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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,2x - 14,6x | 13,9x |
| Selected Fwd EBIT Multiple | 9,2x - 10,1x | 9,6x |
| Fair Value | ₫70.301 - ₫77.936 | ₫74.119 |
| Upside | -2,2% - 8,4% | 3,1% |
| Benchmarks | Ticker | Full Ticker |
| Viglacera Corporation | VGC | HOSE:VGC |
| Ha Do Group Joint Stock Company | HDG | HOSE:HDG |
| Viettel Construction Joint Stock Corporation | CTR | HOSE:CTR |
| Gelex Electricity Joint Stock Company | GEE | HOSE:GEE |
| GELEX Group Joint Stock Company | GEX | HOSE:GEX |
| Refrigeration Electrical Engineering Corporation | REE | HOSE:REE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VGC | HDG | CTR | GEE | GEX | REE | ||
| HOSE:VGC | HOSE:HDG | HOSE:CTR | HOSE:GEE | HOSE:GEX | HOSE:REE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.7% | -5.9% | NM- | NM- | 19.7% | 20.7% | |
| 3Y CAGR | 9.6% | -16.8% | NM- | NM- | 19.3% | 9.4% | |
| Latest Twelve Months | -5.3% | -20.3% | 9.4% | 0.0% | 44.6% | 7.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.8% | 48.2% | 5.7% | 7.4% | 9.4% | 31.0% | |
| Prior Fiscal Year | 14.8% | 51.6% | 5.8% | 7.7% | 9.3% | 34.5% | |
| Latest Fiscal Year | 16.1% | 42.0% | 5.7% | 7.7% | 11.1% | 29.0% | |
| Latest Twelve Months | 16.1% | 43.8% | 5.7% | 7.7% | 11.4% | 30.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.96x | 5.54x | 0.83x | 2.36x | 1.38x | 4.05x | |
| EV / LTM EBITDA | 5.5x | 8.5x | 10.2x | 21.1x | 6.9x | 8.8x | |
| EV / LTM EBIT | 12.1x | 12.6x | 14.7x | 30.6x | 12.1x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.1x | 12.6x | 30.6x | ||||
| Historical EV / LTM EBIT | 8.0x | 9.5x | 18.2x | ||||
| Selected EV / LTM EBIT | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBIT | 2,638,924 | 2,638,924 | 2,638,924 | ||||
| (=) Implied Enterprise Value | 34,808,864 | 36,640,909 | 38,472,955 | ||||
| (-) Non-shareholder Claims * | (1,050,327) | (1,050,327) | (1,050,327) | ||||
| (=) Equity Value | 33,758,536 | 35,590,582 | 37,422,627 | ||||
| (/) Shares Outstanding | 471.0 | 471.0 | 471.0 | ||||
| Implied Value Range | 71,672.14 | 75,561.72 | 79,451.30 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71,672.14 | 75,561.72 | 79,451.30 | 71,900.00 | |||
| Upside / (Downside) | -0.3% | 5.1% | 10.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VGC | HDG | CTR | GEE | GEX | REE | |
| Enterprise Value | 23,732,895 | 13,594,440 | 10,626,448 | 39,118,857 | 48,328,341 | 34,916,191 | |
| (+) Cash & Short Term Investments | 2,449,728 | 1,257,130 | 0 | 812,958 | 10,212,675 | 6,714,083 | |
| (+) Investments & Other | 358,831 | 73,744 | 0 | 2,661,918 | 2,937,442 | 6,214,916 | |
| (-) Debt | (4,745,969) | (4,784,201) | 0 | (3,424,518) | (19,491,880) | (10,257,467) | |
| (-) Other Liabilities | (1,619,735) | (1,329,226) | 0 | (556,215) | (10,312,294) | (3,721,860) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,175,750 | 8,811,886 | 10,626,448 | 38,613,000 | 31,674,285 | 33,865,863 | |
| (/) Shares Outstanding | 448.4 | 336.3 | 114.4 | 366.0 | 902.4 | 471.0 | |
| Implied Stock Price | 45,000.00 | 26,200.00 | 92,900.00 | 105,500.00 | 35,100.00 | 71,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45,000.00 | 26,200.00 | 92,900.00 | 105,500.00 | 35,100.00 | 71,900.00 | |
| 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 | |