SZE

Công ty Cổ phần Môi trường Sonadezi

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

7.700

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.8%Calibrated value vs last close

Last close (VND): 7.700
Calibrated intrinsic value (VND): 9.455

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.

Also note

A release of working capital contributes to cash flow.
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 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→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)

84.75%

Kd(1-t)

2.79%

D/(D+E)

15.25%

WACC

10.16%

Growth Estimate

historical blend5.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→55.31B

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)→7.700

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.455

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

Discount rate (WACC)10.16%

Growth rate5.00%growth method: historical blend

Base cash flow55.3 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%
8.2%	10.498	10.498	10.498	10.498	10.498
9.2%	9.762	9.762	9.762	9.762	10.498
10.2%	9.609	9.609	9.609	9.762	9.762
11.2%	9.455	9.455	9.455	9.455	9.609
12.2%	9.455	9.455	9.455	9.455	9.455

Above market priceBelow market priceCurrent estimate

SZE among Consumer

Every stock in the sector, SZE 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 SZE. 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
CURRENT ASSETS (Bn. VND)	·	209	273	257	246	249	314	293	277	267	272	228
Cash and cash equivalents (Bn. VND)Net debt bridge	·	61	49	53	51	38	93	54	67	48	73	78
Short-term investments (Bn. VND)Net debt bridge	·	52	57	63	54	76	99	114	15	9	0	0
Accounts receivable (Bn. VND)	·	61	108	132	131	108	107	114	187	203	190	136
Prepayments to suppliers (Bn. VND)	·	1	2	3	2	1	20	1	1	2	2	5
Net Inventories	·	32	56	10	9	26	12	10	7	6	8	11
Inventories, Net (Bn. VND)	·	33	57	10	9	26	12	10	7	6	8	11
Other current assets	·	3	3	0.6	0.6	0.6	4	1	0.4	0.7	1	2
LONG-TERM ASSETS (Bn. VND)	·	327	345	369	400	440	278	208	213	208	222	154
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.2	0.3	0.1	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.2	0.3	0.1	0
Fixed assets (Bn. VND)	·	199	228	251	280	316	77	78	101	102	111	82
Tangible fixed assets	·	199	228	251	280	315	77	78	101	102	111	82
Intagible fixed assets	·	0.09	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0	0	0
Long-term investments (Bn. VND)	·	20	8	8	8	8	8	8	8	8	8	7
Other long-term assets (Bn. VND)	·	20	8	8	8	8	8	8	8	8	8	8
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	0	0	0	−0.4
Other non-current assets	·	51	52	53	54	59	61	18	1	6	12	19
Long-term prepayments (Bn. VND)	·	49	49	51	53	58	60	17	0.9	6	11	19
TOTAL ASSETS (Bn. VND)	·	536	618	626	645	689	592	501	490	475	494	382
LIABILITIES (Bn. VND)	·	189	256	267	287	333	237	148	144	133	149	66
Current liabilities (Bn. VND)	·	177	218	202	198	231	230	148	144	133	149	66
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	27	27	27	27	26	16	0	0	0	0	0
Advances from customers (Bn. VND)	·	3	8	1	1	5	6	6	3	0.3	0.2	0.7
Long-term liabilities (Bn. VND)	·	12	38	65	90	102	7	0	0	0	0	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	12	38	65	90	102	7	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	347	362	359	358	356	355	352	345	341	345	316
Capital and reserves (Bn. VND)	·	347	362	359	358	356	355	352	345	341	345	316
Paid-in capital (Bn. VND)	·	300	300	300	300	300	300	300	300	300	300	300
Other Reserves	·	0	0	0	0	0	0	0	0	3	0	3
Investment and development funds (Bn. VND)	·	28	25	22	19	16	13	10	7	4	0	5
Undistributed earnings (Bn. VND)	·	19	36	37	39	40	43	39	35	34	42	8
Budget sources and other funds	·	0	0	0	0	0	0	0	0	0	0	0.01
Budget sources and other funds	·	0	0	0	0	0	0	0	0	0	0	0.01
TOTAL RESOURCES (Bn. VND)	·	536	618	626	645	689	592	501	490	475	494	382
Common shares (Bn. VND)	·	300	300	300	300	300	300	300	300	300	300	300
MINORITY INTERESTSNet debt bridge	·	0	0	0	0	0	0	0	3	0	3	0

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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.93 · 17th pctile vs VN companies

YoY ▼ −0.10

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

0.530

GMI

1.456

AQI

1.265

SGI

1.069

DEPI

0.907

SGAI

1.088

TATA

−0.097

LVGI

0.849

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.3779th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.3%17th 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

1.96

Grey Zone

Sharpe

−0.77

Negative

Composite

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 Burden0.85×Interest Burden1.07×Op. Margin0.04×Turnover0.79×Leverage1.54=ROE4.1%

Price Risk

Momentum

−23.3%

Volatility

59.3%

Max Drawdown

−34.6%

Key Ratios

Fiscal year 2025

16.05P/E

P/B: 0.67
P/S: 0.54
ROE: 4.1%
ROA: 2.5%
EPS: 480
BVPS: 11.577
Gross Margin: 10.9%
Net Margin: 3.4%
D/E: 0.11
Current Ratio: 1.18
Rev Growth: +6.9%
Profit Growth: −52.9%
EV/EBITDA: 3.61
Div Yield: 10.4%

Company Overview

Shares outstanding: 30.0M
Charter Capital: 300B 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 SZE. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Cổ phần Phát triển Khu Công nghiệp

Inst

64.0%

19.2M

2026-06-30

Nguyễn Duy Hưng

Indiv

8.0%

2.4M

2026-07-23

Trần Văn Đây

Indiv

0.3%

76,085

2026-06-30

Board & Management

Ngô Thị Châu Loan

Head of Supervisors Board

Võ Thành Tâm

Member of Management Board

Nguyễn Thế Vinh

Member of Management Board

Trần Võ Hoài Hương

Member of Management Board/Deputy General Director

Hứa Thị Hải Yến

Person in charge of Corporate governace

Top connections

DNW64.0%D2D64.0%SZL64.0%PDN64.0%SZC64.0%SZG64.0%SZB64.0%DND64.0%SDN64.0%SDV64.0%DGT64.0%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 3 by 1 trader; 3 without a stated volume

Nguyễn Duy Hưng
Purchase · Insider
—
2026-07-23
Nguyễn Duy Hưng
Purchase · Insider
—
2026-02-03
Nguyễn Duy Hưng
Purchase · Insider
—
2025-12-09

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

Also note

Valuation Breakdown

DCF Sensitivity

SZE among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months

SZE among Consumer