VTK

Consumer

Công ty Cổ phần Tư vấn và Dịch vụ Viettel

Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT

53.500

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

59.336

Current

53.500

Gap

+10.9%

ModelFCF DCF

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Consumer

Classified as consumer because ICB sector "Hàng & Dịch vụ Công nghiệp" 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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.000

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

11.50%

E/(D+E)

66.00%

Kd(1-t)

6.39%

D/(D+E)

34.00%

WACC

10.00%

Growth Estimate

fundamental firm blend11.39%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→23.15B

Projection years→10

Valuation

Base FCF

23.15B

Growth Rate

11.39%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

59.336

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VTK

Earnings Quality

Fiscal year 2024

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.18

Moderate

DSRI

0.694

GMI

1.229

AQI

1.459

SGI

1.345

DEPI

0.884

SGAI

0.702

TATA

0.009

LVGI

1.345

VTK exhibits a Beneish M-Score of -2.1807, indicating a low likelihood of earnings manipulation. The earnings quality score of 89.3/100, along with strong metrics in accruals and receivables, suggests robust financial health.

Positive Signals

Earnings Quality Score of 89.3/100 indicates strong financial health.
High eq_accrual score of 96.4/100 suggests effective management of accruals.

Ownership Risk

The ownership structure is dominated by Tập đoàn Công nghiệp - Viễn thông Quân đội with 63.8%, which may lead to potential conflicts of interest but also provides stability and support.

Recommendation

Continue monitoring VTK for any changes in earnings quality metrics and market conditions, but current indicators suggest a stable investment opportunity.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

7.37

Safe Zone

Sharpe

-0.43

Negative

Composite

Fair

Price Risk

Momentum

-13.0%

Volatility

58.5%

Max Drawdown

-35.9%

Key Ratios

Fiscal year 2024

19.22P/E

P/B3.13

P/S1.19

ROE21.9%

ROA14.8%

EPS3262.59

BVPS15354.83

Gross Margin14.1%

Net Margin8.1%

D/E0.58

Current Ratio2.12

Rev Growth34.5%

Profit Growth17.8%

EV/EBITDA10.65

Div Yield3.1%

Company Overview

Issued Shares

9.4M

Charter Capital

93.8B 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

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Công nghiệp - Viễn thông Quân đội

Inst

63.8%

6.0 trieu

Công Đoàn Công ty Cổ Phần Tư Vấn Và Dịch Vụ Viettel

Inst

2.9%

272.975

Vũ Tiến Duy

Indiv

1.0%

40.000

nguyen-viet-thang

Indiv

0.7%

64.857

Lê Văn Chí

Indiv

0.5%

20.662

Đào Nguyễn Hữu Đức

Indiv

0.5%

44.478

nguyen-huu-duc

Indiv

0.5%

43.978

nguyen-dang-hung

Indiv

0.4%

34.697

Nguyễn Hữu Hải

Indiv

0.3%

11.820

nguyen-thi-hong-nhung

Indiv

0.1%

12.200

Board & Management

Vũ Tiến Duy1.0%

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Hữu Đức0.5%

Phó Giám đốc

Nguyễn Đăng Hùng0.4%

Phó Giám đốc

Nguyễn Hữu Hải0.3%

Kế toán trưởng

Phan Thế Trường

Trưởng Ban kiểm soát

Nguyễn Đức Cường

Thành viên Ban kiểm soát

Ngô Văn Chinh

Thành viên Ban kiểm soát

Đỗ Minh Phương

Thành viên Hội đồng Quản trị

Nguyễn Địch Tuấn Anh

Thành viên Hội đồng Quản trị

Trương Thị Thu Hà

Thành viên Hội đồng Quản trị

Top connections

VGI99.0%CTR65.7%VTP63.8%MBB63.8%ASM11.3%GVT8.4%S994.9%HAC4.8%ABS4.6%DAT3.9%PIV3.3%HTV3.0%

Computed 12/04/2026