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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,0x - 13,2x | 12,6x |
| Selected Fwd EBITDA Multiple | 11,1x - 12,3x | 11,7x |
| Fair Value | ₫7.392 - ₫11.680 | ₫9.536 |
| Upside | -8,3% - 44,9% | 18,3% |
| Benchmarks | Ticker | Full Ticker |
| Ba Ria - Vung Tau House Development Joint Stock Company | HDC | HOSE:HDC |
| Tu Liem Urban Development Joint Stock Company | NTL | HOSE:NTL |
| Nam Long Investment Corporation | NLG | HOSE:NLG |
| Century Land Joint Stock Company | CRE | HOSE:CRE |
| De Tam Joint Stock Company | DTA | HOSE:DTA |
| Sao Mai Group Corporation | ASM | HOSE:ASM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HDC | NTL | NLG | CRE | DTA | ASM | ||
| HOSE:HDC | HOSE:NTL | HOSE:NLG | HOSE:CRE | HOSE:DTA | HOSE:ASM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.8% | 21.1% | 20.6% | -21.9% | NM- | 3.5% | |
| 3Y CAGR | -25.8% | 40.7% | 27.7% | -38.5% | NM- | 0.3% | |
| Latest Twelve Months | NM | 62.0% | 223.9% | 98.6% | NM | -1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.3% | 46.9% | 16.2% | 12.3% | 0.0% | 11.0% | |
| Prior Fiscal Year | 38.4% | 53.2% | 19.8% | 8.3% | NA | 11.1% | |
| Latest Fiscal Year | 32.8% | 57.8% | 23.5% | 10.0% | NA | 10.8% | |
| Latest Twelve Months | 35.5% | 57.5% | 23.1% | 10.0% | NA | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.11x | 0.84x | 2.46x | 3.33x | 1.36x | 1.26x | |
| EV / LTM EBITDA | 31.3x | 1.5x | 10.6x | 33.2x | NA | 12.2x | |
| EV / LTM EBIT | 34.0x | 1.5x | 10.8x | 37.4x | 19.1x | 18.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.5x | 21.0x | 33.2x | ||||
| Historical EV / LTM EBITDA | 7.0x | 11.4x | 12.0x | ||||
| Selected EV / LTM EBITDA | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBITDA | 1,259,481 | 1,259,481 | 1,259,481 | ||||
| (=) Implied Enterprise Value | 15,080,124 | 15,873,815 | 16,667,506 | ||||
| (-) Non-shareholder Claims * | (12,342,775) | (12,342,775) | (12,342,775) | ||||
| (=) Equity Value | 2,737,350 | 3,531,040 | 4,324,731 | ||||
| (/) Shares Outstanding | 370.2 | 370.2 | 370.2 | ||||
| Implied Value Range | 7,394.68 | 9,538.76 | 11,682.83 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7,394.68 | 9,538.76 | 11,682.83 | 8,060.00 | |||
| Upside / (Downside) | -8.3% | 18.3% | 44.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HDC | NTL | NLG | CRE | DTA | ASM | |
| Enterprise Value | 6,147,038 | 1,210,625 | 20,433,063 | 5,113,110 | 193,212 | 15,326,411 | |
| (+) Cash & Short Term Investments | 15,418 | 1,283,864 | 5,003,392 | 188,391 | 6,216 | 3,409,282 | |
| (+) Investments & Other | 840,486 | 0 | 1,800,569 | 0 | 10,450 | 33,310 | |
| (-) Debt | (1,585,981) | 0 | (7,101,130) | (946,528) | (116,770) | (13,112,319) | |
| (-) Other Liabilities | (21,724) | 0 | (4,732,882) | (42,763) | 0 | (2,673,048) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,395,238 | 2,494,489 | 15,403,012 | 4,312,209 | 93,107 | 2,983,637 | |
| (/) Shares Outstanding | 178.4 | 122.0 | 385.1 | 463.7 | 19.0 | 370.2 | |
| Implied Stock Price | 30,250.00 | 20,450.00 | 40,000.00 | 9,300.00 | 4,910.00 | 8,060.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30,250.00 | 20,450.00 | 40,000.00 | 9,300.00 | 4,910.00 | 8,060.00 | |
| 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 | |