VNA
ConstructionValuation Breakdown
Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.
Valuation Track Record
Retroactive intrinsic value vs actual close price — VNA
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
VNA exhibits several red flags indicating potential earnings manipulation, particularly highlighted by a high DSRI of 2.5265 and a low GMI of 0.6776. While the Beneish M-Score of -1.3673 suggests a lower likelihood of manipulation, the overall earnings quality score of 43.1/100 indicates significant concerns.
- High DSRI of 2.5265 suggests aggressive revenue recognition practices.
- Low GMI of 0.6776 indicates declining gross margins, which could signal financial distress.
- Earnings Quality Score of 43.1/100, particularly low eq_receivables at 9.2/100, raises concerns about revenue sustainability.
- Strong institutional ownership with Tổng Công ty Hàng hải Việt Nam holding 51.0%, indicating potential stability and oversight.
- High eq_accrual score of 91.7/100 suggests that reported earnings are backed by actual cash flows.
The concentrated ownership structure, with 90% held by three institutional investors, may limit shareholder influence and transparency, posing a risk for minority shareholders.
Investors should exercise caution and closely monitor VNA’s financial disclosures, particularly focusing on revenue recognition practices and cash flow sustainability 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 VNA — hover nodes for intel, click to navigate