DLD

Công ty Cổ phần Du lịch Đăk Lăk

VietnamCyclicalsDu lịch và Giải tríDu lịch & Giải tríUPCOMCT

7.800

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−4.2%Calibrated value vs last close

Last close (VND): 7.800
Calibrated intrinsic value (VND): 7.473

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.

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→Du lịch và Giải trí→Cyclical

Classified as cyclical because ICB sector “Du lịch và Giải trí” maps to the cyclical group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details

Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

Model Inputs

Mid-Cycle EBITDA→3.26B

Fair EV/EBITDA→39.6x

Years of data→7

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)→7.800

Calibrated value vs last close→−4.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

7.473

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

Mid-cycle EBITDA3.3 tỷebitda source: own medianyears of data: 7

DLD among Cyclicals

Every stock in the sector, DLD 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 DLD. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2009
CURRENT ASSETS (Bn. VND)	·	4	4	4	5	4	5	5	12	8	11	10	11	15	39
Cash and cash equivalents (Bn. VND)Net debt bridge	·	1	0.9	0.4	0.7	0.9	1	1	6	2	4	3	3	3	26
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0.3	0.3	0.3	0.3	0.3	0.3	0.6	0.6	0
Accounts receivable (Bn. VND)	·	2	2	2	3	2	3	3	4	4	4	5	4	9	11
Prepayments to suppliers (Bn. VND)	·	0.08	0.10	0.2	0.10	0.04	0.3	0.06	0.04	0.9	0.6	1	0.7	6	10
Net Inventories	·	0.5	0.7	0.9	0.8	0.7	0.8	0.8	2	2	2	1	2	1	0.7
Inventories, Net (Bn. VND)	·	0.5	0.7	0.9	0.8	0.7	0.8	0.8	2	2	2	1	2	1	0.7
Other current assets	·	0.2	0.1	0.2	0.8	311,711	0	0	0.01	0.02	0.4	0.01	1	0.8	1.0
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.8	0.8	1.0
LONG-TERM ASSETS (Bn. VND)	·	108	112	116	121	130	140	149	158	168	177	185	185	177	60
Long-term trade receivables (Bn. VND)	·	0.1	0.1	0.02	0.02	0	0.5	0.5	0.5	0.5	0.5	0.5	0	0	0
Other long-term receivables (Bn. VND)	·	0.1	0.1	0.02	0.02	0	0.5	0.5	0.5	0.5	0.5	0.5	0	0	0
Fixed assets (Bn. VND)	·	108	111	115	120	129	139	148	157	167	171	177	177	175	58
Tangible fixed assets	·	108	111	115	120	129	138	148	157	167	171	177	177	175	36
Intagible fixed assets	·	0	0.02	0.04	0.06	0.1	0.1	0.2	0	0	0	0	0	0.00	0.06
Investment in properties	·	0	0	0	0	0	0	0	0	0	4	6	7	0	0
Long-term investments (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.5	0.5	0.6
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	0	0	0.3	0.3	0.2
Other long-term assets (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3
Other non-current assets	·	0.4	0.6	0.6	0.3	0.3	0.4	0.7	0.5	0.7	0.9	1	0.7	2	0.7
Long-term prepayments (Bn. VND)	·	0.4	0.6	0.6	0.3	0.3	0.4	0.7	0.5	0.7	0.9	1	0.7	2	0.7
TOTAL ASSETS (Bn. VND)	·	112	116	119	126	133	145	154	170	176	188	195	196	193	98
LIABILITIES (Bn. VND)	·	125	110	102	101	99	94	91	100	100	109	113	114	103	13
Current liabilities (Bn. VND)	·	124	99	68	60	52	42	36	37	31	23	17	17	22	11
Short-term borrowings (Bn. VND)Net debt bridge	·	72	62	36	32	35	28	28	31	26	16	10	8	15	6
Advances from customers (Bn. VND)	·	0.8	0.7	0.7	2	0.6	0.04	0.04	0.05	0.07	0.4	0.2	0.3	0.06	0.3
Long-term liabilities (Bn. VND)	·	0.3	11	35	41	47	53	55	64	69	86	97	97	81	2
Long-term borrowings (Bn. VND)Net debt bridge	·	0	10	34	41	46	53	55	63	0	85	96	97	81	2
OWNER'S EQUITY(Bn.VND)	·	−12	7	17	25	34	50	63	70	76	79	82	82	90	86
Capital and reserves (Bn. VND)	·	−12	7	17	25	34	50	63	70	76	79	82	82	90	86
Paid-in capital (Bn. VND)	·	93	93	93	93	93	93	93	93	93	93	93	93	93	84
Investment and development funds (Bn. VND)	·	2	2	2	2	2	2	2	2	2	2	2	0.4	0.2	0.09
Undistributed earnings (Bn. VND)	·	−107	−88	−77	−70	−60	−44	−32	−25	−18	−15	−13	−13	−4	1
TOTAL RESOURCES (Bn. VND)	·	112	116	119	126	133	145	154	170	176	188	195	196	193	98
Common shares (Bn. VND)	·	93	93	93	93	93	93	93	93	93	93	93	93	93	84

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.81 · 3rd pctile vs VN companies

YoY ▼ −1.03

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

0.758

GMI

0.850

AQI

0.766

SGI

0.970

DEPI

0.951

SGAI

1.163

TATA

−0.175

LVGI

1.176

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.2%12th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 1.15×Statutory test met
Consecutive years of net lossProfit after tax of the parent: 10Statutory test met
Owner's equityWithout the non-controlling interest: NegativeStatutory test met

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

6/9

Neutral

Z-Score

−2.22

Distress Zone

Sharpe

−0.19

Negative

Composite

Below 30

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 Burden1.00×Interest Burden2.11×Op. Margin−0.20×Turnover0.40×Leverage−9.23=ROE154.6%

Price Risk

Momentum

−8.8%

Volatility

142.6%

Max Drawdown

−54.2%

Key Ratios

Fiscal year 2025

—P/E

P/B: —
P/S: 1.62
ROE: 680.6%
ROA: −16.4%
EPS: −2.022
BVPS: −1.308
Gross Margin: 18.3%
Net Margin: −42.0%
D/E: —
Current Ratio: 0.03
EV/EBITDA: 44.01
Div Yield: —

Company Overview

Shares outstanding: 9.3M
Charter Capital: 93.1B VND
Sector (ICB L2): Du lịch và Giải trí
Industry (ICB L3): Du lịch & Giải trí
Sub-industry: Khách sạn
Company Type: CT

Ownership network

Common ownership links for DLD. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Du lịch Sài Gòn

Inst

50.8%

4.7M

2026-06-30

Công Ty TNHH Quốc Tế Dp

Inst

9.0%

842,000

2025-12-31

Công ty Cổ phần Kim loại màu Nghệ Tĩnh

Inst

8.6%

800,000

2025-12-31

Đỗ Vân Anh

Indiv

8.4%

781,410

2025-12-31

Tổng Công ty Bến Thành

Inst

8.0%

740,856

2025-12-31

Công ty TNHH Magentta Việt Nam

Inst

4.8%

450,000

2025-12-31

Võ Văn Châu

Indiv

0.9%

87,672

2010-03-31

Trần Duy Khương An

Indiv

0.4%

38,856

2010-03-31

Trần Hồng Tâm

Indiv

0.3%

30,167

2013-12-31

Ninh Văn Hiên

Indiv

0.3%

27,973

2010-03-31

Nguyễn Thị Sáu

Indiv

0.1%

10,000

2026-06-30

Board & Management

Nguyễn Thị Sáu0.1%

Chief Accountant/Person in charge of Corporate governace

Top connections

DSP50.8%SGH50.8%SGB50.8%EIB50.8%KBC50.8%SGT50.8%BTV49.0%BTT41.4%SVC40.8%PNG30.6%HTC23.9%HGM9.0%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DLD among Cyclicals

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

DLD among Cyclicals