TNB
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 — TNB
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -2.2603 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 51.7/100, particularly the cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.
- Earnings quality score of 51.7/100 indicates potential issues with earnings sustainability.
- Cash conversion score of 0.0/100 suggests that the company is not converting its earnings into cash, which is a significant red flag.
- Beneish M-Score of -2.2603 is below the manipulation threshold, indicating a lower likelihood of earnings manipulation.
- Receivables score of 100.0/100 suggests strong management of receivables, which is a positive indicator for cash flow.
The high concentration of ownership with Tổng Công ty Thép Việt Nam holding 84.8% raises concerns about minority shareholder rights and potential governance issues, typical in Vietnamese state-owned enterprises.
Investors should closely monitor cash flow performance and consider engaging with management regarding the low cash conversion rates. Given the ownership structure, potential governance risks should also be factored into investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TNB — hover nodes for intel, click to navigate