MTV

Consumer

Công ty Cổ phần Dịch vụ Môi trường và Công trình Đô thị Vũng Tàu

Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT

16.100

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

14.191

Current

16.100

Gap

-11.9%

ModelFCF DCF

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Consumer

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.000

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

11.50%

E/(D+E)

85.60%

Kd(1-t)

6.24%

D/(D+E)

14.40%

WACC

10.74%

Growth Estimate

fundamental firm blend5.32%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→3.06B

Projection years→10

Valuation

Base FCF

3.06B

Growth Rate

5.32%

WACC

10.74%

Terminal Growth

4.00%

DCF Value

14.191

Value Decomposition

47%

53%

Explicit period (47%)Terminal value (53%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MTV

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.73

Low Risk

DSRI

0.824

GMI

1.053

AQI

0.219

SGI

0.940

DEPI

1.443

SGAI

0.868

TATA

0.025

LVGI

0.816

MTV exhibits a Beneish M-Score of -2.7341, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 69.4 suggests potential concerns, particularly in cash conversion and revenue recognition.

Red Flags

Earnings Quality Score of 69.4 indicates moderate quality, with a concerning eq_cash_conv of 54.4/100, suggesting potential issues with cash flow relative to earnings.
The eq_revenue score of 0.0/100 raises significant concerns about the reliability of revenue recognition practices.

Positive Signals

Beneish M-Score of -2.7341 is well below the manipulation threshold of -1.78, indicating a lower risk of earnings manipulation.
Strong eq_margin score of 100.0/100 reflects excellent profitability relative to sales.

Ownership Risk

The significant state ownership of 65.0% by Ủy Ban Nhân Dân Tỉnh Bà Rịa - Vũng Tàu may lead to potential conflicts of interest and influence over corporate governance, impacting minority shareholders.

Recommendation

Investors should closely monitor cash flow metrics and revenue recognition practices while considering the strong state backing as a stabilizing factor in the investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

5.49

Safe Zone

Sharpe

-0.19

Negative

Composite

Weak

Price Risk

Momentum

-16.1%

Volatility

74.2%

Max Drawdown

-24.7%

Key Ratios

Fiscal year 2024

22.06P/E

P/B0.89

P/S0.79

ROE8.8%

ROA7.5%

EPS1605.50

BVPS18054.64

Gross Margin18.3%

Net Margin7.9%

D/E0.16

Current Ratio4.88

Rev Growth-6.0%

Profit Growth-12.2%

EV/EBITDA4.40

Div Yield4.4%

Company Overview

Issued Shares

5.4M

Charter Capital

54.0B 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

// OWNERSHIP_NETWORK

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

Shareholders

Ủy Ban Nhân Dân Tỉnh Bà Rịa - Vũng Tàu

State

65.0%

3.5 trieu

Công ty Cổ phần Cấp Nước Bà Rịa - Vũng Tàu

Inst

9.6%

515.803

Nguyễn Xuân Mạnh

Indiv

3.4%

184.668

Bùi Thị Việt

Indiv

1.5%

79.763

Nguyễn Xuân Hậu

Indiv

1.5%

79.090

Nguyễn Hữu Thẳm

Indiv

0.6%

31.551

Nguyễn Trung Trực

Indiv

0.4%

19.190

Trần Ngọc Thọ

Indiv

0.2%

13.180

Nhữ Thị Hiển

Indiv

0.1%

6.180

Phan Xuân Huân

Indiv

0.1%

6.190

Board & Management

Nguyễn Xuân Mạnh3.4%

Chủ tịch Hội đồng Quản trị

Bùi Thị Việt1.5%

Phó Tổng Giám đốc

Nguyễn Hữu Thẳm0.6%

Thành viên Ban kiểm soát

Nguyễn Trung Trực0.4%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Ngọc Thọ0.2%

Thành viên Hội đồng Quản trị

Nhữ Thị Hiển0.1%

Phụ trách Công bố thông tin/Trưởng Ban kiểm soát

Phan Xuân Huân0.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Thái Doãn Chính

Thành viên Hội đồng Quản trị

Đinh Ngọc Tuấn

Kế toán trưởng

Nguyễn Tiến Lạng

Thành viên Ban kiểm soát

Top connections

BRS76.9%UDC67.7%TNC65.0%BWS65.0%UPC65.0%PMW16.7%LPT3.4%HDC1.5%CLH1.5%

Computed 12/04/2026