NNC
ConstructionValuation Breakdown
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.
Valuation Track Record
Retroactive intrinsic value vs actual close price — NNC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2020
NNC exhibits several concerning indicators, particularly in earnings quality and ownership concentration, which suggest potential risks of manipulation. However, its Beneish M-Score of -2.8954 indicates it is below the manipulation threshold, providing some reassurance.
- Earnings Quality Score of 60.3/100 indicates moderate quality, particularly concerning the eq_receivables score of 0.0/100, which raises concerns about revenue recognition practices.
- SGAI of 1.8722 suggests excessive spending on sales and marketing, which may not translate into revenue growth, indicating inefficiencies.
- Beneish M-Score of -2.8954 is below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
- High eq_accrual score of 96.6/100 indicates strong accrual quality, suggesting that reported earnings are likely to be sustainable.
The top shareholder, Công ty Cổ phần Vật liệu và Xây dựng Bình Dương, holds a significant 43.5% stake, indicating potential control over corporate decisions, which may limit minority shareholder influence and raise governance concerns.
Investors should closely monitor NNC's earnings quality metrics and consider reducing exposure until there are improvements in revenue recognition practices and overall governance.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for NNC — hover nodes for intel, click to navigate