XLV

Construction

Công ty Cổ phần Xây lắp và Dịch vụ Sông Đà

Xây dựng và Vật liệuCT

13.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

38.634

Current

13.600

Gap

+184.1%

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)

36.66%

Kd(1-t)

6.25%

D/(D+E)

63.34%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

13.237

50%DCF Value

64.031

Blended Intrinsic

38.634

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — XLV

Earnings Quality

Fiscal year 2024

Good

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 · 2024

-0.57

High Risk

DSRI

0.381

GMI

1.722

AQI

1.675

SGI

3.120

DEPI

0.955

SGAI

0.403

TATA

-0.021

LVGI

1.196

The Beneish M-Score of -0.5679 indicates that XLV is not likely to be manipulating earnings, as it is well above the threshold of -1.78. However, the high Sales Growth Index (SGI) of 3.1200 raises concerns about sustainability, suggesting potential overestimation of future revenues.

Red Flags

SGI of 3.1200 indicates aggressive revenue growth expectations, which may not be sustainable in the current market context.

Positive Signals

Earnings Quality Score of 81.4/100, with high scores in cash conversion (100.0/100) and receivables (100.0/100), indicating strong operational efficiency.

Ownership Risk

The concentrated ownership structure, with the top five shareholders holding a combined 55.2%, may lead to governance risks and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should monitor revenue growth closely due to the elevated SGI and consider diversifying their portfolio to mitigate risks associated with concentrated ownership.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.88

Safe Zone

Sharpe

0.63

Positive

Composite

Strong

Price Risk

Momentum

+45.4%

Volatility

97.9%

Max Drawdown

-27.3%

Key Ratios

Fiscal year 2024

4.20P/E

P/B0.68

P/S0.08

ROE18.2%

ROA7.4%

EPS3260.63

BVPS19054.15

Gross Margin6.4%

Net Margin2.1%

D/E1.73

Current Ratio1.51

Rev Growth212.0%

Profit Growth243.1%

EV/EBITDA1.71

Div Yield11.5%

Company Overview

Issued Shares

3.0M

Charter Capital

30.0B 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 XLV — hover nodes for intel, click to navigate

Shareholders

Trần Xuân Chính

Indiv

17.3%

518.250

Trần Xuân Minh

Indiv

11.1%

332.325

nguyen-anh-tuan

Indiv

11.0%

330.050

Ngô Đình Khương

Indiv

10.8%

323.950

Lưu Quang Hưng

Indiv

5.0%

150.600

Vũ Hồng Vân

Indiv

4.3%

128.000

Vũ Hồng Vân

Indiv

4.3%

128.800

Đặng Vũ Quyền

Indiv

2.4%

72.200

Nguyễn Thị Giang Giang

Indiv

1.9%

57.500

Đinh Hữu Phương

Indiv

1.9%

55.750

Trần Ngọc Tân

Indiv

1.8%

53.450

Trương Thị Nhâm

Indiv

0.9%

27.600

Nguyễn Cao Ngọc

Indiv

0.6%

19.450

Trần Xuân Trí

Indiv

0.3%

10.150

Ngô Thúy Hạnh

Indiv

0.2%

5.750

Lê Công Tinh

Indiv

0.2%

5.750

Phạm Thị Thoa

Indiv

0.2%

5.000

Nguyễn Đạt Tuấn

Indiv

0.1%

3.450

Board & Management

Trần Xuân Chính17.3%

Chủ tịch Hội đồng Quản trị

Trần Xuân Minh11.1%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Anh Tuấn11.0%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Ngô Đình Khương10.8%

Kế toán trưởng/Thành viên Hội đồng Quản trị

Đặng Vũ Quyền2.4%

Phó Tổng Giám đốc

Đinh Hữu Phương1.9%

Thành viên Ban kiểm soát

Trần Ngọc Tân1.8%

Thành viên Ban kiểm soát

Nguyễn Cao Ngọc0.6%

Phó Tổng Giám đốc

Lê Công Tinh0.2%

Thành viên Hội đồng Quản trị

Trần Quang Hưng

Trưởng Ban kiểm soát

Top connections

FIR15.2%CGV12.1%PV211.0%DTA11.0%ECI11.0%HFC11.0%XHC11.0%VNE11.0%BMG11.0%BAF11.0%SVD11.0%VSC11.0%

Computed 12/04/2026