NAP

Construction

Công ty Cổ phần Cảng Nghệ Tĩnh

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

10.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

11.476

Current

10.100

Gap

+13.6%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

78.00%

Kd(1-t)

6.51%

D/(D+E)

22.00%

WACC

10.95%

Growth Estimate

fundamental firm blend4.58%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

9.207

50%DCF Value

13.746

Blended Intrinsic

11.476

Value Decomposition

39%

62%

Explicit period (39%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — NAP

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 · 2025

-3.20

Low Risk

DSRI

0.721

GMI

0.947

AQI

0.463

SGI

1.184

DEPI

0.976

SGAI

1.006

TATA

-0.094

LVGI

0.806

The Beneish M-Score of -3.1994 indicates a low likelihood of earnings manipulation, well below the threshold of -1.78. Additionally, the earnings quality score of 75.4/100 reflects strong cash conversion and receivables management, suggesting a solid operational foundation.

Red Flags

The SGI of 1.1836 indicates that sales growth is outpacing the growth of receivables, which could suggest aggressive revenue recognition practices.

Positive Signals

The earnings quality metrics show a perfect cash conversion score of 100.0/100, indicating strong cash flow generation relative to reported earnings.

Ownership Risk

The concentrated ownership structure, with 93.6% held by three institutional investors, may pose risks related to governance and decision-making, potentially limiting minority shareholder influence.

Recommendation

Investors should monitor sales growth closely, particularly in relation to receivables, while considering the strong cash flow metrics as a positive indicator for operational performance.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.63

Safe Zone

Sharpe

0.44

Positive

Composite

Strong

Price Risk

Momentum

+39.1%

Volatility

84.8%

Max Drawdown

-34.4%

Key Ratios

Fiscal year 2025

9.78P/E

P/B0.95

P/S0.98

ROE9.9%

ROA7.9%

EPS1144.61

BVPS11753.87

Gross Margin26.8%

Net Margin10.0%

D/E0.23

Current Ratio1.29

Rev Growth18.4%

Profit Growth45.6%

EV/EBITDA4.09

Div Yield0.0%

Company Overview

Issued Shares

21.5M

Charter Capital

215.2B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Hàng hải Việt Nam

Inst

51.0%

11.0 trieu

Công ty TNHH Tín Nghĩa Commodities

Inst

21.3%

4.6 trieu

Công ty TNHH Tuấn Lộc Commodities

Inst

21.3%

4.6 trieu

Lê Doãn Long

Indiv

0.2%

44.900

Nguyễn Quang

Indiv

0.1%

32.150

Trần Văn Đạt

Indiv

0.1%

32.150

Board & Management

Lê Doãn Long0.2%

Chủ tịch Hội đồng Quản trị

Trần Văn Đạt0.1%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Xuân Hùng

Kế toán trưởng

Bùi Kiều Hưng

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thị Minh Thu

Trưởng Ban kiểm soát

Nguyễn Thế Tiến

Thành viên Ban kiểm soát

Nguyễn Thạc Hoài

Thành viên Hội đồng Quản trị

Nguyễn Hồng Sơn

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Thùy Dung

Thành viên Ban kiểm soát

Top connections

CCT99.0%PHP92.6%CCR80.9%QNP75.0%CDN75.0%SGP65.5%VLG56.7%CPI56.6%VSA51.0%VNA51.0%VOS51.0%NOS51.0%

Computed 12/04/2026