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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,1x - 7,8x | 7,4x |
| Selected Fwd EBITDA Multiple | 7,2x - 8,0x | 7,6x |
| Fair Value | ₫35.924 - ₫41.648 | ₫38.786 |
| Upside | 2,6% - 19,0% | 10,8% |
| Benchmarks | Ticker | Full Ticker |
| Refrigeration Electrical Engineering Corporation | REE | HOSE:REE |
| Viglacera Corporation | VGC | HOSE:VGC |
| Gelex Electricity Joint Stock Company | GEE | HOSE:GEE |
| Viettel Construction Joint Stock Corporation | CTR | HOSE:CTR |
| Coteccons Construction Joint Stock Company | CTD | HOSE:CTD |
| GELEX Group Joint Stock Company | GEX | HOSE:GEX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| REE | VGC | GEE | CTR | CTD | GEX | ||
| HOSE:REE | HOSE:VGC | HOSE:GEE | HOSE:CTR | HOSE:CTD | HOSE:GEX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.0% | 18.9% | NM- | NM- | -25.0% | 25.5% | |
| 3Y CAGR | 10.7% | 2.7% | NM- | 18.3% | 76.4% | 13.7% | |
| Latest Twelve Months | 6.7% | -8.6% | 0.0% | 12.8% | 199.2% | 2.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 43.5% | 31.6% | 10.8% | 8.1% | 0.8% | 18.5% | |
| Prior Fiscal Year | 49.2% | 37.9% | 11.2% | 8.0% | -0.1% | 23.3% | |
| Latest Fiscal Year | 44.4% | 32.4% | 11.2% | 8.2% | 0.8% | 19.7% | |
| Latest Twelve Months | 45.9% | 35.5% | 11.2% | 8.2% | 1.6% | 19.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.47x | 1.91x | 2.10x | 0.91x | 0.30x | 1.38x | |
| EV / LTM EBITDA | 9.7x | 5.4x | 18.8x | 11.1x | 19.1x | 6.9x | |
| EV / LTM EBIT | 14.6x | 11.8x | 27.3x | 16.0x | 26.4x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 11.1x | 19.1x | ||||
| Historical EV / LTM EBITDA | 4.2x | 5.8x | 14.4x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 6,957,362 | 6,957,362 | 6,957,362 | ||||
| (=) Implied Enterprise Value | 49,173,654 | 51,761,741 | 54,349,828 | ||||
| (-) Non-shareholder Claims * | (16,654,056) | (16,654,056) | (16,654,056) | ||||
| (=) Equity Value | 32,519,597 | 35,107,684 | 37,695,772 | ||||
| (/) Shares Outstanding | 902.4 | 902.4 | 902.4 | ||||
| Implied Value Range | 36,036.74 | 38,904.74 | 41,772.74 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36,036.74 | 38,904.74 | 41,772.74 | 35,000.00 | |||
| Upside / (Downside) | 3.0% | 11.2% | 19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REE | VGC | GEE | CTR | CTD | GEX | |
| Enterprise Value | 38,533,574 | 23,127,622 | 37,105,857 | 11,530,097 | 7,002,148 | 48,238,101 | |
| (+) Cash & Short Term Investments | 6,714,083 | 2,449,728 | 812,958 | 0 | 3,702,905 | 10,212,675 | |
| (+) Investments & Other | 6,214,916 | 358,831 | 2,661,918 | 0 | 316,483 | 2,937,442 | |
| (-) Debt | (10,257,467) | (4,745,969) | (3,424,518) | 0 | (2,826,722) | (19,491,880) | |
| (-) Other Liabilities | (3,721,860) | (1,619,735) | (556,215) | 0 | (553) | (10,312,294) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 37,483,246 | 19,570,478 | 36,600,000 | 11,530,097 | 8,194,261 | 31,584,045 | |
| (/) Shares Outstanding | 541.7 | 448.4 | 366.0 | 114.4 | 99.9 | 902.4 | |
| Implied Stock Price | 69,200.00 | 43,650.00 | 100,000.00 | 100,800.00 | 82,000.00 | 35,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 69,200.00 | 43,650.00 | 100,000.00 | 100,800.00 | 82,000.00 | 35,000.00 | |
| 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 | |