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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,7x - 6,3x | 6,0x |
| Selected Fwd EBITDA Multiple | 5,7x - 6,3x | 6,0x |
| Fair Value | ₫13.785 - ₫16.850 | ₫15.317 |
| Upside | 17,8% - 44,0% | 30,9% |
| Benchmarks | Ticker | Full Ticker |
| Song Da Consulting JSC | SDC | HNX:SDC |
| IDICO Infrastructure Development Investment Joint Stock Company | HTI | HOSE:HTI |
| Lam Dong Investment and Hydraulic Construction Joint-Stock Company | LHC | HNX:LHC |
| Song Da 5 Joint Stock Company | SD5 | HNX:SD5 |
| HVC Investment and Technology Joint Stock Company | HVH | HOSE:HVH |
| Song Da 9 Joint Stock Company | SD9 | HNX:SD9 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SDC | HTI | LHC | SD5 | HVH | SD9 | ||
| HNX:SDC | HOSE:HTI | HNX:LHC | HNX:SD5 | HOSE:HVH | HNX:SD9 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | NM- | NM- | -14.9% | NM- | 23.3% | |
| 3Y CAGR | 38.0% | NM- | NM- | -13.6% | NM- | -6.5% | |
| Latest Twelve Months | 44.0% | NM | -15.1% | -33.9% | NM | -20.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.8% | 44.0% | 18.6% | 3.9% | 8.8% | 35.2% | |
| Prior Fiscal Year | 5.1% | 38.9% | 21.4% | 2.8% | 5.9% | 40.7% | |
| Latest Fiscal Year | 5.3% | 46.4% | 16.9% | 2.1% | 10.4% | 42.8% | |
| Latest Twelve Months | 5.4% | 46.6% | 16.9% | 1.7% | 10.0% | 44.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.17x | 1.20x | 0.97x | 0.04x | 1.53x | 2.42x | |
| EV / LTM EBITDA | 3.1x | 2.6x | 5.7x | 2.1x | 15.2x | 5.5x | |
| EV / LTM EBIT | 4.3x | 4.7x | 9.5x | 7.2x | 17.0x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.1x | 3.1x | 15.2x | ||||
| Historical EV / LTM EBITDA | 4.3x | 11.3x | 13.3x | ||||
| Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
| (x) LTM EBITDA | 170,330 | 170,330 | 170,330 | ||||
| (=) Implied Enterprise Value | 977,358 | 1,028,797 | 1,080,237 | ||||
| (-) Non-shareholder Claims * | (525,230) | (525,230) | (525,230) | ||||
| (=) Equity Value | 452,128 | 503,568 | 555,008 | ||||
| (/) Shares Outstanding | 34.2 | 34.2 | 34.2 | ||||
| Implied Value Range | 13,206.98 | 14,709.58 | 16,212.18 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13,206.98 | 14,709.58 | 16,212.18 | 11,700.00 | |||
| Upside / (Downside) | 12.9% | 25.7% | 38.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SDC | HTI | LHC | SD5 | HVH | SD9 | |
| Enterprise Value | 11,775 | 590,842 | 1,164,007 | 92,601 | 555,227 | 925,767 | |
| (+) Cash & Short Term Investments | 11,590 | 427,939 | 273,025 | 162,217 | 120,808 | 222,178 | |
| (+) Investments & Other | 550 | 0 | 0 | 0 | 119,753 | 5,343 | |
| (-) Debt | (4,207) | (577,180) | (124,702) | (26,019) | (75,757) | (586,966) | |
| (-) Other Liabilities | (135) | 0 | (271,210) | 0 | (52,461) | (165,785) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,572 | 441,601 | 1,041,120 | 228,799 | 667,571 | 400,538 | |
| (/) Shares Outstanding | 2.6 | 24.9 | 14.4 | 26.0 | 43.5 | 34.2 | |
| Implied Stock Price | 7,500.00 | 17,700.00 | 72,300.00 | 8,800.00 | 15,350.00 | 11,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,500.00 | 17,700.00 | 72,300.00 | 8,800.00 | 15,350.00 | 11,700.00 | |
| 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 | |