MBN

Công ty Cổ phần Môi trường và Công trình đô thị Bắc Ninh

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

7.900

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.8%Calibrated value vs last close

Last close (VND): 7.900
Calibrated intrinsic value (VND): 9.700

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 date of the last close could not be confirmed.
Trading liquidity is below the comparison threshold.
The latest cash flow is zero or negative.

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 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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.49%

Growth Estimate

historical blend5.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→13.80B

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)→7.900

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.700

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

Discount rate (WACC)11.49%

Growth rate5.00%growth method: historical blend

Base cash flow13.8 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	2.0%	3.5%	5.0%	6.5%	8.0%
9.5%	10.771	10.771	10.771	10.771	10.771
10.5%	10.771	10.771	10.771	10.771	10.771
11.5%	10.016	10.016	10.016	10.016	10.771
12.5%	10.016	10.016	10.016	10.016	10.016
13.5%	9.859	9.859	9.859	10.016	10.016

Above market priceBelow market priceCurrent estimate

MBN among Consumer

Every stock in the sector, MBN 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 MBN. 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	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	61	59	72	67	71	94	108	84	65	41	30	25
Cash and cash equivalents (Bn. VND)Net debt bridge	·	17	6	21	8	30	23	26	27	34	23	4	6
Short-term investments (Bn. VND)Net debt bridge	·	27	33	2	2	0	7	7	14	0	0	0	0
Accounts receivable (Bn. VND)	·	13	15	43	53	38	62	74	41	31	16	24	17
Prepayments to suppliers (Bn. VND)	·	0.7	1	1	0.8	0.7	0.3	2	0.1	1.0	0.01	0	0
Net Inventories	·	4	4	5	2	2	2	2	0.1	0.10	1	2	2
Inventories, Net (Bn. VND)	·	4	4	5	2	2	2	2	0.1	0.10	1	2	2
Other current assets	·	0.1	0.1	0.2	0.5	0.5	0.2	0.5	1	0.6	0.6	0.3	0.4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.4
LONG-TERM ASSETS (Bn. VND)	·	92	95	101	105	111	109	101	102	107	97	99	96
Fixed assets (Bn. VND)	·	87	90	94	99	103	103	101	102	107	97	99	96
Tangible fixed assets	·	87	90	94	99	103	103	101	102	107	97	99	95
Long-term investments (Bn. VND)	·	5	5	5	5	7	5	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	5	5	5	5	5	5	0	0	0	0	0	0
Other non-current assets	·	0	0.3	1	1	1	0.4	0.5	0.3	0	0	0	0.4
Long-term prepayments (Bn. VND)	·	0	0.3	1	1	1	0.4	0.5	0.3	0	0	0	0.4
TOTAL ASSETS (Bn. VND)	·	153	154	173	172	182	203	210	186	172	138	129	121
LIABILITIES (Bn. VND)	·	17	19	32	32	39	59	65	43	34	31	22	15
Current liabilities (Bn. VND)	·	17	19	32	32	39	59	65	43	29	31	22	15
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	3	0	0	2	0	0	0	0	0	3	3	0
Advances from customers (Bn. VND)	·	0.07	0.06	0.02	0.2	0.3	0.5	0.7	0.7	0	0	0.7	0.7
Long-term liabilities (Bn. VND)	·	0	0	0	0	0	0	0	0	5	0	0	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	5	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	137	135	141	140	143	144	145	143	138	107	106	106
Capital and reserves (Bn. VND)	·	58	56	62	61	65	66	66	64	59	28	28	106
Paid-in capital (Bn. VND)	·	58	58	58	58	58	58	58	58	58	23	23	87
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	15
Investment and development funds (Bn. VND)	·	3	3	3	3	3	2	1	0.3	0	5	5	4
Other Reserves	·	·	0	0	0	0	0	0	0	0	0.1	0.1	0.1
Undistributed earnings (Bn. VND)	·	−3	−4	1	0.1	5	6	7	6	2	0	0	0
Budget sources and other funds	·	79	79	79	79	79	79	79	79	79	79	79	0
TOTAL RESOURCES (Bn. VND)	·	153	154	173	172	182	203	210	186	172	138	129	121
Common shares (Bn. VND)	·	58	58	58	58	58	58	58	58	58	23	23	87

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

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 −2.25 · 54th pctile vs VN companies

YoY ▲ +1.97

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

0.838

GMI

1.297

AQI

0.940

SGI

1.067

DEPI

1.000

SGAI

0.538

TATA

0.014

LVGI

0.868

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.4%22nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.05×
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

5/9

Neutral

Z-Score

2.54

Grey Zone

Sharpe

0.00

Negative

Composite

70 and above

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 Burden1.16×Op. Margin0.02×Turnover0.53×Leverage1.12=ROE1.3%

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2025

24.97P/E

P/B: 0.33
P/S: 0.56
ROE: 1.3%
ROA: 1.2%
EPS: 316
BVPS: 23.801
Gross Margin: 8.4%
Net Margin: 2.2%
D/E: 0.02
Current Ratio: 3.71
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 5.8M
Charter Capital: 57.5B 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

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

Shareholders

Ủy Ban Nhân Dân Tỉnh Bắc Ninh

Inst

64.6%

3.7M

2026-06-30

Công ty Cổ Phần Môi Trường Thuận Thành

Inst

24.6%

1.4M

2026-06-30

Vũ Đức Thắng

Indiv

0.2%

11,900

2021-12-31

NGÔ MINH CHÂU

Indiv

0.1%

8,600

2023-06-30

Đặng Thị Thủy

Indiv

0.1%

6,700

2026-06-30

Nguyễn Văn Cảnh

Indiv

0.1%

6,200

2021-12-31

Nguyễn Đình Thu

Indiv

0.1%

6,000

2026-06-30

Board & Management

Đặng Thị Thủy0.1%

Head of Supervisors Board

Nguyễn Đình Thu0.1%

Member of Management Board

Nguyễn Thế Công

Chairman of Management Board

Nguyễn Trường Giang

Spokesman/Person in charge of Corporate governace

Nguyễn Thị Trang

Member of Management Board

Phạm Nhật Quang

Deputy Director

Trần Đức Tỉnh

Member of Supervisors Board

Nghiêm Thị Oanh

Chief Accountant

Top connections

BNW64.6%

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

MBN among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

MBN among Consumer