ADG

Công ty Cổ phần Clever Group

VietnamConsumerTruyền thôngHOSECT

7.650

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+14.7%Calibrated value vs last close

Last close (VND): 7.650
Calibrated intrinsic value (VND): 8.773

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

Trading liquidity is below the comparison threshold.
The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Historical growth has declined.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 29 Nov 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 30 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Truyền thông→Consumer

Classified as consumer because ICB sector “Truyền thông” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

88.20%

Kd(1-t)

2.85%

D/(D+E)

11.80%

WACC

10.12%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→23.93B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→7.650

Calibrated value vs last close→+14.7%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.773

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.12%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow23.9 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	1.0%	2.5%	4.0%	5.5%	7.0%
8.1%	9.393	9.393	9.393	9.547	9.547
9.1%	9.393	9.393	9.393	9.393	9.393
10.1%	8.933	8.933	8.933	8.933	8.933
11.1%	8.933	8.933	8.933	8.933	8.933
12.1%	8.773	8.773	8.773	8.933	8.933

Above market priceBelow market priceCurrent estimate

ADG among Consumer

Every stock in the sector, ADG marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is ADG. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
CURRENT ASSETS (Bn. VND)	·	219	209	265	250	372	332	154	91	90
Cash and cash equivalents (Bn. VND)Net debt bridge	·	38	49	32	35	11	21	16	14	22
Short-term investments (Bn. VND)Net debt bridge	·	111	90	159	96	225	116	76	35	34
Accounts receivable (Bn. VND)	·	61	62	70	116	128	194	60	41	32
Prepayments to suppliers (Bn. VND)	·	0.7	0.6	1	1.0	0.8	1	5	0.3	0.08
Net Inventories	·	9	7	2	1	7	0.9	0	0.6	1
Inventories, Net (Bn. VND)	·	9	7	2	1	7	0.9	0	0.6	1
Other current assets	·	1	1	1	2	0.9	0.5	0.6	0.09	0.07
LONG-TERM ASSETS (Bn. VND)	·	343	288	185	160	78	113	55	29	23
Long-term trade receivables (Bn. VND)	·	2	0.3	5	40	53	51	0.7	0	0
Other long-term receivables (Bn. VND)	·	1	0.3	5	40	50	51	0.7	0	0
Fixed assets (Bn. VND)	·	22	23	8	10	10	5	6	7	4
Tangible fixed assets	·	6	6	5	6	5	4	6	7	4
Intagible fixed assets	·	17	17	4	4	5	0.3	0.4	0	0
Investment in properties	·	239	160	44	5	5	37	9	9	0
Long-term investments (Bn. VND)	·	67	103	128	103	8	15	15	12	10
Investments in associate companies	·	5	11	12	12	8	5	2	2	2
Other long-term assets (Bn. VND)	·	3	3	0	0	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	−1	−0.10	0	0	0	0	0	0	−0.3
Other non-current assets	·	0.5	0.9	0.2	0.3	2	5	10	2	0.6
Long-term prepayments (Bn. VND)	·	0.5	0.9	0.2	0.2	1	1	5	2	0.6
TOTAL ASSETS (Bn. VND)	·	562	496	450	410	450	445	209	120	112
LIABILITIES (Bn. VND)	·	150	109	104	85	180	205	80	34	54
Current liabilities (Bn. VND)	·	146	106	101	82	178	203	80	34	54
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	68	47	46	25	83	102	28	0	0
Advances from customers (Bn. VND)	·	9	9	8	5	10	7	4	4	2
Long-term liabilities (Bn. VND)	·	4	3	3	3	2	2	0.9	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	412	387	346	325	269	240	128	87	58
Capital and reserves (Bn. VND)	·	412	387	346	325	269	240	128	87	58
Paid-in capital (Bn. VND)	·	214	214	214	214	199	180	74	50	35
Foreign Currency Difference reserve	·	−3	−1	−0.4	−0.5	0.6	0.8	1.0	1	−2
Undistributed earnings (Bn. VND)	·	139	122	105	85	58	49	43	30	25
TOTAL RESOURCES (Bn. VND)	·	562	496	450	410	450	445	209	120	112
Short-term loans receivables (Bn. VND)	·	0.5	3	2	3	2	4	4	7	2
Long-term loans receivables (Bn. VND)	·	0.8	0	0	0	3	0.5	0	0	0
Common shares (Bn. VND)	·	214	214	214	214	199	180	74	50	35
Good will (Bn. VND)	·	0	0	0	0.06	0.4	4	0	0	0
MINORITY INTERESTSNet debt bridge	·	63	52	28	26	12	11	10	5	0.5

Earnings Quality

Fiscal year 2025

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.56 · 35th pctile vs VN companies

YoY ▼ −0.49

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.914

GMI

0.934

AQI

1.071

SGI

1.074

DEPI

0.784

SGAI

0.934

TATA

0.005

LVGI

1.212

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1853rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.6%26th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.30

Grey Zone

Sharpe

−0.68

Negative

Composite

50 to 69

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✗ROA Rising

✗OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✓Margin Up

✗Turnover Up

DuPont Decomposition

Tax Burden0.76×Interest Burden0.97×Op. Margin0.06×Turnover0.89×Leverage1.36=ROE5.3%

Price Risk

Momentum

−12.5%

Volatility

60.7%

Max Drawdown

−28.6%

Key Ratios

Fiscal year 2025

8.70P/E

P/B: 0.47
P/S: 0.33
ROE: 5.5%
ROA: 3.5%
EPS: 879
BVPS: 16.336
Gross Margin: 16.7%
Net Margin: 4.4%
D/E: 0.16
Current Ratio: 1.50
Rev Growth: +7.6%
Profit Growth: +15.9%
EV/EBITDA: 4.77
Div Yield: —

Company Overview

Shares outstanding: 21.4M
Charter Capital: 214B VND
Sector (ICB L2): Truyền thông
Industry (ICB L3): Truyền thông
Sub-industry: Dịch vụ truyền thông
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Nguyễn Khánh Trình

Indiv

42.9%

9.2M

2026-06-30

FSN Asia Private Ltd

Inst

19.5%

4.2M

2026-06-30

Vương Quang Long

Indiv

5.9%

1.3M

2026-06-11

Lưu Hoàng Anh

Indiv

0.9%

194,821

2026-06-30

Đôn Nữ Đức Hiền

Indiv

0.9%

194,381

2026-06-30

Trần Diệu Linh

Indiv

0.9%

188,156

2026-06-30

Trần Đông Âu

Indiv

0.4%

95,250

2026-06-30

Ngô Kim Điệp

Indiv

0.4%

94,067

2026-06-30

Trần Thị Minh Tình

Indiv

0.3%

58,169

2026-06-30

Board & Management

Nguyễn Khánh Trình42.9%

Chairman of Management Board

Đôn Nữ Đức Hiền0.9%

Vice Chairman of Management Board/Director

Trần Đông Âu0.4%

Member of Management Board

Trần Thị Minh Tình0.3%

Branch Director

Nguyễn Thị Nga

Chief Accountant

Director-deal registrations · 12 months

Sale registrations: 6 by 1 trader; 31,984,400 shares
Purchase registrations: 3 by 2 traders; 2,000,000 shares · 1 without a stated volume

Vương Quang Long
Purchase · Insider
—
2026-06-11
Nguyễn Khánh Trình
Purchase · Insider
1,000,000
2026-05-22
FSN Asia Private Ltd
Sale · Institution
4,165,900
2026-05-07
FSN Asia Private Ltd
Sale · Institution
4,154,900
2026-05-07
FSN Asia Private Ltd
Sale · Institution
5,165,900
2026-03-31
FSN Asia Private Ltd
Sale · Institution
6,165,900
2026-02-12
Nguyễn Khánh Trình
Purchase · Insider
1,000,000
2026-02-11
FSN Asia Private Ltd
Sale · Institution
6,165,900
2026-01-09

1 more registration

FSN Asia Private Ltd
Sale · Institution
6,165,900
2025-11-24

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

ADG among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months

ADG among Consumer