MLS

Công ty Cổ phần Chăn nuôi - Mitraco

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT

14.500

VND · Close 26 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 14.500
Calibrated intrinsic value (VND): 19.769

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 25 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 26 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector “Thực phẩm và đồ uống” 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

0.807

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.65%

E/(D+E)

55.17%

Kd(1-t)

7.00%

D/(D+E)

44.83%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→22.12B

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)→14.500

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

19.769

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

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow22.1 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	1.0%	2.5%	4.0%	5.5%	7.0%
8.0%	19.769	19.769	19.769	19.769	19.769
9.0%	19.769	19.769	19.769	19.769	19.769
10.0%	19.769	19.769	19.769	19.769	19.769
11.0%	19.769	19.769	19.769	19.769	19.769
12.0%	18.383	18.383	18.383	18.383	18.587

Above market priceBelow market priceCurrent estimate

MLS among Consumer

Every stock in the sector, MLS 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 MLS. 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	2016	2015	2014
CURRENT ASSETS (Bn. VND)	·	119	114	89	86	99	77	64	77	67	57	60	57
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	17	0.3	1	7	14	5	0.4	3	0.7	6	3
Short-term investments (Bn. VND)Net debt bridge	·	10	0	0	0	0	0	0	0	3	8	4	6
Accounts receivable (Bn. VND)	·	7	15	5	6	8	10	3	4	8	5	6	19
Prepayments to suppliers (Bn. VND)	·	3	1	0.5	2	3	4	2	0.5	0.10	1	5	18
Net Inventories	·	96	82	83	78	83	54	56	73	53	44	44	29
Inventories, Net (Bn. VND)	·	96	82	91	78	83	54	56	73	53	44	44	29
Other current assets	·	2	0.4	0.9	0.8	0.9	0.3	0.07	0.01	0.04	0.2	0.5	0.1
LONG-TERM ASSETS (Bn. VND)	·	21	23	27	36	43	54	48	63	86	98	78	49
Long-term trade receivables (Bn. VND)	·	0.2	0.4	0	0	0	0	0	0	1	3	4	4
Other long-term receivables (Bn. VND)	·	0.2	0.4	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	11	14	21	26	33	35	38	43	52	57	49	11
Tangible fixed assets	·	11	14	21	26	33	35	38	43	52	57	49	11
Other non-current assets	·	9	9	7	10	11	19	10	20	33	39	25	14
Long-term prepayments (Bn. VND)	·	9	9	7	10	11	19	10	20	33	39	25	14
TOTAL ASSETS (Bn. VND)	·	141	137	117	122	143	131	112	140	153	155	138	106
LIABILITIES (Bn. VND)	·	64	95	105	76	70	35	111	129	146	83	81	54
Current liabilities (Bn. VND)	·	64	95	105	76	70	35	105	117	121	53	41	24
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	3	34	40	42	33	10	41	41	40	24	15	8
Advances from customers (Bn. VND)	·	0.03	0.00	0.00	0.00	0.02	0.01	0.00	0.00	0.4	0.02	7	2
Long-term liabilities (Bn. VND)	·	0	0	0	0	0	0	6	13	25	30	40	30
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	6	13	25	30	40	30
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	77	42	12	46	72	96	0.2	11	6	72	57	52
Capital and reserves (Bn. VND)	·	77	42	12	46	72	96	0.2	11	6	72	57	52
Paid-in capital (Bn. VND)	·	40	40	40	40	40	40	40	40	40	40	35	35
Investment and development funds (Bn. VND)	·	25	25	25	25	23	9	9	9	9	9	9	3
Undistributed earnings (Bn. VND)	·	11	−24	−54	−20	9	46	−50	−39	−44	22	13	10
TOTAL RESOURCES (Bn. VND)	·	141	137	117	122	143	131	112	140	153	155	138	106
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.3	0	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	1	3	4	4
Common shares (Bn. VND)	·	40	40	40	40	40	40	40	40	40	40	35	35

◆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

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.98 · 15th pctile vs VN companies

YoY ▼ −2.32

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

0.415

GMI

0.910

AQI

1.061

SGI

1.081

DEPI

1.000

SGAI

1.229

TATA

−0.019

LVGI

0.652

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.9574th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.3%51st 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

8/9

Strong

Z-Score

5.21

Safe Zone

Sharpe

−1.22

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 Burden0.95×Interest Burden1.01×Op. Margin0.09×Turnover3.00×Leverage1.82=ROE45.6%

Price Risk

Momentum

−38.8%

Volatility

59.7%

Max Drawdown

−45.2%

Key Ratios

Fiscal year 2025

1.65P/E

P/B: 0.75
P/S: 0.14
ROE: 59.0%
ROA: 25.3%
EPS: 8.791
BVPS: 19.297
Gross Margin: 11.5%
Net Margin: 8.3%
D/E: 0.04
Current Ratio: 1.88
EV/EBITDA: 1.14
Div Yield: —

Company Overview

Shares outstanding: 4.0M
Charter Capital: 40.0B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Sản xuất thực phẩm
Sub-industry: Nuôi trồng nông & hải sản
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Khoáng sản và Thương mại Hà Tĩnh

Inst

51.3%

2.1M

2026-06-30

Lê Văn Nhị

Indiv

0.6%

24,700

2016-12-31

Nguyễn Đình Sơn

Indiv

0.2%

6,800

2019-12-31

Phan Thanh Nam

Indiv

0.2%

6,400

2019-12-31

Board & Management

Võ Văn Lưu

Chairman of Management Board

Nguyễn Đình Lục

Member of Supervisors Board/Deputy of Chief Customer Officer

Top connections

GSM51.3%POV51.3%

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

DCF Sensitivity

MLS among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

MLS among Consumer