PSN
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 — PSN
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -1.9776 indicates a potential risk of earnings manipulation, as it exceeds the threshold of -1.78. However, the earnings quality score of 89.3 suggests strong cash conversion and receivables management, which mitigates some concerns.
- Beneish M-Score of -1.9776 indicates potential earnings manipulation risk, exceeding the threshold of -1.78.
- DSRI of 1.7730 suggests a significant increase in receivables relative to sales, which may indicate aggressive revenue recognition.
- Earnings Quality Score of 89.3/100 reflects strong overall earnings quality, particularly with cash conversion at 100.0/100.
- SGAI of 0.7650 indicates effective cost management in selling, general, and administrative expenses.
The ownership structure is heavily concentrated, with two state-owned enterprises holding a combined 98.5% stake, which may lead to governance risks and lack of minority shareholder influence.
Investors should closely monitor financial disclosures for signs of earnings manipulation and consider diversifying their portfolio to mitigate risks associated with concentrated ownership.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for PSN — hover nodes for intel, click to navigate