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VTR

Công ty Cổ phần Du lịch Vietravel

VietnamCyclicalsDu lịch và Giải tríDu lịch & Giải tríUPCOMCT
8.600
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Close near calibrated value
−4.2%Calibrated value vs last close
At last close+500%
Last close (VND)
8.600
Calibrated intrinsic value (VND)
8.239

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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.

Also note

  • Trading liquidity is low.
Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
51.7%
12 monthsHistorical calibration
Chance the return beats the median return of its sector peers.
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.

12-month sector-relative outlook

−1.4percentage points
Cyclicals12 monthsBack-test 2015–2024

Median 12-month return difference versus Cyclicals peers, for model gaps like this one.

  • Not an absolute return forecast.
  • Not a price target.
  • A stock can underperform its sector and still rise.
Computed 30 Oct 2026Not updated with daily prices
Sector calibration span · percentage points
−7.9+8.6
  • The sector’s historical range, not a prediction interval for this stock.
  • Actual returns can fall outside it.

Valuation Breakdown

CT→Du lịch và Giải trí→Cyclical
Classified as cyclical because ICB sector “Du lịch và Giải trí” maps to the cyclical group.
ModelEV/EBITDA Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details
Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

1
Model Inputs
Mid-Cycle EBITDA→72.59B
Fair EV/EBITDA→11.3x
Years of data→7
2
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)→8.600
Calibrated value vs last close→−4.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
8.239
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA72.6 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item2026202520242023202220212020201920182017201620152014
CURRENT ASSETS (Bn. VND)
·2,4382,5232,2241,6571,5161,5181,9461,036925719595334
Cash and cash equivalents (Bn. VND)Net debt bridge
·28411791781119116820417815314978
Short-term investments (Bn. VND)Net debt bridge
·2816120.030.03731701610.803
Accounts receivable (Bn. VND)
·1,6592,0481,8481,4001,190422750663611540420229
Prepayments to suppliers (Bn. VND)
·3977454651688619630535117614510456
Net Inventories
·340.20.070.30.44140372917150.4
Inventories, Net (Bn. VND)
·360.20.070.30.44242382917150.4
Other current assets
·43334227317921523328712610581123
Other current assets (Bn. VND)
·0000000000017
LONG-TERM ASSETS (Bn. VND)
·515130124178539340236172122167142131
Long-term trade receivables (Bn. VND)
·108889861586420
Other long-term receivables (Bn. VND)
·108889861586420
Fixed assets (Bn. VND)
·311925436373828964415259
Tangible fixed assets
·20614284563727856334237
Intagible fixed assets
·111311141810111189921
Long-term investments (Bn. VND)
·6554638516161217201116
Investment in joint ventures
·000011115804
Investments in associate companies
·20.70.70.7380121.01.0113
Other long-term assets (Bn. VND)
·4182182182414131010101010
Less: Provision for diminuation in value of long term investments
·0−178−178−13700000000
Other non-current assets
·3051613101354623327977656
Long-term prepayments (Bn. VND)
·32151291225292923967454
TOTAL ASSETS (Bn. VND)
·2,9532,6522,3481,8352,0551,8582,1821,2081,047885738465
LIABILITIES (Bn. VND)
·2,1642,1821,9121,7142,0471,6901,943983911767646419
Current liabilities (Bn. VND)
·2,0672,1481,9091,6921,5531,6661,209927868758631395
Short-term borrowings (Bn. VND)Net debt bridge
·7458827057058671,0922377973411462
Advances from customers (Bn. VND)
·359329292279185175398350429346257135
Long-term liabilities (Bn. VND)
·973422249424734564391524
Long-term borrowings (Bn. VND)Net debt bridge
·95331164932071436238146
OWNER'S EQUITY(Bn.VND)
·79047043612181682392251361199146
Capital and reserves (Bn. VND)
·79047043612181682392251361199146
Paid-in capital (Bn. VND)
·66529229317317317312612669666637
Other Reserves
·000001000000
Foreign Currency Difference reserve
·32130.40.40.3−269,3650.10.020.100
Investment and development funds (Bn. VND)
·232323232325211610410
Other Reserves
·000000000000.00
Undistributed earnings (Bn. VND)
·3350.3−78−186−37796751432010
TOTAL RESOURCES (Bn. VND)
·2,9532,6522,3481,8352,0551,8582,1821,2081,047885738465
Short-term loans receivables (Bn. VND)
·8400100000.40.6120
Convertible bonds (Bn. VND)
·000000191919000
Common shares (Bn. VND)
·66529229317317317312612669666637
Good will (Bn. VND)
·2740.50.71.01293334220
MINORITY INTERESTSNet debt bridge
·71230.69141610960

Earnings Quality

Fiscal year 2025
36
Weak
Accrual Quality
43
Cash Conversion
0
Receivables
100
Margin Stability
0
Revenue Quality
27

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −0.68 · 90th pctile vs VN companies
YoY ▲ +1.10
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
0.761
GMI
1.061
AQI
3.928
SGI
1.065
DEPI
1.000
SGAI
1.376
TATA
0.166
LVGI
0.890

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−7.554th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
16.6%88th 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.

The company shows multiple accounting signals that merit scrutiny: a Beneish M-Score of -0.6807 (90th percentile versus Vietnamese peers) with a year-over-year rise of +1.10, driven largely by a very high AQI (3.9281) and rising SGAI (1.3764). Operating cash metrics and profitability metrics are weak — three-year cash conversion is -7.55 (4th percentile) and the Earnings-Quality score is low at 35.5/100 (notably Cash conversion 0/100 and Margin quality 0/100) — while receivables outside the trade cycle are material at 16.6% of total assets (88th percentile).

Red Flags
  • Beneish M-Score -0.6807: this is above the US -1.78 cutoff but that cutoff is US-calibrated; within Vietnam the company ranks at the 90th percentile (higher = more aggressive accounting than peers) and the M-Score rose by +1.10 year-over-year (a notable trajectory).
  • AQI (Asset Quality Index) = 3.9281: AQI measures increases in ‘‘non‑productive’’ assets (e.g., property, receivables, other long‑term assets) relative to assets; a very high AQI is a common signal of earnings management or capitalisation of costs.
  • SGAI (Sales, General & Administrative to sales index) = 1.3764: SGAI >1 indicates selling and administrative expenses growing faster than sales year-over-year, which can reflect cost capitalisation or one-off items affecting margins.
  • TATA (Total Accruals to Assets) = 0.1657: positive large accruals (16.57% of assets) indicate earnings have a substantial accrual component relative to the asset base, consistent with the low accruals-quality score (42.5/100).
  • Cash conversion (3‑year OCF / net profit) = -7.55: the company is in the 4th percentile versus Vietnamese non‑financial peers, indicating reported profits have not converted into operating cash over three years.
  • Receivables outside the trade cycle = 16.6% of total assets: at the 88th percentile, this level (prepayments to suppliers, loans receivable, long‑term receivables) is unusually high and contributes to the AQI and revenue‑quality concerns.
  • Earnings-quality components: overall E‑Q 35.5/100, with Cash conversion 0/100 and Margin quality 0/100 — these underline weak cash and margin sustainability despite Receivables quality being 100/100.
  • Piotroski F-Score = 2/9: weak fundamental signals (profitability, leverage, liquidity, and operating efficiency measures are generally poor), which aligns with low cash conversion and high accruals.
Positive Signals
  • Receivables quality = 100.0/100: within the earnings‑quality framework receivables metrics look strong (no immediate signs of revenue recognition via trade receivables manipulation).
  • DSRI (Days Sales Receivable Index) = 0.7606: DSRI <1 suggests receivables turnover has improved year-over-year rather than ballooned from sales recognition — consistent with the perfect receivables‑quality score.
  • DEPI = 1.0000 and LVGI = 0.8904: stable depreciation index (DEPI ≈1) suggests no aggressive changes to depreciation policies, and LVGI <1 indicates leverage velocity is not accelerating unusually.
  • No accumulated losses and owner’s equity (ex‑minority) positive: the company has not reported accumulated losses and parent profit shows 0 consecutive years of net loss through FY2025, which are signs of solvency in published statements.
Ownership Risk

Ownership is concentrated: three individuals and two institutions together hold large stakes (Nguyễn Thủy Tiên 20.9%, Vietravel Group 14.6%, Nguyễn Quốc Kỳ 11.2%, VinaCapital 9.9%). Director/insider registrations in 2025–10–30 to 2026–10–30 show 4 purchase registrations totalling 750,000 shares (net registered +1.14% of shares outstanding) and 0 sale registrations; these are registered intentions disclosed to the exchange, not executed trades.

To check in the filings
  • Compare the year‑over‑year change in the 'other long‑term receivables' and 'prepayments to suppliers' lines in the Notes to the Financial Statements with the AQI components — quantify the increase that produces AQI = 3.9281.
  • Reconcile the consolidated 'operating cash flow' line and the parent 'profit for the year' across the past three annual reports to reproduce the 3‑year cash conversion ratio = -7.55; inspect the reconciliation of profit to cash flow for large non‑cash items or working‑capital movements.
  • Inspect the related‑party disclosures and the schedules for 'loans and advances to customers/related parties' to identify the composition of the 16.6% of assets classified as receivables outside the trade cycle.
  • Review the notes on 'selling, general and administrative expenses' and accounting policy disclosures for capitalization criteria to understand drivers of SGAI = 1.3764 and whether costs have been reclassified or capitalised.

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

Quantitative Scores

F-Score
2/9
Weak
Z-Score
2.82
Grey Zone
Sharpe
−1.16
Negative
Composite
32
30 to 49
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 Burden0.13×Interest Burden−5.24×Op. Margin0.00×Turnover2.43×Leverage3.74=ROE0.3%
Price Risk
Momentum
−28.2%
Volatility
30.9%
Max Drawdown
−36.8%

Key Ratios

Fiscal year 2025
229.91P/E
P/B
0.75
P/S
0.08
ROE
0.4%
ROA
0.1%
EPS
39
BVPS
11.867
Gross Margin
6.1%
Net Margin
0.0%
D/E
1.06
Current Ratio
1.18
Rev Growth
+7.0%
Profit Growth
−96.5%
EV/EBITDA
—
Div Yield
9.8%

Company Overview

Shares outstanding
65.6M
Charter Capital
656B VND
Sector (ICB L2)
Du lịch và Giải trí
Industry (ICB L3)
Du lịch & Giải trí
Sub-industry
Vận tải hành khách & Du lịch
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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