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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,6x - 15,0x | 14,3x |
| Selected Fwd EBIT Multiple | 6,4x - 7,0x | 6,7x |
| Fair Value | ₫30.146 - ₫32.208 | ₫31.177 |
| Upside | -8,6% - -2,4% | -5,5% |
| Benchmarks | Ticker | Full Ticker |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Doan Xa Port Joint Stock Company | DXP | HNX:DXP |
| Logistics Vicem Joint Stock Company | HTV | HOSE:HTV |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NAP | DXP | HTV | PDN | CIA | VMS | ||
| HNX:NAP | HNX:DXP | HOSE:HTV | HOSE:PDN | HNX:CIA | HNX:VMS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.0% | 26.3% | NM- | 20.3% | NM- | 10.6% | |
| 3Y CAGR | 10.7% | 45.2% | NM- | 27.2% | NM- | 2.5% | |
| Latest Twelve Months | 6.0% | 61.8% | NM | 16.1% | 225.4% | -5.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.5% | 20.2% | -1.5% | 27.2% | -35.6% | 3.9% | |
| Prior Fiscal Year | 9.6% | 11.8% | -3.1% | 30.4% | -8.4% | 5.2% | |
| Latest Fiscal Year | 9.4% | 8.5% | -1.7% | 31.0% | -1.5% | 3.4% | |
| Latest Twelve Months | 11.6% | 11.2% | -0.2% | 31.9% | 5.2% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.16x | 0.32x | -0.28x | 2.92x | 0.10x | 0.82x | |
| EV / LTM EBITDA | 4.4x | 2.8x | -6.7x | 8.2x | 1.6x | 15.2x | |
| EV / LTM EBIT | 10.0x | 2.9x | 133.0x | 9.1x | 1.9x | 19.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.9x | 9.1x | 133.0x | ||||
| Historical EV / LTM EBIT | -4.1x | 10.3x | 24.1x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.3x | 15.0x | ||||
| (x) LTM EBIT | 10,550 | 10,550 | 10,550 | ||||
| (=) Implied Enterprise Value | 143,126 | 150,659 | 158,192 | ||||
| (-) Non-shareholder Claims * | 95,063 | 95,063 | 95,063 | ||||
| (=) Equity Value | 238,189 | 245,722 | 253,255 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 26,465.42 | 27,302.41 | 28,139.41 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26,465.42 | 27,302.41 | 28,139.41 | 33,000.00 | |||
| Upside / (Downside) | -19.8% | -17.3% | -14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NAP | DXP | HTV | PDN | CIA | VMS | |
| Enterprise Value | 252,913 | (215,353) | (78,802) | 4,223,193 | 14,835 | 201,937 | |
| (+) Cash & Short Term Investments | 22,731 | 508,833 | 249,838 | 910,618 | 124,122 | 83,349 | |
| (+) Investments & Other | 4,860 | 444,721 | 0 | 70,965 | 47,656 | 11,713 | |
| (-) Debt | (22,298) | (67,208) | 0 | (92,721) | 0 | 0 | |
| (-) Other Liabilities | 0 | 0 | (8,547) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 258,206 | 670,993 | 162,490 | 5,112,055 | 186,612 | 297,000 | |
| (/) Shares Outstanding | 21.5 | 59.9 | 13.1 | 55.6 | 18.7 | 9.0 | |
| Implied Stock Price | 12,000.00 | 11,200.00 | 12,400.00 | 92,000.00 | 10,000.00 | 33,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12,000.00 | 11,200.00 | 12,400.00 | 92,000.00 | 10,000.00 | 33,000.00 | |
| 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 | |