng1.0%

Kế toán trưởng/Phụ trách Công bố thông tin

Đỗ Thị Thúy Hằng

Trưởng Ban kiểm soát

Nguyễn Anh Tuấn

Chủ tịch Hội đồng Quản trị

Ngô Thị Đài Trang

Thành viên Ban kiểm soát

Đặng Thị Thắm

Thành viên Ban kiểm soát

Top connections

NTW2 links LKW51.0%SDV36.0%SZC36.0%DSD8.4%CHS6.0%HGM1.8%PJC1.8%CDC1.8%VSI1.3%

Computed 12/04/2026