TIS
CyclicalsValuation Breakdown
Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.
Valuation Track Record
Retroactive intrinsic value vs actual close price — TIS
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -2.4894 indicates a low likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue and margin quality, which could raise concerns about the sustainability of earnings.
- Earnings Quality Score of 78.1/100 is decent, but eq_margin and eq_revenue scores are both 0.0/100, indicating potential issues with profitability and revenue recognition.
- SGI of 1.1312 suggests that sales growth is outpacing earnings growth, which could indicate aggressive revenue recognition practices.
- DSRI of 0.8778 indicates that accounts receivable are growing slower than sales, which is a positive signal for cash flow.
- High eq_cash_conv score of 100.0/100 reflects strong cash conversion from earnings, suggesting that the company is effectively turning profits into cash.
The ownership structure is heavily concentrated, with Tổng Công ty Thép Việt Nam holding 65.0%. This concentration may pose risks related to governance and decision-making, potentially sidelining minority shareholders.
Investors should monitor the company's revenue recognition practices closely and consider the implications of the concentrated ownership structure. A deeper analysis of cash flows and operational efficiency is recommended before making investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TIS — hover nodes for intel, click to navigate