VTV

Construction

Công ty Cổ phần Năng lượng và Môi trường VICEM

Xây dựng và Vật liệuCT

14.900

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

85.644

Current

14.900

Gap

+474.8%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

41.52%

Kd(1-t)

2.44%

D/(D+E)

58.48%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

20.576

50%DCF Value

150.713

Blended Intrinsic

85.644

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VTV

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

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

-4.78

Low Risk

DSRI

0.509

GMI

1.073

AQI

1.284

SGI

1.076

DEPI

0.934

SGAI

0.901

TATA

-0.462

LVGI

0.759

VTV exhibits a concerning Beneish M-Score of -4.7812, significantly below the manipulation threshold, indicating potential earnings manipulation. The earnings quality score of 45.5/100, particularly low in accruals and margins, raises further concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -4.7812 indicates potential earnings manipulation, well below the threshold of -1.78.
Earnings Quality Score of 45.5/100, with an accrual score of 0.0/100, suggests poor earnings sustainability.

Positive Signals

Cash conversion score of 100.0/100 indicates strong cash flow relative to earnings, suggesting operational efficiency.

Ownership Risk

The high concentration of ownership, with Tổng Công ty Xi măng Việt Nam holding 62.9%, poses risks related to governance and potential conflicts of interest, particularly in a state-owned enterprise context.

Recommendation

Investors should approach VTV with caution, considering the elevated risk of earnings manipulation. It may be prudent to monitor future earnings reports closely and assess cash flow sustainability before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.32

Safe Zone

Sharpe

0.73

Positive

Composite

Strong

Price Risk

Momentum

+43.5%

Volatility

36.7%

Max Drawdown

-22.2%

Key Ratios

Fiscal year 2025

722.88P/E

P/B1.16

P/S0.32

ROE0.2%

ROA0.1%

EPS20.47

BVPS12716.30

Gross Margin7.7%

Net Margin0.0%

D/E0.80

Current Ratio1.86

Rev Growth7.6%

Profit Growth108.5%

EV/EBITDA18.65

Div Yield0.0%

Company Overview

Issued Shares

31.2M

Charter Capital

312.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Xi măng Việt Nam

Inst

62.9%

19.6 trieu

Trần Tuấn Đạt

Indiv

4.9%

1.5 trieu

Công ty TNHH Long Sơn

Inst

2.1%

643.197

Đỗ Thị Lan

Indiv

0.9%

285.300

Huỳnh Trung Hiếu

Indiv

0.5%

161.600

Nguyễn Thị Thúy Mai

Indiv

0.4%

83.804

Board & Management

Trịnh Công Giang

Phó Giám đốc

Hoàng Vũ Thắng

Chuyên viên Chiến lược/Thành viên Hội đồng Quản trị

Phạm Văn Phương

Thành viên Hội đồng Quản trị độc lập

Trần Đình Dũng

Thành viên Hội đồng Quản trị

TRẦN KHẮC MẠNH

Thành viên Hội đồng Quản trị/Giám đốc

Trịnh Thị Hồng

Trưởng phòng Tài chính - Kế toán/Phụ trách Công bố thông tin

Phạm Ngọc Đức

Người phụ trách quản trị công ty

Nguyễn Thị Thu Hà

Trưởng Ban kiểm soát/Thành viên Ban kiểm soát

Nguyễn Thị Kim Oanh

Thành viên Ban kiểm soát

Nguyễn Văn Chảng

Chủ tịch Hội đồng Quản trị

Mai Thanh Hải

Thành viên Ban kiểm soát

Top connections

HT179.7%BTS79.5%BCC73.1%HOM71.1%DXV65.8%TMX62.9%HCT62.9%TXM62.9%HTV62.9%BPC62.9%BXH62.9%BBS62.9%

Computed 12/04/2026