VW3

Construction

Công ty Cổ phần VIWASEEN3

Xây dựng và Vật liệuCT

12.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

20.697

Current

12.400

Gap

+66.9%

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)

28.93%

Kd(1-t)

5.45%

D/(D+E)

71.07%

WACC

10.00%

Growth Estimate

fundamental firm blend4.01%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

19.265

50%DCF Value

22.128

Blended Intrinsic

20.697

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VW3

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.18

Moderate

DSRI

1.209

GMI

1.003

AQI

1.000

SGI

0.736

DEPI

1.180

SGAI

1.301

TATA

0.073

LVGI

0.890

The Beneish M-Score of -2.1757 indicates that VW3 is not likely to be manipulating earnings, as it is below the threshold of -1.78. However, the low Earnings Quality Score of 26.5/100, particularly the zero scores in cash conversion and receivables, raise concerns about the sustainability and reliability of reported earnings.

Red Flags

Earnings Quality Score of 26.5/100, indicating poor earnings reliability.
Zero cash conversion (0.0/100) suggests potential liquidity issues or aggressive revenue recognition.
High SGI of 0.7356 indicates declining sales growth relative to previous periods, which could signal weakening demand.

Positive Signals

Beneish M-Score of -2.1757 suggests no immediate signs of earnings manipulation.
DSRI of 1.2094 indicates that inventory levels are in line with sales, which is a positive sign for operational efficiency.

Ownership Risk

The majority ownership by Tổng công ty Đầu tư Nước và Môi trường Việt Nam (54.5%) indicates a strong institutional presence, which can provide stability. However, the lack of diverse individual shareholders may limit shareholder activism and oversight.

Recommendation

Investors should closely monitor VW3's cash flow and receivables management to assess the sustainability of earnings. Consider a cautious approach until improvements in earnings quality metrics are observed.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.86

Grey Zone

Sharpe

0.17

Positive

Composite

Weak

Price Risk

Momentum

-4.3%

Volatility

116.7%

Max Drawdown

-33.7%

Key Ratios

Fiscal year 2024

17.59P/E

P/B0.43

P/S0.07

ROE4.0%

ROA1.3%

EPS898.84

BVPS22386.87

Gross Margin5.2%

Net Margin0.7%

D/E1.72

Current Ratio1.57

Rev Growth-26.4%

Profit Growth-38.0%

EV/EBITDA6.60

Div Yield7.2%

Company Overview

Issued Shares

2.0M

Charter Capital

20.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for VW3 — hover nodes for intel, click to navigate

Shareholders

Tổng công ty Đầu tư Nước và Môi trường Việt Nam

Inst

54.5%

1.1 trieu

Lưu Xuân Quang

Indiv

0.3%

5.000

Board & Management

Lưu Xuân Quang0.3%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Hải

Kế toán trưởng

Đặng Thị Thanh Huyền

Thư ký Hội đồng Quản Trị

Nguyễn Hải Đăng

Thành viên Hội đồng Quản trị

Nguyễn Thị Hương

Thành viên Hội đồng Quản trị

Vũ Đức Toàn

Phó Giám đốc

Bùi Khánh Linh

Trưởng Ban kiểm soát

Nguyễn Hữu Hành

Giám đốc/Thành viên Hội đồng Quản trị

Lê Ngọc Bình

Thành viên Ban kiểm soát

Ngô Văn Dũng

Chủ tịch Hội đồng Quản trị

Bùi Việt Trung

Thành viên Ban kiểm soát

Top connections

VSI60.0%VHH54.5%PWA54.5%BHC14.0%HCM14.0%CIG6.7%QNC5.6%S555.0%LGL5.0%DNC4.9%TTG4.6%HDA4.5%

Computed 12/04/2026