TRC
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 — TRC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
TRC exhibits a Beneish M-Score of -3.3683, indicating a low likelihood of earnings manipulation. However, the earnings quality metrics reveal some concerns, particularly in revenue and margin quality, which may warrant further scrutiny.
- SGI of 1.1339 suggests aggressive growth that may not be supported by underlying fundamentals.
- AQI of 0.4457 indicates potential issues with earnings quality, particularly in cash conversion.
- Beneish M-Score of -3.3683 is well below the manipulation threshold of -1.78, suggesting a lower risk of earnings manipulation.
- Earnings Quality Score of 77.8/100 reflects overall strong performance, particularly in receivables with a score of 100.0/100.
The top shareholder, Tập đoàn Công nghiệp Cao su Việt Nam, holds a significant 60.0% stake, indicating potential influence over company decisions and stability, but also raises concerns about minority shareholder rights.
Monitor TRC's revenue growth closely, given the elevated SGI, and consider a deeper analysis of margin quality 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 TRC — hover nodes for intel, click to navigate