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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,4x - 5,9x | 5,7x |
| Selected Fwd EBITDA Multiple | 5,0x - 5,5x | 5,2x |
| Fair Value | ₫8.759 - ₫10.283 | ₫9.521 |
| Upside | 9,5% - 28,5% | 19,0% |
| Benchmarks | Ticker | Full Ticker |
| Lam Dong Minerals and Building Materials Joint Stock Company | LBM | HOSE:LBM |
| Tan Phu Viet Nam Joint stock company | TPP | HNX:TPP |
| Nui Nho Stone Joint Stock Company | NNC | HOSE:NNC |
| CMC Joint Stock Company | CVT | HOSE:CVT |
| Dong Hai Joint Stock Company of Ben Tre | DHC | HOSE:DHC |
| Vicem Bimson Cement Joint Stock Company | BCC | HNX:BCC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LBM | TPP | NNC | CVT | DHC | BCC | ||
| HOSE:LBM | HNX:TPP | HOSE:NNC | HOSE:CVT | HOSE:DHC | HNX:BCC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 22.3% | -11.2% | -7.2% | 5.2% | -9.7% | |
| 3Y CAGR | NM- | 28.8% | 24.2% | -4.1% | -14.8% | -13.0% | |
| Latest Twelve Months | -24.0% | 35.2% | 104.7% | -14.7% | -8.2% | 119.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.7% | 7.4% | 25.4% | 18.4% | 14.7% | 9.8% | |
| Prior Fiscal Year | 26.6% | 6.7% | 23.2% | 15.5% | 14.1% | 5.0% | |
| Latest Fiscal Year | 20.9% | 6.7% | 28.1% | 14.3% | 10.5% | 9.4% | |
| Latest Twelve Months | 20.9% | 7.2% | 30.6% | 12.7% | 10.9% | 9.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.36x | 0.58x | 1.37x | 1.23x | 0.64x | 0.47x | |
| EV / LTM EBITDA | 6.5x | 8.1x | 4.5x | 9.7x | 5.9x | 5.2x | |
| EV / LTM EBIT | 11.0x | 13.8x | 5.1x | 18.8x | 8.1x | -3545.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 6.5x | 9.7x | ||||
| Historical EV / LTM EBITDA | 3.4x | 6.5x | 8.5x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 5.9x | ||||
| (x) LTM EBITDA | 323,215 | 323,215 | 323,215 | ||||
| (=) Implied Enterprise Value | 1,736,236 | 1,827,617 | 1,918,998 | ||||
| (-) Non-shareholder Claims * | (703,954) | (703,954) | (703,954) | ||||
| (=) Equity Value | 1,032,282 | 1,123,663 | 1,215,044 | ||||
| (/) Shares Outstanding | 123.2 | 123.2 | 123.2 | ||||
| Implied Value Range | 8,378.24 | 9,119.91 | 9,861.58 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,378.24 | 9,119.91 | 9,861.58 | 8,000.00 | |||
| Upside / (Downside) | 4.7% | 14.0% | 23.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LBM | TPP | NNC | CVT | DHC | BCC | |
| Enterprise Value | 1,144,000 | 1,878,132 | 407,989 | 2,326,237 | 2,300,501 | 1,689,633 | |
| (+) Cash & Short Term Investments | 0 | 215,503 | 194,692 | 284,108 | 991,277 | 22,518 | |
| (+) Investments & Other | 0 | 210,000 | 120,679 | 0 | 5,843 | 0 | |
| (-) Debt | 0 | (1,822,134) | 0 | (1,584,730) | (890,337) | (764,696) | |
| (-) Other Liabilities | 0 | 0 | 0 | (105) | (2,151) | 38,223 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,144,000 | 481,500 | 723,360 | 1,025,510 | 2,405,132 | 985,678 | |
| (/) Shares Outstanding | 40.0 | 45.0 | 21.9 | 36.7 | 96.6 | 123.2 | |
| Implied Stock Price | 28,600.00 | 10,700.00 | 33,000.00 | 27,950.00 | 24,900.00 | 8,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 28,600.00 | 10,700.00 | 33,000.00 | 27,950.00 | 24,900.00 | 8,000.00 | |
| Trading Currency | VND | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |