TV4

Công ty Cổ phần Tư vấn Xây dựng Điện 4

VietnamConsumerHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhHNXCT

12.500

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+6.8%Calibrated value vs last close

Last close (VND): 12.500
Calibrated intrinsic value (VND): 13.351

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

Trading liquidity is below the comparison threshold.

Also note

A release of working capital contributes to cash flow.
Historical growth has declined.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Tư vấn & Hỗ trợ Kinh doanh→Consumer

Classified as consumer because ICB sector “Tư vấn & Hỗ trợ Kinh doanh” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.529

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

9.43%

E/(D+E)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→6.60B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→12.500

Calibrated value vs last close→+6.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

13.351

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow6.6 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	1.0%	2.5%	4.0%	5.5%	7.0%
8.0%	13.351	13.982	13.982	13.982	13.982
9.0%	13.351	13.351	13.351	13.351	13.351
10.0%	13.351	13.351	13.351	13.351	13.351
11.0%	13.351	13.351	13.351	13.351	13.351
12.0%	13.351	13.351	13.351	13.351	13.351

Above market priceBelow market priceCurrent estimate

TV4 among Consumer

Every stock in the sector, TV4 marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is TV4. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	273	221	229	264	212	195	153	131	121	123	107	134	134
Cash and cash equivalents (Bn. VND)Net debt bridge	·	47	52	42	51	70	65	55	56	33	25	22	31	4
Short-term investments (Bn. VND)Net debt bridge	·	72	9	9	19	16	0	0	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	140	150	168	185	119	127	92	67	76	81	71	87	115
Prepayments to suppliers (Bn. VND)	·	3	6	5	5	3	3	3	4	8	6	3	3	6
Net Inventories	·	13	8	9	8	7	4	7	8	12	17	13	15	12
Inventories, Net (Bn. VND)	·	13	8	9	8	7	4	7	8	12	17	13	15	12
Other current assets	·	1	1.0	0.9	0.8	0.5	0	0	0	0	0	0.01	2	2
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	2	2
LONG-TERM ASSETS (Bn. VND)	·	156	154	145	142	142	141	138	138	140	134	134	132	132
Long-term trade receivables (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	2	2	2	2	2	2	2
Other long-term receivables (Bn. VND)	·	0.03	0.07	0.08	0.08	0.09	0.07	0.10	0.09	0.08	0.07	0.07	0	0
Fixed assets (Bn. VND)	·	44	20	24	28	29	28	24	25	27	24	25	23	24
Tangible fixed assets	·	31	6	9	13	13	13	9	10	11	9	10	8	8
Intagible fixed assets	·	13	14	15	16	16	15	15	15	16	15	15	15	16
Long-term investments (Bn. VND)	·	110	111	111	111	111	111	111	111	111	107	106	106	105
Investments in associate companies	·	104	104	104	104	104	104	104	104	109	104	104	104	102
Other long-term assets (Bn. VND)	·	7	7	7	7	7	7	7	7	2	2	2	3	3
Less: Provision for diminuation in value of long term investments	·	−0.5	−0.4	−0.3	−0.2	0	0	−0.3	−0.2	−0.2	0	0	0	0
Other non-current assets	·	2	0.4	1	2	2	2	2	0.6	0.9	2	1	1.0	0.7
Long-term prepayments (Bn. VND)	·	2	0.4	1	2	2	2	2	0.6	0.9	2	1	0.9	0.7
TOTAL ASSETS (Bn. VND)	·	429	375	374	406	354	336	292	269	261	257	241	267	266
LIABILITIES (Bn. VND)	·	148	110	115	151	136	150	116	86	78	76	60	93	103
Current liabilities (Bn. VND)	·	148	110	115	151	136	150	116	86	78	76	57	86	92
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	0	0	5	18
Advances from customers (Bn. VND)	·	44	22	23	24	32	61	29	29	34	46	29	28	16
Long-term liabilities (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	3	7	10
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	0	3	7	10
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	281	265	259	255	218	186	176	184	183	181	180	173	163
Capital and reserves (Bn. VND)	·	281	265	259	255	218	186	176	184	183	181	180	173	163
Paid-in capital (Bn. VND)	·	198	198	198	198	177	158	158	158	146	146	146	146	146
Investment and development funds (Bn. VND)	·	38	31	28	16	6	0.3	0.3	0.3	11	27	27	20	20
Other Reserves	·	0	0	0	0	0	0	0	0	2	2	2	2	2
Undistributed earnings (Bn. VND)	·	46	36	33	42	35	28	18	26	25	23	23	15	5
TOTAL RESOURCES (Bn. VND)	·	429	375	374	406	354	336	292	269	261	257	241	267	266
Common shares (Bn. VND)	·	198	198	198	198	177	158	158	158	146	146	146	146	146

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.63 · 32nd pctile vs VN companies

YoY ▼ −0.39

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.688

GMI

1.137

AQI

0.736

SGI

1.347

DEPI

1.903

SGAI

0.911

TATA

−0.042

LVGI

1.177

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.6334th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.8%32nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.81

Grey Zone

Sharpe

−0.36

Negative

Composite

50 to 69

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✓ROA Rising

✓OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✗Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.94×Interest Burden0.99×Op. Margin0.17×Turnover0.65×Leverage1.53=ROE15.2%

Price Risk

Momentum

−15.6%

Volatility

47.1%

Max Drawdown

−24.6%

Key Ratios

Fiscal year 2025

5.70P/E

P/B: 0.87
P/S: 0.87
ROE: 15.7%
ROA: 10.6%
EPS: 2.160
BVPS: 14.214
Gross Margin: 22.1%
Net Margin: 15.3%
D/E: 0.00
Current Ratio: 1.84
Rev Growth: +34.7%
Profit Growth: +20.4%
EV/EBITDA: 7.64
Div Yield: 8.1%

Company Overview

Shares outstanding: 19.8M
Charter Capital: 198B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Tư vấn & Hỗ trợ KD
Company Type: CT

Ownership network

Common ownership links for TV4. Hover for detail, select a link to open it.

Shareholders

Tập đoàn Điện lực Việt Nam

Inst

71.7%

14.2M

2026-03-31

Nguyễn Như Đông

Indiv

0.5%

100,138

2025-12-31

Vũ Thành Danh

Indiv

0.5%

100,012

2025-12-31

Nguyễn Xuân Phương

Indiv

0.4%

79,905

2024-12-31

Vũ Ngọc Thư

Indiv

0.3%

45,413

2014-12-31

Nguyễn Thị Thanh Hoa

Indiv

0.3%

58,636

2025-12-31

Lê Cao Quyền

Indiv

0.2%

40,019

2025-12-31

Trần Văn Thọ

Indiv

0.2%

26,737

2014-12-31

Vương Anh Dũng

Indiv

0.1%

26,629

2026-06-30

Nguyễn Thị Quế Nga

Indiv

0.1%

22,934

2025-12-31

Board & Management

Lê Cao Quyền0.2%

Member of Management Board/Deputy General Director

Vương Anh Dũng0.1%

Chairman of Management Board/Deputy General Director

Nguyễn Thị Hải Yến

Member of Supervisors Board

Top connections

PGV99.2%TV171.7%TV271.7%TV371.7%TBD71.7%NT271.7%

Listed group

BSACông ty Cổ phần Thủy điện Buôn Đôn
Associate: 20% or more held
31.0%
2026-03-31

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 78,571 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.40%

Nguyễn Duy Quốc Việt
Sale · Insider
78,571
2026-05-22

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

TV4 among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

TV4 among Consumer