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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,0x - 6,7x | 6,3x |
| Selected Fwd EBIT Multiple | 7,5x - 8,3x | 7,9x |
| Fair Value | ₫96.877 - ₫104.151 | ₫100.514 |
| Upside | 33,3% - 43,3% | 38,3% |
| Benchmarks | Ticker | Full Ticker |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Cat Lai Port Joint Stock Company | CLL | HOSE:CLL |
| Dinh Vu Port Development and Investment Joint Stock Company | DVP | HOSE:DVP |
| Tan Cang Logistics and Stevedoring Joint Stock Company | TCL | HOSE:TCL |
| Danang Port Joint Stock Company | CDN | HNX:CDN |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NCT | CLL | DVP | TCL | CDN | SGN | ||
| HOSE:NCT | HOSE:CLL | HOSE:DVP | HOSE:TCL | HNX:CDN | HOSE:SGN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.3% | 0.4% | 2.6% | NM- | 10.8% | -5.9% | |
| 3Y CAGR | 3.5% | 6.9% | -1.2% | NM- | 8.1% | 84.3% | |
| Latest Twelve Months | 20.2% | 2.9% | 58.0% | 8.6% | 15.9% | 27.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.6% | 32.4% | 37.8% | 8.8% | 25.6% | 17.9% | |
| Prior Fiscal Year | 35.8% | 33.8% | 28.7% | 8.8% | 24.8% | 19.2% | |
| Latest Fiscal Year | 32.8% | 33.1% | 35.9% | 8.9% | 24.5% | 23.5% | |
| Latest Twelve Months | 32.8% | 33.1% | 35.9% | 8.9% | 24.5% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.34x | 2.59x | 2.52x | 0.49x | 1.97x | 0.99x | |
| EV / LTM EBITDA | 6.5x | 6.2x | 5.7x | 4.5x | 5.8x | 3.4x | |
| EV / LTM EBIT | 7.1x | 7.8x | 7.0x | 5.5x | 8.1x | 4.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 7.1x | 8.1x | ||||
| Historical EV / LTM EBIT | 4.2x | 8.1x | 36.0x | ||||
| Selected EV / LTM EBIT | 6.0x | 6.3x | 6.7x | ||||
| (x) LTM EBIT | 356,505 | 356,505 | 356,505 | ||||
| (=) Implied Enterprise Value | 2,146,331 | 2,259,296 | 2,372,260 | ||||
| (-) Non-shareholder Claims * | 931,193 | 931,193 | 931,193 | ||||
| (=) Equity Value | 3,077,524 | 3,190,489 | 3,303,453 | ||||
| (/) Shares Outstanding | 33.5 | 33.5 | 33.5 | ||||
| Implied Value Range | 91,774.36 | 95,143.07 | 98,511.77 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 91,774.36 | 95,143.07 | 98,511.77 | 72,700.00 | |||
| Upside / (Downside) | 26.2% | 30.9% | 35.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NCT | CLL | DVP | TCL | CDN | SGN | |
| Enterprise Value | 2,152,891 | 833,039 | 1,746,691 | 798,067 | 2,863,815 | 1,506,699 | |
| (+) Cash & Short Term Investments | 440,498 | 284,562 | 1,174,281 | 200,572 | 646,963 | 1,029,488 | |
| (+) Investments & Other | 65,050 | 85,998 | 103,027 | 141,938 | 31,963 | 0 | |
| (-) Debt | 0 | (2,719) | 0 | (34,061) | (434,141) | 0 | |
| (-) Other Liabilities | 0 | (19,380) | 0 | (22,320) | 0 | (98,295) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,658,438 | 1,181,500 | 3,024,000 | 1,084,196 | 3,108,600 | 2,437,892 | |
| (/) Shares Outstanding | 26.2 | 34.0 | 40.0 | 30.2 | 99.0 | 33.5 | |
| Implied Stock Price | 101,600.00 | 34,750.00 | 75,600.00 | 35,950.00 | 31,400.00 | 72,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 101,600.00 | 34,750.00 | 75,600.00 | 35,950.00 | 31,400.00 | 72,700.00 | |
| 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 | |