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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,8x - 7,6x | 7,2x |
| Selected Fwd EBITDA Multiple | 6,2x - 6,9x | 6,5x |
| Fair Value | ₫75.314 - ₫81.793 | ₫78.554 |
| Upside | 9,5% - 18,9% | 14,2% |
| Benchmarks | Ticker | Full Ticker |
| Transimex Corporation | TMS | HOSE:TMS |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Danang Port Joint Stock Company | CDN | HNX:CDN |
| Dat Phuong Group Joint Stock Company | DPG | HOSE:DPG |
| Nam Mekong Group Joint Stock Company | VC3 | HNX:VC3 |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TMS | VSC | CDN | DPG | VC3 | SCS | ||
| HOSE:TMS | HOSE:VSC | HNX:CDN | HOSE:DPG | HNX:VC3 | HOSE:SCS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.3% | 5.7% | 8.4% | NM- | 6.7% | 5.9% | |
| 3Y CAGR | 5.3% | 2.7% | 7.8% | NM- | 20.9% | 7.2% | |
| Latest Twelve Months | 103.9% | 17.2% | 16.9% | NM | -39.8% | 29.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.7% | 33.1% | 36.0% | 17.3% | 22.7% | 76.6% | |
| Prior Fiscal Year | 14.0% | 28.5% | 34.7% | 18.3% | 24.0% | 74.8% | |
| Latest Fiscal Year | 15.4% | 26.2% | 34.2% | 16.6% | 19.4% | 74.7% | |
| Latest Twelve Months | 16.2% | 27.0% | 35.2% | 16.9% | 18.1% | 75.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.29x | 2.98x | 2.02x | 1.90x | 5.58x | 4.67x | |
| EV / LTM EBITDA | 14.1x | 11.0x | 5.8x | 11.2x | 30.8x | 6.2x | |
| EV / LTM EBIT | 28.0x | 17.8x | 8.1x | 14.6x | 32.0x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 11.2x | 30.8x | ||||
| Historical EV / LTM EBITDA | 8.9x | 10.7x | 12.9x | ||||
| Selected EV / LTM EBITDA | 6.8x | 7.2x | 7.6x | ||||
| (x) LTM EBITDA | 841,442 | 841,442 | 841,442 | ||||
| (=) Implied Enterprise Value | 5,757,034 | 6,060,036 | 6,363,038 | ||||
| (-) Non-shareholder Claims * | 1,305,657 | 1,305,657 | 1,305,657 | ||||
| (=) Equity Value | 7,062,691 | 7,365,693 | 7,668,695 | ||||
| (/) Shares Outstanding | 94.9 | 94.9 | 94.9 | ||||
| Implied Value Range | 74,432.67 | 77,625.96 | 80,819.25 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 74,432.67 | 77,625.96 | 80,819.25 | 68,800.00 | |||
| Upside / (Downside) | 8.2% | 12.8% | 17.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TMS | VSC | CDN | DPG | VC3 | SCS | |
| Enterprise Value | 7,635,061 | 8,588,353 | 2,973,516 | 6,964,597 | 3,541,967 | 5,222,568 | |
| (+) Cash & Short Term Investments | 583,406 | 1,736,804 | 674,481 | 841,157 | 40,646 | 1,377,557 | |
| (+) Investments & Other | 2,365,011 | 757,861 | 30,090 | 11,049 | 146,258 | 0 | |
| (-) Debt | (2,357,022) | (2,115,247) | (420,986) | (2,363,920) | (116,698) | 0 | |
| (-) Other Liabilities | (1,114,330) | (375,971) | 0 | (669,957) | (20,341) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (71,900) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,112,126 | 8,591,800 | 3,257,100 | 4,782,926 | 3,591,832 | 6,528,224 | |
| (/) Shares Outstanding | 169.3 | 374.4 | 99.0 | 100.8 | 125.2 | 94.9 | |
| Implied Stock Price | 42,000.00 | 22,950.00 | 32,900.00 | 47,450.00 | 28,700.00 | 68,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42,000.00 | 22,950.00 | 32,900.00 | 47,450.00 | 28,700.00 | 68,800.00 | |
| 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 | |