TNS
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 — TNS
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
TNS exhibits several concerning financial indicators that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.6334, which is below the manipulation threshold of -1.78. However, the company maintains a strong earnings quality score of 78.6, indicating relatively good cash conversion and accrual metrics.
- Beneish M-Score of -2.6334 indicates potential earnings manipulation, significantly below the threshold of -1.78.
- SGAI of 1.6378 suggests excessive spending on sales and marketing, which may not translate into revenue growth.
- EQ Margin of 13.0/100 is alarmingly low, indicating poor profitability relative to revenue.
- Earnings Quality Score of 78.6/100 reflects strong cash conversion (100.0/100) and receivables management (100.0/100).
- DSRI of 1.6245 indicates that inventory levels are being managed relatively well compared to sales.
The ownership structure shows significant concentration with the largest shareholder, Tổng Công ty Thép Việt Nam, holding 31.2%, which may lead to governance risks and potential conflicts of interest. However, the presence of multiple institutional investors can provide some oversight.
Investors should closely monitor TNS for signs of financial irregularities, particularly in light of the elevated risk of earnings manipulation. It may be prudent to adopt a cautious approach, potentially waiting for clearer financial disclosures 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 TNS — hover nodes for intel, click to navigate