VTK

Công ty Cổ phần Tư vấn và Dịch vụ Viettel

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

28.400

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 28.400
Calibrated intrinsic value (VND): 31.768

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 model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Trading liquidity is low.

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 2 Dec 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 2 Nov 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

0.954

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.29%

E/(D+E)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.29%

Growth Estimate

fundamental firm blend8.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→30.61B

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)→28.400

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

31.768

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

Discount rate (WACC)11.29%

Growth rate8.00%growth method: fundamental firm blend

Base cash flow30.6 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	5.0%	6.5%	8.0%	9.5%	11.0%
9.3%	31.835	31.835	31.835	32.570	33.163
10.3%	31.768	31.768	31.768	31.835	31.835
11.3%	31.768	31.768	31.768	31.768	31.768
12.3%	30.334	31.768	31.768	31.768	31.768
13.3%	30.334	30.334	30.334	31.768	31.768

Above market priceBelow market priceCurrent estimate

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	274	178	138	145	116	117	97	112	92	88	76	62	56
Cash and cash equivalents (Bn. VND)Net debt bridge	·	43	25	26	20	35	14	10	21	53	71	67	40	29
Short-term investments (Bn. VND)Net debt bridge	·	22	55	36	48	46	42	27	44	12	0	0	0	0
Accounts receivable (Bn. VND)	·	169	61	66	58	33	61	60	47	26	17	8	22	23
Prepayments to suppliers (Bn. VND)	·	18	7	2	0.4	3	0.4	0.07	0.03	0	0	0.01	0.02	0.01
Net Inventories	·	39	32	9	15	1	0.09	0.1	0.1	1	0.4	0.7	0.9	4
Inventories, Net (Bn. VND)	·	39	32	9	15	1	0.09	0.1	0.1	1	0.4	0.7	0.9	4
Other current assets	·	1	5	2	4	0.2	0.2	0.4	0	0.4	0.1	0.1	0.01	0.06
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.01	0.06
LONG-TERM ASSETS (Bn. VND)	·	54	50	48	43	43	42	38	8	7	7	6	7	7
Fixed assets (Bn. VND)	·	52	36	40	40	41	39	7	8	7	6	6	7	7
Tangible fixed assets	·	35	29	33	33	34	32	3	4	4	2	3	3	3
Intagible fixed assets	·	17	7	7	7	7	7	4	4	4	4	4	4	4
Investment in properties	·	0	0	5	1	0	0	0	0	0	0	0	0	0
Other non-current assets	·	2	2	3	1	2	2	0.2	0.1	0.07	0.09	0.2	0.6	0.6
Long-term prepayments (Bn. VND)	·	2	2	3	1	2	2	0.2	0.1	0.07	0.09	0.2	0.6	0.6
TOTAL ASSETS (Bn. VND)	·	328	228	186	187	159	159	135	120	99	95	83	70	63
LIABILITIES (Bn. VND)	·	169	84	51	64	45	51	34	26	15	12	10	8	12
Current liabilities (Bn. VND)	·	168	84	51	64	45	51	34	26	15	12	10	8	12
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	50	0	0	0	0	0	0	0	0	0	0	0	0
Advances from customers (Bn. VND)	·	18	21	2	6	3	0.3	0.1	0.1	0.1	0.2	0.10	0	0.09
Long-term liabilities (Bn. VND)	·	1	0	0	0	0	0	0	0	0	0	0	0	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1	0	0	0	0	0	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	159	144	135	124	114	108	101	94	84	83	73	61	52
Capital and reserves (Bn. VND)	·	159	144	135	124	114	108	101	94	84	83	73	61	52
Paid-in capital (Bn. VND)	·	94	94	94	49	48	42	42	42	42	32	32	16	16
Investment and development funds (Bn. VND)	·	28	20	15	52	47	44	39	34	30	30	25	25	18
Undistributed earnings (Bn. VND)	·	36	31	26	22	19	22	21	19	13	21	15	18	15
TOTAL RESOURCES (Bn. VND)	·	328	228	186	187	159	159	135	120	99	95	83	70	63
Common shares (Bn. VND)	·	94	94	94	49	48	42	42	42	42	32	32	16	16

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

75th–90th

M −0.65 · 90th pctile vs VN companies

YoY ▲ +1.53

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

2.088

GMI

1.039

AQI

0.090

SGI

1.319

DEPI

1.051

SGAI

0.975

TATA

0.217

LVGI

1.402

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.0022nd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 5.6%70th 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.

VTK's Beneish M-Score is -0.649 (90th percentile vs Vietnamese peers) with a year-over-year increase of +1.53, indicating its accounting metrics are more aggressive than most Vietnamese listed peers and that the direction has moved materially this year. Earnings-quality metrics are weak (overall 16.8/100) driven by cash conversion (0.0/100) and receivables quality (0.0/100), while balance-sheet distress metrics are mixed: Altman Z-Score is 5.32 (safe zone) but operating fundamentals per Piotroski are weak (F-Score 2/9).

Red Flags

High DSRI (Days’ Sales Receivable Index) = 2.0879 (part of the Beneish M-Score) — measures growth in receivables relative to sales and can signal revenue recognition or collection issues.
M-Score trajectory: YoY change +1.53 (Beneish components have moved materially year-over-year) — the direction of the M-Score has shifted substantially compared with last year.
Very low cash conversion: operating cash flow / net profit (3-year) = 0.00 (22nd percentile among VN non-financials) — measures whether reported profits generate operating cash; low value indicates profits are not turning into cash.
Receivables outside the trade cycle = 5.6% of total assets (70th percentile) — this line (prepayments, loans receivable, other long-term receivables) is elevated relative to peers and can indicate non-trade receivables or related-party financing.
Very low accruals and receivables quality scores: accruals quality 28.9/100 and receivables quality 0.0/100 — these measure the reliability of accruals and collectibility of receivables respectively.

Positive Signals

Altman Z-Score = 5.32 (safe zone) — this measures distance to bankruptcy and indicates a low bankruptcy risk under the Z-Score model.
No accumulated losses and parent net loss years = 0 up to FY2025; owner's equity (ex-minority) is positive — the balance sheet shows retained earnings are not negative and equity is positive.
SGI (Sales Growth Index) = 1.3187 and margin signals: SGAI = 0.9751 and margin-quality = 46.9/100 — the company is growing sales (SGI > 1) and margin-quality is relatively higher than other earnings-quality components.
TATA (Total Accruals to Total Assets) = 0.2168 is included in the Beneish profile (measures total accruals); while non-zero, the Z-Score and positive equity provide counterbalance on solvency.

Ownership Risk

Ownership is highly concentrated: Viettel’s industrial-telecom group (Tập đoàn Công nghiệp - Viễn thông Quân đội) holds 63.8% and a related institutional holder 2.9%, while individual holdings are very small (top individuals 0.4%, 0.4%, 0.1%). This indicates strong majority control by a state-affiliated group and limited free float.

To check in the filings

Compare the line(s) for 'Receivables and other receivables' (including loans receivable, prepayments and long-term receivables) in the FY2025 balance sheet and the related-party note to quantify the 5.6% of total assets and identify counterparty and terms.
Reconcile operating cash flow and net profit in the cash flow statement and the notes to confirm the components producing the 3-year cash conversion = 0.00 (look for large non-cash gains, working-capital movements or related-party cash flows).
Inspect the revenue recognition and trade receivables notes (including ageing and provisions) to understand the drivers behind DSRI = 2.0879 and the receivables-quality score of 0.0/100.
Review the accounting policy and schedule for prepayments, advances and other non-trade receivables in FY2025 to see classification, maturities and any collateral or interest terms related to the elevated receivables-outside-trade-cycle figure.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

2/9

Weak

Z-Score

5.32

Safe Zone

Sharpe

−0.75

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 Burden0.80×Interest Burden1.00×Op. Margin0.09×Turnover1.53×Leverage2.07=ROE22.9%

Price Risk

Momentum

−7.3%

Volatility

28.5%

Max Drawdown

−44.1%

Key Ratios

Fiscal year 2025

9.77P/E

P/B: 2.24
P/S: 0.71
ROE: 24.0%
ROA: 13.1%
EPS: 3.868
BVPS: 16.898
Gross Margin: 13.5%
Net Margin: 7.2%
D/E: 0.32
Current Ratio: 1.63
EV/EBITDA: 6.69
Div Yield: 4.0%

Company Overview

Shares outstanding: 12.2M
Charter Capital: 122B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Tư vấn & Hỗ trợ KD
Company Type: CT

Ownership network

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

Shareholders

Tập đoàn Công nghiệp - Viễn thông Quân đội

Inst

63.8%

7.8M

2025-12-31

Công Đoàn Công ty Cổ Phần Tư Vấn Và Dịch Vụ Viettel

Inst

2.9%

272,975

2023-12-31

Nguyễn Hữu Đức

Indiv

0.4%

42,178

2026-06-30

Nguyễn Đăng Hùng

Indiv

0.4%

34,697

2026-06-30

Nguyễn Viết Thắng

Indiv

0.1%

11,700

2026-06-30

Board & Management

Nguyễn Hữu Đức0.4%

Member of Management Board/Deputy Director

Nguyễn Đăng Hùng0.4%

Member of Management Board/Director

Lê Tuấn Anh

Chief Accountant

Top connections

VGI99.0%CTR65.7%VTP63.8%MBB63.8%

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

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network