MVC

Construction

Công ty Cổ phần Vật liệu và Xây dựng Bình Dương

Xây dựng và Vật liệuCT

17.100

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

11.750

Current

17.100

Gap

-31.3%

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)

79.78%

Kd(1-t)

6.77%

D/(D+E)

20.22%

WACC

11.10%

Growth Estimate

fundamental firm blend2.31%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

11.035

50%DCF Value

12.464

Blended Intrinsic

11.750

Value Decomposition

39%

61%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — MVC

Earnings Quality

Fiscal year 2025

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.61

Low Risk

DSRI

0.713

GMI

1.010

AQI

0.937

SGI

1.077

DEPI

1.138

SGAI

1.130

TATA

0.021

LVGI

1.037

MVC exhibits several concerning indicators that suggest potential earnings manipulation, particularly given its Beneish M-Score of -2.6147, which is below the manipulation threshold. However, the company also shows strong earnings quality metrics, particularly in receivables and margins, indicating some operational strengths.

Red Flags

Beneish M-Score of -2.6147 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 69.3/100, with a concerning eq_revenue score of 0.0/100, suggests issues with revenue recognition.

Positive Signals

Strong eq_accrual score of 91.5/100 indicates good accrual quality, suggesting that reported earnings are backed by actual economic activity.
High eq_margin score of 92.8/100 reflects strong profitability relative to revenue.

Ownership Risk

The ownership structure is concentrated, with the top three shareholders holding 85.2% of shares, which may lead to governance risks and potential conflicts of interest, especially with significant state ownership.

Recommendation

Investors should proceed with caution, closely monitoring MVC's financial disclosures and operational performance. Consider a deeper analysis of revenue recognition practices and governance structures before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.09

Safe Zone

Sharpe

0.66

Positive

Composite

Fair

Price Risk

Momentum

+45.6%

Volatility

32.2%

Max Drawdown

-41.7%

Key Ratios

Fiscal year 2025

9.51P/E

P/B1.22

P/S2.18

ROE13.4%

ROA10.6%

EPS1717.04

BVPS13375.90

Gross Margin25.1%

Net Margin23.0%

D/E0.28

Current Ratio2.05

Rev Growth24.4%

Profit Growth98.9%

EV/EBITDA13.08

Div Yield0.0%

Company Overview

Issued Shares

100.0M

Charter Capital

1000.0B 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 MVC — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Gạch ngói Nhị Hiệp

Inst

30.0%

Tổng Công ty Thương mại Xuất nhập khẩu Thanh Lễ - CTCP

State

25.0%

25.0 trieu

Phạm Kim Oanh

Indiv

24.9%

24.9 trieu

Công ty Cổ phần Đá Núi Nhỏ

Inst

10.3%

10.3 trieu

Nguyễn Xuân Thuận

Indiv

9.6%

9.6 trieu

nguyen-thanh-nhan

Indiv

0.8%

838.650

Phạm Tuấn Kiệt

Indiv

0.2%

202.800

Board & Management

Phạm Kim Oanh24.9%

Thành viên Hội đồng Quản trị

Nguyễn Thành Nhân0.8%

Thành viên Hội đồng Quản trị

Hà Thị Phương Trúc

Thành viên Ban kiểm soát

Trịnh Bá Bộ

Thành viên Hội đồng Quản trị

Lê Viết Châu

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Quốc Bình

Kế toán trưởng

Phạm Thị Băng Trang

Trưởng Ban kiểm soát

Đoàn Minh Quang

Chủ tịch Hội đồng Quản trị

Nguyễn Hồng Châu

Phó Tổng Giám đốc

Lê Thị Cẩm Loan

Thành viên Ban kiểm soát

Top connections

TCL24.9%NHC23.4%

Computed 12/04/2026