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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,5x - 13,8x | 13,2x |
| Selected Fwd EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Fair Value | ₫51.384 - ₫55.469 | ₫53.426 |
| Upside | 9,8% - 18,5% | 14,2% |
| Benchmarks | Ticker | Full Ticker |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Gelex Electricity Joint Stock Company | GEE | HOSE:GEE |
| Thaiholdings Joint Stock Company | THD | HNX:THD |
| SCG Construction Group Joint Stock Company | SCG | HNX:SCG |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Gemadept Corporation | GMD | HOSE:GMD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMNP | GEE | THD | SCG | HAH | GMD | ||
| IDX:CMNP | HOSE:GEE | HNX:THD | HNX:SCG | HOSE:HAH | HOSE:GMD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.0% | NM- | NM- | 98.3% | 47.3% | 19.3% | |
| 3Y CAGR | 20.2% | NM- | NM- | NM- | 18.8% | 23.8% | |
| Latest Twelve Months | 0.4% | 0.0% | -113.8% | 1423.5% | 117.5% | 17.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.6% | 7.4% | 3.1% | 4.3% | 24.9% | 24.0% | |
| Prior Fiscal Year | 22.4% | 7.7% | 2.9% | -1.8% | 18.6% | 29.0% | |
| Latest Fiscal Year | 41.8% | 7.7% | -0.5% | 6.8% | 26.5% | 27.2% | |
| Latest Twelve Months | 41.8% | 7.7% | -0.5% | 6.8% | 26.5% | 27.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.17x | 1.63x | 8.01x | 3.46x | 2.39x | 2.95x | |
| EV / LTM EBITDA | 8.8x | 14.6x | -1585.6x | 50.3x | 6.3x | 8.3x | |
| EV / LTM EBIT | 10.0x | 21.2x | -1562.6x | 50.9x | 9.0x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1562.6x | 10.0x | 50.9x | ||||
| Historical EV / LTM EBIT | 10.8x | 16.9x | 25.0x | ||||
| Selected EV / LTM EBIT | 12.5x | 13.2x | 13.8x | ||||
| (x) LTM EBIT | 1,313,442 | 1,313,442 | 1,313,442 | ||||
| (=) Implied Enterprise Value | 16,446,284 | 17,311,878 | 18,177,472 | ||||
| (-) Non-shareholder Claims * | 5,282,482 | 5,282,482 | 5,282,482 | ||||
| (=) Equity Value | 21,728,766 | 22,594,360 | 23,459,954 | ||||
| (/) Shares Outstanding | 420.2 | 420.2 | 420.2 | ||||
| Implied Value Range | 51,711.48 | 53,771.47 | 55,831.47 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 51,711.48 | 53,771.47 | 55,831.47 | 46,800.00 | |||
| Upside / (Downside) | 10.5% | 14.9% | 19.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNP | GEE | THD | SCG | HAH | GMD | |
| Enterprise Value | 16,940,217 | 26,430,857 | 8,101,970 | 9,363,093 | 9,704,504 | 14,382,518 | |
| (+) Cash & Short Term Investments | 132,901 | 812,958 | 68,291 | 78,072 | 992,390 | 4,985,523 | |
| (+) Investments & Other | 550,603 | 2,661,918 | 2,532,739 | 0 | 173,753 | 3,854,379 | |
| (-) Debt | (6,641,194) | (3,424,518) | 0 | (3,834,943) | (2,330,258) | (2,167,383) | |
| (-) Other Liabilities | (1,470,459) | (556,215) | 0 | (13,223) | (694,766) | (1,390,037) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,512,068 | 25,925,000 | 10,702,999 | 5,593,000 | 7,845,623 | 19,665,000 | |
| (/) Shares Outstanding | 6,020.3 | 305.0 | 385.0 | 85.0 | 129.9 | 420.2 | |
| Implied Stock Price | 1,580.00 | 85,000.00 | 27,800.00 | 65,800.00 | 60,400.00 | 46,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,580.00 | 85,000.00 | 27,800.00 | 65,800.00 | 60,400.00 | 46,800.00 | |
| Trading Currency | IDR | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |