EVG

Construction

Công ty Cổ phần Tập đoàn Everland

Xây dựng và Vật liệuCT

6.460

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

6.927

Current

6.460

Gap

+7.2%

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)

57.89%

Kd(1-t)

6.12%

D/(D+E)

42.11%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

2.816

50%DCF Value

11.038

Blended Intrinsic

6.927

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — EVG

Earnings Quality

Fiscal year 2025

Fair

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.02

Low Risk

DSRI

0.975

GMI

0.375

AQI

0.766

SGI

0.938

DEPI

6.287

SGAI

3.758

TATA

-0.017

LVGI

1.293

The Beneish M-Score of -3.0234 indicates that EVG is unlikely to be manipulating earnings, as it is well below the threshold of -1.78. However, the low earnings quality score, particularly in revenue recognition, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score of 68.6/100 is moderate, but the revenue score is alarming at 0.0/100, indicating potential issues with revenue recognition.
The SGI of 0.9383 suggests a decline in sales growth, which may indicate weakening demand or market position.

Positive Signals

The DSRI of 0.9747 indicates that accounts receivable are well managed relative to sales, suggesting effective credit control.
High cash conversion score of 100.0/100 demonstrates strong cash flow generation capabilities.

Ownership Risk

The ownership structure is concentrated, with the top shareholder holding 26.3%, which could lead to governance risks and potential conflicts of interest. However, the presence of institutional ownership at 5.4% may provide some level of oversight.

Recommendation

Investors should closely monitor revenue recognition practices and consider a deeper analysis of sales trends. Given the moderate risk level, a cautious approach is advised, potentially waiting for clearer signals of revenue stability before making significant investments.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.16

Distress Zone

Sharpe

0.33

Positive

Composite

Fair

Price Risk

Momentum

+20.2%

Volatility

42.7%

Max Drawdown

-39.6%

Key Ratios

Fiscal year 2025

20.94P/E

P/B0.69

P/S1.45

ROE3.4%

ROA1.4%

EPS359.66

BVPS10871.89

Gross Margin13.1%

Net Margin6.9%

D/E1.19

Current Ratio2.17

Rev Growth-6.2%

Profit Growth146.5%

EV/EBITDA23.09

Div Yield0.0%

Company Overview

Issued Shares

215.2M

Charter Capital

2152.5B 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 EVG — hover nodes for intel, click to navigate

Shareholders

Lê Đình Vinh

Indiv

26.3%

56.7 trieu

Nguyễn Thúc Cẩn

Indiv

7.5%

16.1 trieu

Nguyễn Văn Kha

Indiv

6.7%

2.0 trieu

Công ty TNHH Dream House Asia

Inst

5.4%

11.7 trieu

Lê Thị Thùy Linh

Indiv

5.0%

5.2 trieu

Cao Thị Huyền My

Indiv

4.9%

2.9 trieu

Đậu Quốc Dũng

Indiv

4.8%

1.4 trieu

Lê Đình Tuấn

Indiv

3.0%

6.5 trieu

LÊ THỊ TUYẾN

Indiv

0.9%

927.500

Dương Thị Vân Anh

Indiv

0.7%

1.6 trieu

Board & Management

Lê Đình Vinh26.3%

Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Nguyễn Thúc Cẩn7.5%

Phụ trách Công bố thông tin/Phó Chủ tịch Hội đồng Quản trị

Lê Đình Tuấn3.0%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

LÊ THỊ TUYẾN0.9%

Phó Tổng Giám đốc

Dương Thị Vân Anh0.7%

Thành viên Hội đồng Quản trị

Nguyễn Hà Nguyên

Thành viên Ban kiểm soát

Vũ Minh Huệ

Thành viên Ban kiểm soát

Nguyễn Ngọc Bích

Thành viên Hội đồng Quản trị

Nguyễn Thị Hồng Lê

Kế toán trưởng

Cao Thị Hòa

Người phụ trách quản trị công ty

Nguyễn Trọng Phong

Trưởng Ban kiểm soát

Top connections

AGP2 links C695.8%TNI5.0%MAS5.0%

Computed 12/04/2026