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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,5x - 10,6x | 10,1x |
| Selected Fwd EBITDA Multiple | 4,0x - 4,5x | 4,2x |
| Fair Value | ₫25.120 - ₫26.609 | ₫25.865 |
| Upside | 21,9% - 29,2% | 25,6% |
| Benchmarks | Ticker | Full Ticker |
| Danang Airports Services Joint-Stock Company | MAS | HNX:MAS |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
| An Giang Port Joint-Stock Company | CAG | HNX:CAG |
| Marine Supply and Engineering Service Joint Stock Company | MAC | HNX:MAC |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MAS | NAP | CIA | CAG | MAC | VMS | ||
| HNX:MAS | HNX:NAP | HNX:CIA | HNX:CAG | HNX:MAC | HNX:VMS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -17.2% | 6.3% | NM- | NM- | NM- | 4.6% | |
| 3Y CAGR | NM- | 8.1% | NM- | NM- | NM- | 12.5% | |
| Latest Twelve Months | 6.0% | -1.5% | 99.6% | -116.7% | -109.0% | -12.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.1% | 19.5% | -18.4% | 0.6% | 6.7% | 4.8% | |
| Prior Fiscal Year | 9.3% | 21.1% | -6.1% | 11.8% | 14.8% | 7.6% | |
| Latest Fiscal Year | 8.1% | 23.8% | 0.0% | -3.0% | -0.8% | 5.1% | |
| Latest Twelve Months | 8.1% | 23.8% | 0.0% | -3.0% | -0.8% | 5.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 1.00x | 0.10x | 1.30x | 1.79x | 0.49x | |
| EV / LTM EBITDA | 10.6x | 4.2x | -539.1x | -42.9x | -220.8x | 9.6x | |
| EV / LTM EBIT | 20.3x | 10.7x | -6.9x | -6.0x | -36.2x | 14.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -539.1x | -42.9x | 10.6x | ||||
| Historical EV / LTM EBITDA | -2.5x | 8.7x | 21.0x | ||||
| Selected EV / LTM EBITDA | 9.5x | 10.1x | 10.6x | ||||
| (x) LTM EBITDA | 10,879 | 10,879 | 10,879 | ||||
| (=) Implied Enterprise Value | 103,885 | 109,353 | 114,821 | ||||
| (-) Non-shareholder Claims * | 98,766 | 98,766 | 98,766 | ||||
| (=) Equity Value | 202,652 | 208,119 | 213,587 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 22,516.86 | 23,124.37 | 23,731.89 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,516.86 | 23,124.37 | 23,731.89 | 20,600.00 | |||
| Upside / (Downside) | 9.3% | 12.3% | 15.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAS | NAP | CIA | CAG | MAC | VMS | |
| Enterprise Value | 152,541 | 208,926 | 10,489 | 49,975 | 236,988 | 86,634 | |
| (+) Cash & Short Term Investments | 16,758 | 16,413 | 127,600 | 62,824 | 156,557 | 87,052 | |
| (+) Investments & Other | 0 | 4,860 | 47,103 | 3,121 | 1,200 | 11,714 | |
| (-) Debt | (3,286) | (6,420) | (445) | 0 | (12,691) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (35,353) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 166,013 | 223,779 | 184,746 | 115,920 | 346,700 | 185,400 | |
| (/) Shares Outstanding | 4.3 | 21.5 | 18.7 | 13.8 | 15.1 | 9.0 | |
| Implied Stock Price | 38,900.00 | 10,400.00 | 9,900.00 | 8,400.00 | 22,900.00 | 20,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38,900.00 | 10,400.00 | 9,900.00 | 8,400.00 | 22,900.00 | 20,600.00 | |
| 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 | |