CAR
Công ty cổ phần Tập đoàn Giáo dục Trí Việt
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 88.300
- Calibrated intrinsic value (VND)
- 85.673
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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 model uses profit in place of cash flow, which was not available.
- The latest cash flow is zero or negative.
Also note
- Trading liquidity is low.
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 2 Dec 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.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
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
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).
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.
Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.
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 × (1 + calibrated gap / 100)
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.
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- −0.5916th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 4.9%67th 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's Beneish M-Score is -1.4528 (80th percentile vs Vietnamese peers) with a year-over-year rise of +0.63, indicating accounting metrics have moved toward more aggressive values relative to peers even though the raw score is above the US -1.78 cutoff. Earnings-quality metrics are mixed: an overall Earnings Quality Score of 27.5/100 driven by very poor cash conversion (0.0/100) and revenue quality (0.0/100), while Altman Z-Score is 15.96 (in the safe zone) and the Piotroski F-Score is neutral at 4/9.
- Beneish M-Score -1.4528 (80th percentile among Vietnamese peers): the company ranks in the top 20% for more aggressive accounting signals vs VN peers, and the M-Score increased by +0.63 year-over-year (the trajectory moved toward greater aggressiveness).
- DSRI 1.1658: days-sales-in-receivables index >1 suggests receivables growing faster than sales, a signal often associated with revenue recognition or collection timing changes.
- AQI 1.8370: a high asset quality index implies more assets classified outside typical operating categories (e.g., long-term receivables, prepayments) which can mask earnings or shift expenses to the balance sheet.
- SGAI 1.1541: selling, general & administrative expenses growing faster than sales, which can reflect cost recognition shifts or margin pressure that may be managed via other accounting choices.
- TATA 0.1074 (total accruals to total assets positive): accruals are contributing to reported earnings rather than being converted from cash, consistent with weak cash conversion (see below).
- Earnings-Quality sub-scores: Cash conversion 0.0/100 and Revenue quality 0.0/100 — profits are not translating into cash and revenue reliability is flagged as poor.
- Three-year cash conversion (operating cash flow / net profit) = -0.59 (16th percentile vs VN peers): operating cash flow is weak relative to reported profit, placing the company low in the Vietnamese distribution (low = profit not turning into cash).
- Altman Z-Score 15.96: places the company well inside the safe zone on bankruptcy-distance metrics (low short-term insolvency risk by that model).
- Piotroski F-Score 4/9: a neutral score indicating mixed fundamental signals (neither strongly improving nor deteriorating across profitability, leverage/liquidity, and operating efficiency indicators).
- Receivables outside the trade cycle = 4.9% of total assets (67th percentile vs VN peers): this is elevated but not extreme relative to peers, suggesting some non-trade receivables/prepayments exist at a level higher than about one-third of companies.
- No accumulated losses and owner's equity (excluding minority interest) is positive; parent net loss count = 0 years to FY2025 — the statutory balance-sheet indicators show no statutory loss flags.
Ownership is concentrated among individuals: top five holders include Bùi Trung Thành 14.3%, Trần Lê An 10.4%, Trần Hà Linh 7.5%, and Nguyễn Thị Quỳnh Anh 7.2%, with an institutional holder VISAKAI at 7.2%. Director/insider trading activity shows registrations but not executed trades: 11 sale registrations (7 traders; 1,496,110 shares; 7 registrations without a volume) and 6 purchase registrations (6 traders; 6 without a volume) between 2025-10-30 and 2026-10-30.
- Compare the note(s) on 'other long-term receivables', 'prepayments' and 'loans to related parties' in the FY2025 financial statements to the line items that sum to 4.9% of total assets to determine composition and counterparties.
- Reconcile operating cash flow to net profit in the cash-flow statement and the management discussion to explain the three-year cash conversion ratio of -0.59; identify the major non-cash items and working-capital movements driving the gap.
- Inspect the revenue recognition note and the trade receivables schedule for aging; compare the DSRI-related change (implied by DSRI 1.1658) to year-over-year changes in receivables and sales.
- Review related-party transaction disclosures and the schedule of prepayments to see whether material balances are with group companies or insiders, given the elevated AQI (1.8370) and presence of individual majority holders.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 7.66
- P/S
- 10.49
- ROE
- 4.3%
- ROA
- 4.0%
- EPS
- 453
- BVPS
- 10.500
- Gross Margin
- 35.1%
- Net Margin
- 5.9%
- D/E
- 0.00
- Current Ratio
- 6.42
- Rev Growth
- +2.2%
- Profit Growth
- −37.7%
- EV/EBITDA
- 58.83
- Div Yield
- 0.6%
Company Overview
- Shares outstanding
- 5.6M
- Charter Capital
- 55.7B VND
- Sector (ICB L2)
- Hàng & Dịch vụ Công nghiệp
- Industry (ICB L3)
- Tư vấn & Hỗ trợ Kinh doanh
- Sub-industry
- Đào tạo & Việc làm
- Company Type
- CT