S72

Construction

Công ty Cổ phần Sông Đà 7.02

Xây dựng và Vật liệuCT

7.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

14.988

Current

7.100

Gap

+111.1%

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)

54.91%

Kd(1-t)

7.60%

D/(D+E)

45.09%

WACC

10.13%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

9.841

50%DCF Value

20.136

Blended Intrinsic

14.988

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — S72

Earnings Quality

Fiscal year 2025

Fair

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

-2.49

Moderate

DSRI

1.126

GMI

0.926

AQI

1.033

SGI

1.155

DEPI

0.948

SGAI

1.078

TATA

-0.054

LVGI

0.899

S72 exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -2.4883, which is significantly below the manipulation threshold of -1.78. While the earnings quality score of 64.6 suggests moderate reliability, the extremely low scores in revenue and margin metrics raise serious concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.4883 indicates a high likelihood of earnings manipulation, well below the threshold of -1.78.
Earnings Quality metrics show 0.0/100 for both eq_margin and eq_revenue, signaling potential issues with revenue recognition and profit margins.

Positive Signals

Strong cash conversion rate of 100.0/100 indicates that the company is effectively converting earnings into cash, which is a positive sign amidst other red flags.
Ownership concentration with top shareholders holding over 84% of shares may imply stability in governance, reducing the risk of sudden market volatility.

Ownership Risk

The high concentration of ownership among institutional investors (over 84%) suggests a potential lack of liquidity and may lead to governance issues if interests diverge. However, it may also provide stability in decision-making.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in S72, particularly focusing on revenue recognition practices and the sustainability of cash flows. Monitoring future earnings reports will be crucial to assess any changes in financial health.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

0.87

Distress Zone

Sharpe

0.62

Positive

Composite

Strong

Price Risk

Momentum

+55.6%

Volatility

98.9%

Max Drawdown

-39.7%

Key Ratios

Fiscal year 2025

10.62P/E

P/B0.67

P/S2.28

ROE6.5%

ROA3.8%

EPS668.75

BVPS10642.99

Gross Margin41.3%

Net Margin21.5%

D/E0.63

Current Ratio0.39

Rev Growth3.5%

Profit Growth36.5%

EV/EBITDA5.37

Div Yield0.0%

Company Overview

Issued Shares

12.0M

Charter Capital

120.0B 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 S72 — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Sông Đà 7

Inst

34.8%

4.2 trieu

Công ty Cổ phần Sông Đà 7.04

Inst

34.0%

4.1 trieu

Công ty Cổ Phần Thủy Điện Cao Nguyên - Sông Đà 7

Inst

16.0%

1.9 trieu

Phạm Văn Phong

Indiv

0.2%

25.021

Nguyễn Hữu Doanh

Indiv

0.1%

14.589

Board & Management

Phạm Văn Phong0.2%

Kế toán trưởng

Nguyễn Hữu Doanh0.1%

Thành viên Hội đồng Quản trị

Ngô Quốc Thế

Trưởng Ban kiểm soát

Nguyễn Hữu Nhuận

Chủ tịch Hội đồng Quản trị

Nguyễn Cao Sơn

Thành viên Ban kiểm soát

PHẠM VĂN TOÀN

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Văn Long

Thành viên Ban kiểm soát

Top connections

SD72 links SD634.8%

Computed 12/04/2026