DNL

Công ty Cổ phần Logistics Cảng Đà Nẵng

VietnamConstructionHàng & Dịch vụ Công nghiệpVận tảiUPCOMCT

39.000

VND · Close 27 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+3.0%Calibrated value vs last close

Last close (VND): 39.000
Calibrated intrinsic value (VND): 40.153

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 26 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 27 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector “Hàng & Dịch vụ Công nghiệp” maps to the construction group.

ModelEV/EBITDA Mid-Cycle

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

Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.

Technical details

Why this model

Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.

How it works

Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.

Model Inputs

Mid-Cycle EBITDA→18.86B

Fair EV/EBITDA→6.1x

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)→39.000

Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

40.153

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

Mid-cycle EBITDA18.9 tỷebitda source: own medianyears of data: 7

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	56	50	54	48	54	45	31	31	24	15	17	19	11
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	9	11	6	10	11	8	13	9	10	13	11	7
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0	0	0	7	1	0	0	0
Accounts receivable (Bn. VND)	·	38	36	37	37	38	30	20	15	5	3	3	7	3
Prepayments to suppliers (Bn. VND)	·	0.3	3	3	1	2	3	3	0.3	0.5	0.2	0.10	2	0
Net Inventories	·	2	3	1	1	3	1	2	1	2	0.6	0.1	0.4	0.2
Inventories, Net (Bn. VND)	·	2	3	1	1	3	1	2	1	2	0.6	0.1	0.4	0.2
Other current assets	·	11	3	5	4	3	3	0.6	0.8	1.0	0.1	0.2	0.1	0.6
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.07	0.2
LONG-TERM ASSETS (Bn. VND)	·	52	39	25	32	30	35	43	40	44	30	28	20	23
Long-term trade receivables (Bn. VND)	·	1	0.3	0	0	0	0	0	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	1	0.3	0	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	44	33	23	31	29	34	41	40	44	29	27	20	22
Tangible fixed assets	·	44	33	23	31	29	34	41	40	44	29	27	18	22
Intagible fixed assets	·	0	0	0	0	0.02	0.06	0.1	0.02	0.03	0.05	0.06	0	0
Other non-current assets	·	7	6	2	0.4	0.9	1	1	0.9	0.4	0.7	0.3	0.2	0.2
Long-term prepayments (Bn. VND)	·	7	6	2	0.4	0.9	1	1	0.9	0.4	0.7	0.3	0.2	0.2
TOTAL ASSETS (Bn. VND)	·	108	89	79	79	84	80	74	71	68	45	45	39	34
LIABILITIES (Bn. VND)	·	43	28	19	21	24	23	18	19	18	3	4	5	2
Current liabilities (Bn. VND)	·	34	21	16	17	23	21	14	15	13	3	3	5	2
Short-term borrowings (Bn. VND)Net debt bridge	·	5	2	1	2	1	2	2	1	1	0	0	0	0
Advances from customers (Bn. VND)	·	0.01	0.01	0.01	0.01	0.01	0.00	0.01	258,664	258,675	264,054	0	770,903	0
Long-term liabilities (Bn. VND)	·	9	7	3	5	0.8	2	4	3	5	0.1	0.2	0.2	0.09
Long-term borrowings (Bn. VND)Net debt bridge	·	9	7	3	5	0.8	2	4	3	5	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	65	61	60	58	60	58	56	53	50	42	41	34	32
Capital and reserves (Bn. VND)	·	65	61	60	58	60	58	56	53	50	42	41	34	32
Paid-in capital (Bn. VND)	·	43	43	43	43	43	43	43	43	43	36	36	30	30
Investment and development funds (Bn. VND)	·	13	11	9	9	7	5	2	2	1	0.5	0	0	0
Undistributed earnings (Bn. VND)	·	10	7	7	6	10	10	11	8	6	5	5	4	2
TOTAL RESOURCES (Bn. VND)	·	108	89	79	79	84	80	74	71	68	45	45	39	34
Common shares (Bn. VND)	·	43	43	43	43	43	43	43	43	43	36	36	30	30

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

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

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.62 · 32nd pctile vs VN companies

YoY ▼ −0.19

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

1.153

GMI

0.911

AQI

1.112

SGI

0.924

DEPI

1.381

SGAI

0.973

TATA

−0.037

LVGI

1.269

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.7470th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.4%42nd 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

6/9

Neutral

Z-Score

4.23

Safe Zone

Sharpe

0.31

Positive

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 Burden0.79×Interest Burden1.04×Op. Margin0.05×Turnover1.98×Leverage1.66=ROE14.7%

Price Risk

Momentum

+2.1%

Volatility

116.3%

Max Drawdown

−64.6%

Key Ratios

Fiscal year 2025

17.65P/E

P/B: 2.59
P/S: 0.78
ROE: 15.1%
ROA: 9.7%
EPS: 2.210
BVPS: 15.085
Gross Margin: 18.2%
Net Margin: 4.4%
D/E: 0.22
Current Ratio: 1.64
EV/EBITDA: 9.23
Div Yield: 2.6%

Company Overview

Shares outstanding: 4.3M
Charter Capital: 43.1B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Vận tải
Sub-industry: Kho bãi, hậu cần và bảo dưỡng
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần Cảng Đà Nẵng

Inst

45.1%

1.9M

2026-06-30

Công ty Cổ phần Container Việt Nam

VSC

30.9%

1.3M

2026-06-30

Phạm Thị Thuý Hằng

Indiv

13.0%

560,100

2026-06-30

Trần Phước Hồng

Indiv

1.1%

45,632

2026-08-24

Trịnh Thị Bích Trâm

Indiv

0.7%

30,839

2026-08-03

Lê Viết Hội

Indiv

0.5%

18,557

2014-12-31

Đặng Trần Gia Thoại

Indiv

0.3%

12,000

2026-06-30

Board & Management

Trần Phước Hồng1.1%

Member of Management Board/Director

Trịnh Thị Bích Trâm0.7%

Chief Accountant/Head of Accounting department/Person in charge of Corporate governace

Đặng Trần Gia Thoại0.3%

Member of Management Board

Top connections

GIC66.3%VSM65.0%VGR54.4%VLG45.1%VNA39.0%HAH30.9%

Listed group

VSCCông ty Cổ phần Container Việt Nam
Holds 20% or more
30.9%
2026-06-30

Also held by VSC:GIC VGR VNA VSM

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 2 by 2 traders; 20,000 shares
Registered net, share of outstanding:: +0.46%

Trần Phước Hồng
Purchase · Insider
10,000
2026-08-03
Trịnh Thị Bích Trâm
Purchase · Insider
10,000
2026-07-01

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

Valuation Breakdown

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months