NAC

Construction

Công ty Cổ phần Tư vấn Xây dựng Tổng hợp

Xây dựng và Vật liệuCT

1.300

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

72.396

Current

1.300

Gap

+500.0%

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)

23.76%

Kd(1-t)

6.95%

D/(D+E)

76.24%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

24.151

50%DCF Value

120.641

Blended Intrinsic

72.396

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — NAC

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.45

Moderate

DSRI

0.929

GMI

0.945

AQI

1.702

SGI

1.165

DEPI

0.823

SGAI

1.027

TATA

-0.059

LVGI

1.008

NAC exhibits a Beneish M-Score of -2.4478, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 73.8 suggests some concerns, particularly with revenue recognition, which may warrant further scrutiny.

Red Flags

Earnings quality score of 0.0/100 for eq_revenue indicates potential issues with revenue recognition.
SGI of 1.1652 suggests that sales growth is outpacing earnings growth, which can be a warning sign.

Positive Signals

Beneish M-Score of -2.4478 is well below the manipulation threshold of -1.78, suggesting a lower risk of earnings manipulation.
High cash conversion score of 100.0/100 indicates strong cash flow relative to earnings.

Ownership Risk

The top shareholders are predominantly institutional, with the largest holding 48.6%. This concentration could lead to governance risks if decisions favor major shareholders over minority interests.

Recommendation

Investors should monitor revenue recognition practices closely and consider a deeper analysis of cash flow trends before making investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.67

Distress Zone

Sharpe

2.44

Excellent

Composite

Strong

Price Risk

Momentum

+112.5%

Volatility

86.7%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2024

0.60P/E

P/B0.09

P/S0.02

ROE25.8%

ROA6.1%

EPS3362.85

BVPS13750.76

Gross Margin12.5%

Net Margin4.3%

D/E3.28

Current Ratio1.01

Rev Growth16.5%

Profit Growth70.7%

EV/EBITDA-11.13

Div Yield153.8%

Company Overview

Issued Shares

2.8M

Charter Capital

28.4B 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 NAC — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Tư vấn Xây dựng Việt Nam

Inst

48.6%

1.4 trieu

Tổng Công ty Vật liệu Xây dựng số 1

Inst

5.3%

151.000

Tổng Công ty IDICO

Inst

4.8%

135.000

Trần Tuấn Khang

Indiv

3.9%

110.150

Lê Đức Tuấn

Indiv

3.3%

94.533

Nguyễn Tấn Khoa

Indiv

3.1%

88.327

Võ Công Tuấn

Indiv

2.6%

74.360

Phạm Khánh Toàn

Indiv

2.6%

74.083

nguyen-minh-hong

Indiv

1.6%

46.050

nguyen-minh-hong

Indiv

1.6%

46.050

nguyen-van-vinh

Indiv

1.5%

42.850

Vũ Văn Tuấn

Indiv

1.5%

41.600

nguyen-kien-cuong

Indiv

1.4%

39.000

Nguyễn Côn

Indiv

0.9%

27.000

Nguyễn Duy Nam

Indiv

0.9%

24.695

Trần Thanh Sơn

Indiv

0.8%

22.667

Nghiêm Mạnh Hoàng

Indiv

0.6%

16.467

Đặng Nguyên Ân

Indiv

0.4%

10.200

Nguyễn Duy Trác

Indiv

0.3%

8.322

Vũ Hòa Lan

Indiv

0.3%

8.200

Ngô Thị Hương Ly

Indiv

0.3%

7.164

Trần Thiện Tâm

Indiv

0.2%

5.200

Board & Management

Phạm Khánh Toàn2.6%

Phó Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Nguyễn Minh Hồng1.6%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Vinh1.5%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Vũ Văn Tuấn1.5%

Thành viên Ban kiểm soát

Nguyễn Côn0.9%

Phó Tổng Giám đốc

Trần Thanh Sơn0.8%

Phó Tổng Giám đốc

Nghiêm Mạnh Hoàng0.6%

Kế toán trưởng

Đặng Nguyên Ân0.4%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Cù Trọng Phúc

Thành viên Ban kiểm soát

Nguyễn Thị Tố Trinh

Thành viên Hội đồng Quản trị

Nguyễn Thị Kim Dung

Trưởng Ban kiểm soát

Top connections

UIC64.5%USC57.8%HTI57.5%ISH51.8%CCV51.0%TTC51.0%ICN51.0%LAI51.0%VWS48.6%CNN48.6%INC44.0%VTA30.8%

Computed 12/04/2026