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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,3x - 13,6x | 13,0x |
| Selected Fwd EBIT Multiple | 9,4x - 10,4x | 9,9x |
| Fair Value | ₫59.942 - ₫66.456 | ₫63.199 |
| Upside | -11,2% - -1,5% | -6,4% |
| 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 | 1.91x | 5.58x | 0.81x | 2.18x | 1.39x | 4.37x | |
| EV / LTM EBITDA | 5.4x | 8.6x | 10.0x | 19.5x | 7.0x | 9.5x | |
| EV / LTM EBIT | 11.8x | 12.8x | 14.4x | 28.3x | 12.2x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.8x | 12.8x | 28.3x | ||||
| Historical EV / LTM EBIT | 8.0x | 9.5x | 18.2x | ||||
| Selected EV / LTM EBIT | 12.3x | 13.0x | 13.6x | ||||
| (x) LTM EBIT | 2,638,924 | 2,638,924 | 2,638,924 | ||||
| (=) Implied Enterprise Value | 32,546,475 | 34,259,447 | 35,972,420 | ||||
| (-) Non-shareholder Claims * | (1,050,327) | (1,050,327) | (1,050,327) | ||||
| (=) Equity Value | 31,496,147 | 33,209,120 | 34,922,092 | ||||
| (/) Shares Outstanding | 541.7 | 541.7 | 541.7 | ||||
| Implied Value Range | 58,146.87 | 61,309.29 | 64,471.70 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 58,146.87 | 61,309.29 | 64,471.70 | 67,500.00 | |||
| Upside / (Downside) | -13.9% | -9.2% | -4.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VGC | HDG | CTR | GEE | GEX | REE | |
| Enterprise Value | 23,172,457 | 13,813,055 | 11,106,869 | 36,959,457 | 47,335,700 | 37,612,743 | |
| (+) 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 | 19,615,313 | 9,030,502 | 11,106,869 | 36,453,600 | 30,681,644 | 36,562,415 | |
| (/) Shares Outstanding | 448.4 | 336.3 | 114.4 | 366.0 | 902.4 | 541.7 | |
| Implied Stock Price | 43,750.00 | 26,850.00 | 97,100.00 | 99,600.00 | 34,000.00 | 67,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 43,750.00 | 26,850.00 | 97,100.00 | 99,600.00 | 34,000.00 | 67,500.00 | |
| 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 | |