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Consumer sector

VDG

Consumer
Công ty Cổ phần Vạn Đạt Group
Hàng cá nhân & Gia dụng/Hàng cá nhânCT
20.600
VND · Last close
Valuation Verdict
Undervalued
Very Low
-120%Fair Value+120%
Intrinsic Value
25.039
Current
20.600
Gap
+21.6%
ModelFCF DCF

Valuation Breakdown

CTHàng cá nhân & Gia dụngConsumer
Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" maps to the consumer group
ModelFCF-Based DCF
Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
0.800
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.10%
Ke
10.10%
x
E/(D+E)
53.46%
+
Kd(1-t)
6.23%
x
D/(D+E)
46.54%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend2.85%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF8.07B
Projection years10
4
Valuation
Base FCF
8.07B
Growth Rate
2.85%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
25.039
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VDG

Earnings Quality

Fiscal year 2024

33
Weak
Accrual Quality
50
Cash Conversion
0
Receivables
100
Margin Stability
0
Revenue Quality
5

Financial Forensics

Beneish M-Score · 2024

-0.49
High Risk
DSRI
1.618
GMI
1.987
AQI
0.680
SGI
1.555
DEPI
0.921
SGAI
0.645
TATA
0.138
LVGI
1.480

VDG exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly indicated by a Beneish M-Score of -0.4853, which is above the manipulation threshold. Additionally, the earnings quality score of 33.2/100 reflects significant weaknesses in cash conversion and revenue recognition.

Red Flags
  • Beneish M-Score of -0.4853 is above the manipulation threshold of -1.78, indicating potential earnings manipulation.
  • Earnings Quality Score of 33.2/100, with cash conversion at 0.0/100 and revenue recognition at 4.5/100, suggests poor earnings quality.
Positive Signals
  • Receivables score of 100.0/100 indicates effective management of receivables, which is a positive sign for cash flow management.
Ownership Risk

The concentrated ownership structure, with Trần Văn Ánh holding 54.5% and Lai A Chánh holding 27.3%, raises governance concerns and potential conflicts of interest, limiting minority shareholder influence.

Recommendation

Investors should exercise caution and conduct further due diligence on VDG, particularly focusing on cash flow and revenue recognition practices before making investment decisions.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score
2/9
Weak
Z-Score
3.90
Safe Zone

Key Ratios

Fiscal year 2024
43.21P/E
P/B1.06
P/S0.18
ROE2.5%
ROA1.3%
EPS254.60
BVPS10419.50
Gross Margin2.2%
Net Margin0.4%
D/E1.17
Current Ratio1.56
Rev Growth54.3%
Profit Growth-45.6%
EV/EBITDA21.21
Div Yield0.0%

Company Overview

Issued Shares
5.8M
Charter Capital
57.7B VND
Sector (ICB L2)
Hàng cá nhân & Gia dụng
Industry (ICB L3)
Hàng cá nhân
Sub-industry
Hàng May mặc
Company Type
CT

// OWNERSHIP_NETWORK

> mapping common ownership for VDG — hover nodes for intel, click to navigate

Shareholders
Trần Văn Ánh
Indiv
54.5%
3.1 trieu
Lai A Chánh
Indiv
27.3%
1.5 trieu
Nguyễn Văn Sáng
Indiv
4.0%
200.000
Guo GuoXing
Indiv
3.5%
200.000
Gou Gouzheng
Indiv
0.7%
37.500
Trần Lâm Hoàng
Indiv
0.7%
37.500
Lê Viết Minh Pháp
Indiv
0.6%
30.550
Nguyễn Tiến Đạt
Indiv
0.5%
27.500
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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