NBE

Technology

Công ty Cổ phần Sách và Thiết bị Giáo dục Miền Bắc

Truyền thôngCT

11.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

48.385

Current

11.600

Gap

+317.1%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

ModelDCF + P/E Blend

Intrinsic = 60% x DCF Value + 40% x (Fair P/E x EPS)

Technology companies combine high growth potential with the risk of overvaluation. This model blends DCF (60% weight, capturing long-duration growth) with a P/E sanity check (40% weight, capping speculative excess). The DCF uses the slowest growth decay (0.05) recognizing that tech companies can sustain competitive advantages longer. The P/E component applies a dynamic ceiling: max P/E = min(growth% x 1.5, 30), preventing runaway valuations.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

68.12%

Kd(1-t)

6.36%

D/(D+E)

31.88%

WACC

11.29%

Growth Estimate

fundamental firm blend10.46%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→20.91x

Valuation

60%DCF Value

65.253

40%P/E Value

23.084

Blended Intrinsic

48.385

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — NBE

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.05

Moderate

DSRI

1.093

GMI

0.984

AQI

0.906

SGI

1.052

DEPI

0.727

SGAI

1.037

TATA

0.102

LVGI

1.293

The Beneish M-Score of -2.0499 suggests that NBE is not currently exhibiting strong signs of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 49.3 indicates potential concerns, particularly with cash conversion metrics, which could signal underlying financial issues.

Red Flags

Earnings Quality Score of 49.3/100 indicates below-average earnings quality, especially with a cash conversion score of 0.0/100, suggesting severe issues in converting earnings to cash.
The DSRI of 1.0926 indicates that accounts receivable are growing faster than revenue, which could imply potential revenue recognition issues.

Positive Signals

The GMI of 0.9840 is below 1, indicating a lower likelihood of gross margin deterioration, which is a positive signal.
The receivables score of 100.0/100 suggests that the company is effectively managing its receivables, which is a strong point in its earnings quality.

Ownership Risk

The significant ownership by Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam (46.0%) indicates a strong institutional presence, which can provide stability. However, the concentration of ownership may also lead to governance risks if decisions favor the majority shareholder.

Recommendation

Investors should closely monitor NBE's cash conversion metrics and consider a deeper analysis of its revenue recognition practices. It may be prudent to adopt a cautious approach until there are improvements in earnings quality and cash flow management.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

6.01

Safe Zone

Sharpe

-0.29

Negative

Composite

Fair

Price Risk

Momentum

-3.8%

Volatility

18.5%

Max Drawdown

-25.2%

Key Ratios

Fiscal year 2024

4.90P/E

P/B0.55

P/S0.07

ROE14.5%

ROA9.2%

EPS2885.49

BVPS20462.63

Gross Margin13.2%

Net Margin1.9%

D/E0.69

Current Ratio2.04

Rev Growth5.2%

Profit Growth-3.7%

EV/EBITDA2.01

Div Yield9.7%

Company Overview

Issued Shares

5.0M

Charter Capital

50.0B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Sách, ấn bản & sản phẩm văn hóa

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam

Inst

46.0%

2.3 trieu

Cao Văn Nguyên

Indiv

6.9%

345.759

Hoàng Thị Thanh Tâm

Indiv

0.6%

30.000

Đỗ Thị Phương

Indiv

0.6%

30.000

Lê Mai Anh

Indiv

0.5%

25.000

Trần Thị Phương Lan

Indiv

0.3%

15.000

Công ty Cổ phần Đầu tư Tài chính Giáo dục

Inst

0.1%

7.000

Board & Management

Hà Sỹ Chuẩn

Thành viên Hội đồng Quản trị

Dương Đình Thọ

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phạm Xuân Thương

Thành viên Hội đồng Quản trị

Lê Hồng Phương

Thành viên Ban kiểm soát

Lê Thu Hương

Thành viên Ban kiểm soát

Nguyễn Châu Giang

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Trọng Nhã

Phó Tổng Giám đốc

Bùi Thị Thu Lan

Phó Tổng Giám đốc/Kế toán trưởng/Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị

Nguyễn Thị Thu Huyền

Trưởng Ban kiểm soát

Top connections

SMN53.1%STC52.5%SED46.0%DAD46.0%EID46.0%ADC46.0%DAE46.0%EBS46.0%ECI46.0%SGD46.0%HEV46.0%HTP46.0%

Computed 12/04/2026