TNC
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 — TNC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
TNC exhibits several concerning financial metrics that suggest potential manipulation and earnings quality issues. While the Beneish M-Score of -0.6321 indicates a lower likelihood of manipulation, the high DSRI of 2.2289 and low earnings quality score of 35.4/100 raise red flags about the sustainability of earnings.
- DSRI of 2.2289 indicates significant growth in receivables relative to sales, suggesting potential revenue recognition issues.
- Earnings Quality Score of 35.4/100, particularly low cash conversion score of 8.0/100, indicates poor cash flow relative to reported earnings.
- Beneish M-Score of -0.6321 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
- Strong eq_margin score of 100.0/100 suggests that the company maintains high profitability margins.
The ownership structure is heavily dominated by state entities, with both the Bà Rịa - Vũng Tàu and Hồ Chí Minh People's Committees holding 51% each. This dual state ownership may lead to conflicts of interest and reduced accountability.
Investors should closely monitor TNC's cash flow performance and receivables management. Given the elevated risk indicators, a cautious approach is advised, potentially waiting for improved earnings quality metrics before making significant investments.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TNC — hover nodes for intel, click to navigate