Back to Dashboard

DAD

Công ty Cổ phần Đầu tư và Phát triển Giáo dục Đà Nẵng

VietnamConsumerTruyền thôngHNXCT
14.000
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+16.8%Calibrated value vs last close
Last close (VND)
14.000
Calibrated intrinsic value (VND)
16.348

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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 latest cash flow is zero or negative.

Also note

  • Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.

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.

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.

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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
0.910
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.10%
Ke
11.10%
x
E/(D+E)
100.00%
+
Kd(1-t)
0.00%
x
D/(D+E)
0.00%
=
WACC
11.10%
2
Growth Estimate
fundamental firm blend4.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF→7.96B
Projection years→10
4
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)→14.000
Calibrated value vs last close→+16.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
16.348
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)11.10%
Growth rate4.00%growth method: fundamental firm blend
Base cash flow8.0 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 \ Growth1.0%2.5%4.0%5.5%7.0%
9.1%17.19017.19017.19017.19017.190
10.1%17.19017.19017.19017.19017.190
11.1%16.34816.34816.34816.34816.348
12.1%16.34816.34816.34816.34816.348
13.1%16.34816.34816.34816.34816.348
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013201220112010
CURRENT ASSETS (Bn. VND)
·1701401411411048780616357626599···
Cash and cash equivalents (Bn. VND)Net debt bridge
·2168545429253171511101510···
Short-term investments (Bn. VND)Net debt bridge
·61619151619270.30.40.40.30.30.2···
Accounts receivable (Bn. VND)
·11333392629147181817161041···
Prepayments to suppliers (Bn. VND)
·11150.40.80.855250.924···
Net Inventories
·29222743272639232625333744···
Inventories, Net (Bn. VND)
·53354066443744272929414352···
Other current assets
·0.81.023434332334···
Other current assets (Bn. VND)
·0000000000000.3···
LONG-TERM ASSETS (Bn. VND)
·21232527262632333242313124···
Long-term trade receivables (Bn. VND)
·0000000000330···
Other long-term receivables (Bn. VND)
·0000000000330···
Fixed assets (Bn. VND)
·15161820181920191819202017···
Tangible fixed assets
·78101211111111111112139···
Intagible fixed assets
·8888888888888···
Long-term investments (Bn. VND)
·57777712141322777···
Investments in associate companies
·5555555555555···
Other long-term assets (Bn. VND)
·11111113131316122···
Less: Provision for diminuation in value of long term investments
·−100000−7−5−600−1−1···
Other non-current assets
·0.10.30.20.30.40.40.50.60.70.70.80.91.0···
Long-term prepayments (Bn. VND)
·0.10.30.20.30.40.40.50.60.70.70.80.91.0···
TOTAL ASSETS (Bn. VND)
·1901631661671301141129495999397123···
LIABILITIES (Bn. VND)
·94666873382728141728183362···
Current liabilities (Bn. VND)
·94666873382728141728183362···
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·0000001005571039···
Advances from customers (Bn. VND)
·110.6211.01220.20.923···
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·96979894918783807870756461···
Capital and reserves (Bn. VND)
·96979894918783807870756461···
Paid-in capital (Bn. VND)
·50505050505050505050505050···
Investment and development funds (Bn. VND)
·1010109987665500···
Undistributed earnings (Bn. VND)
·39404138363229262518231311···
TOTAL RESOURCES (Bn. VND)
·1901631661671301141129495999397123···
Common shares (Bn. VND)
·50505050505050505050505050···

Earnings Quality

Fiscal year 2025
9
Poor
Accrual Quality
11
Cash Conversion
0
Receivables
0
Margin Stability
39
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
Highest band
M 1.63 · 97th pctile vs VN companies
YoY ▲ +4.32
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
4.331
GMI
0.919
AQI
0.674
SGI
0.793
DEPI
1.000
SGAI
1.070
TATA
0.319
LVGI
1.223

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−0.6416th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
0.7%29th 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 1.6319, placing it at the 97th percentile versus Vietnamese peers and moving higher by +4.32 year-over-year; the M-Score components show an elevated Days Sales Receivable Index (DSRI = 4.3308) and low total accruals (TATA = 0.3188). Earnings-quality metrics are weak overall (Earnings Quality = 8.6/100) with particularly poor cash conversion and receivables quality (both 0.0/100), while solvency and bankruptcy-distance are comfortable (Altman Z-Score = 3.66) and operational fundamentals are weak (Piotroski F-Score = 3/9).

Red Flags
  • High relative Beneish M-Score: 1.6319 at the 97th Vietnam peer percentile and a year-over-year increase of +4.32 — the M-Score measures statistical signals associated with earnings manipulation tendencies; note the -1.78 US cutoff is not directly calibrated to Vietnam, so peer percentile and trend matter here.
  • Very high DSRI (Days Sales Receivable Index = 4.3308) — DSRI measures whether receivables are growing faster than sales (a large DSRI can indicate revenue recognition or collectability issues).
  • Very low cash-conversion and receivables-quality component scores (Cash conversion = 0.0/100; Receivables quality = 0.0/100; Accruals quality = 10.8/100; Revenue quality = 0.0/100) — these metrics measure how reported profits convert to cash, the composition/aging of receivables and the implied reliability of revenue and accruals.
  • Three-year cash conversion (operating cash flow / net profit) is -0.64 and ranks at the 16th percentile among Vietnamese non-financials — this measures that reported profits have not translated into operating cash over three years.
  • Low Piotroski F-Score = 3/9 — Piotroski scores recent profitability, leverage/liquidity and operating efficiency; a 3/9 is in the weaker range for fundamentals.
  • LVGI = 1.2230 and SGAI = 1.0696 — these indices (long-term vs short-term growth and SG&A growth) show relative increases that feed into the M-Score and could reflect aggressive expense or growth recognition patterns.
Positive Signals
  • Altman Z-Score = 3.66 (safe zone) — this measures distance from bankruptcy using profitability, leverage, liquidity and activity ratios and places the company in the structural ‘safe’ zone.
  • TATA (total accruals to total assets) = 0.3188 — TATA measures total accrual intensity; a relatively low TATA reduces one component of the Beneish signal associated with large discretionary accruals.
  • No accumulated losses and owner’s equity (excluding minority interest) is positive; parent net loss count = 0 years up to FY2025 — these are direct balance-sheet and parent-profit facts showing retained earnings are not negative.
  • Statutory loss tests under Decree 155/2020 (amended) are not met — the published audited statements do not meet the regulatory criteria that would trigger an exchange delisting review under those specific rules.
Ownership Risk

Ownership is concentrated: a state-owned publisher entity (Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam) holds 41.5%, and two institutional funds together hold ~22.7% (afc vietnam fund 18.9%, Công ty Cổ phần Đầu tư tài chính Thiên Hóa 3.8%). Individuals hold small stakes (largest individual 1.3%). The large controlling institutional stake indicates potential group or state-related influence and a high ownership concentration.

To check in the filings
  • Compare the FY2025 and FY2023–FY2025 operating cash flow and parent net profit lines in the cash-flow statement and the notes explaining significant differences (to verify the -0.64 three-year cash-conversion ratio).
  • Inspect the receivables, prepayments and other receivables notes (including related-party schedules) to locate the items that constitute the 0.7% of total assets reported as receivables outside the trade cycle and to check their maturities and counterparties.
  • Reconcile the revenue and trade-receivable schedules to sales-disclosure notes to see what drives DSRI = 4.3308 (e.g., large one-off sales, bill-and-hold, or delayed collections) and review any revenue recognition policy notes under VAS.
  • Confirm that the audited balance sheet and retained-earnings schedules show no accumulated losses and that statutory loss-test calculations (per Decree 155/2020 as amended) are disclosed and show none met.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
3.66
Safe Zone
Sharpe
−0.81
Negative
Composite
68
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 Burden0.77×Interest Burden1.00×Op. Margin0.03×Turnover2.08×Leverage1.98=ROE10.8%
Price Risk
Momentum
−19.2%
Volatility
54.0%
Max Drawdown
−28.4%

Key Ratios

Fiscal year 2025
5.84P/E
P/B
0.63
P/S
0.15
ROE
10.8%
ROA
5.9%
EPS
2.242
BVPS
20.674
Gross Margin
17.1%
Net Margin
2.6%
D/E
0.00
Current Ratio
1.80
Rev Growth
−20.9%
Profit Growth
−8.9%
EV/EBITDA
2.57
Div Yield
15.3%

Company Overview

Shares outstanding
4.7M
Charter Capital
46.6B VND
Sector (ICB L2)
Truyền thông
Industry (ICB L3)
Truyền thông
Sub-industry
Sách, ấn bản & sản phẩm văn hóa
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →