BMD

Công ty Cổ phần Môi trường và Dịch vụ Đô thị Bình Thuận

VietnamConsumerHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhUPCOMCT

12.000

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.8%Calibrated value vs last close

Last close (VND): 12.000
Calibrated intrinsic value (VND): 14.735

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

The closing price is too old for comparison.
Trading liquidity is below the comparison threshold.

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 4 Oct 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 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Tư vấn & Hỗ trợ Kinh doanh→Consumer

Classified as consumer because ICB sector “Tư vấn & Hỗ trợ Kinh doanh” 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

1.000

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.49%

E/(D+E)

98.52%

Kd(1-t)

3.49%

D/(D+E)

1.48%

WACC

11.37%

Growth Estimate

fundamental firm blend4.79%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→9.94B

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)→12.000

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

14.735

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

Discount rate (WACC)11.37%

Growth rate4.79%growth method: fundamental firm blend

Base cash flow9.9 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	1.8%	3.3%	4.8%	6.3%	7.8%
9.4%	16.361	16.361	16.361	16.361	16.361
10.4%	15.382	15.860	16.361	16.361	16.361
11.4%	15.214	15.214	15.214	15.214	15.214
12.4%	14.976	15.214	15.214	15.214	15.214
13.4%	14.735	14.976	14.976	14.976	15.214

Above market priceBelow market priceCurrent estimate

BMD among Consumer

Every stock in the sector, BMD 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 BMD. 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	2016
CURRENT ASSETS (Bn. VND)	·	60	65	65	70	75	84	83	90	85	78
Cash and cash equivalents (Bn. VND)Net debt bridge	·	27	17	38	27	26	40	45	8	14	10
Short-term investments (Bn. VND)Net debt bridge	·	2	2	2	0	0	3	0	0	0	0
Accounts receivable (Bn. VND)	·	29	45	24	41	47	40	35	81	70	67
Prepayments to suppliers (Bn. VND)	·	0.04	0.01	0	0	0	0	0.1	0	384,000	0.4
Net Inventories	·	2	2	2	2	2	1	2	1	1	0.8
Inventories, Net (Bn. VND)	·	2	2	2	2	2	1	2	1	1	0.8
Other current assets	·	0.4	0	0	0	0	0	0	0	0	0.01
LONG-TERM ASSETS (Bn. VND)	·	8	7	7	9	11	13	15	10	14	14
Fixed assets (Bn. VND)	·	6	6	7	9	11	13	15	9	12	9
Tangible fixed assets	·	6	6	7	9	11	13	15	9	12	9
Other non-current assets	·	2	1	0.2	0.5	0.3	0.1	0.05	0.8	3	5
Long-term prepayments (Bn. VND)	·	2	1	0.2	0.5	0.3	0.1	0.05	0.8	3	5
TOTAL ASSETS (Bn. VND)	·	68	72	72	79	86	97	98	101	99	92
LIABILITIES (Bn. VND)	·	31	35	35	42	49	60	64	70	69	62
Current liabilities (Bn. VND)	·	30	35	35	42	47	57	63	68	67	62
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0.5	0	0.6	1	1	2	1.0	1.0	1.0	0
Advances from customers (Bn. VND)	·	0	0.03	0.5	0.2	0.4	0.09	0.02	0.04	0	0.5
Long-term liabilities (Bn. VND)	·	1	0	0	0.6	2	3	0.8	2	3	0.01
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1	0	0	0.6	2	3	0.8	2	3	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	37	36	37	37	37	37	34	30	30	29
Capital and reserves (Bn. VND)	·	37	36	37	37	37	37	34	30	30	29
Paid-in capital (Bn. VND)	·	28	28	28	28	28	28	28	28	28	28
Investment and development funds (Bn. VND)	·	4	4	4	4	3	2	0.6	0.2	0.08	0
Undistributed earnings (Bn. VND)	·	6	5	6	6	6	7	6	3	2	2
TOTAL RESOURCES (Bn. VND)	·	68	72	72	79	86	97	98	101	99	92
Common shares (Bn. VND)	·	28	28	28	28	28	28	28	28	28	28

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.98 · 15th pctile vs VN companies

YoY ▼ −5.30

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

0.665

GMI

0.889

AQI

1.765

SGI

0.992

DEPI

1.000

SGAI

1.165

TATA

−0.093

LVGI

0.929

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.5331st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%7th 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. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

8/9

Strong

Z-Score

2.90

Grey Zone

Sharpe

0.10

Positive

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 Burden0.80×Interest Burden1.00×Op. Margin0.08×Turnover1.30×Leverage1.84=ROE15.8%

Price Risk

Momentum

−7.0%

Volatility

113.5%

Max Drawdown

−47.8%

Key Ratios

Fiscal year 2025

5.62P/E

P/B: 0.89
P/S: 0.37
ROE: 16.0%
ROA: 8.4%
EPS: 2.135
BVPS: 13.501
Gross Margin: 23.4%
Net Margin: 6.6%
D/E: 0.04
Current Ratio: 1.99
EV/EBITDA: 0.67
Div Yield: 4.2%

Company Overview

Shares outstanding: 2.8M
Charter Capital: 27.5B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Chất thải & Môi trường
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Ủy Ban Nhân Dân Tỉnh Bình Thuận

Inst

53.0%

1.5M

2026-06-30

Lê Quang Huy

Indiv

15.6%

430,671

2026-08-10

Phan Thị Na

Indiv

13.4%

368,766

2026-06-30

Lê Thị Thanh Thủy

Indiv

4.8%

133,000

2026-06-30

Trà Thị Thành

Indiv

3.3%

92,000

2026-06-30

Trần Võ Trung Nhân

Indiv

0.5%

14,500

2026-06-30

Bùi Thị Kim Phượng

Indiv

0.2%

6,100

2026-06-30

Nguyễn Thị Giác

Indiv

0.2%

4,400

2026-06-30

Nguyễn Lam Khánh

Indiv

0.1%

4,000

2026-06-30

Board & Management

Lê Quang Huy15.6%

Member of Management Board

Lê Thị Thanh Thủy4.8%

Member of Management Board/Director

Trà Thị Thành3.3%

Member of Management Board/Deputy Director

Trần Võ Trung Nhân0.5%

Person in charge of Corporate governace

Bùi Thị Kim Phượng0.2%

Member of Supervisors Board

Nguyễn Thị Giác0.2%

Head of Supervisors Board

Mai Hữu Việt

Chairman of Management Board

Nguyễn Thanh Phương

Chief Accountant/Head of Accounting department

Director-deal registrations · 12 months

Sale registrations: 2 by 1 trader; 866,642 shares
Purchase registrations: None
Registered net, share of outstanding:: −31.48%

Lê Quang Huy
Sale · Insider
432,371
2026-06-15
Lê Quang Huy
Sale · Insider
434,271
2026-05-28

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

BMD 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

BMD among Consumer