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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBIT Multiple | 10,7x - 11,8x | 11,2x |
| Fair Value | ₫15.694 - ₫17.306 | ₫16.500 |
| Upside | -37,2% - -30,8% | -34,0% |
| Benchmarks | Ticker | Full Ticker |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Transimex Corporation | TMS | HOSE:TMS |
| Viettel Construction Joint Stock Corporation | CTR | HOSE:CTR |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HAH | TMS | CTR | LGC | SCS | VSC | ||
| HOSE:HAH | HOSE:TMS | HOSE:CTR | HOSE:LGC | HOSE:SCS | HOSE:VSC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 47.3% | 6.3% | NM- | 36.3% | 6.7% | 8.0% | |
| 3Y CAGR | 18.8% | -10.1% | NM- | 57.1% | 8.4% | 1.8% | |
| Latest Twelve Months | 244.9% | 41.4% | NM | 7.3% | 31.7% | -9.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 26.8% | 7.5% | 5.7% | 48.0% | 70.7% | 21.1% | |
| Prior Fiscal Year | 18.6% | 7.9% | 5.8% | 51.6% | 68.6% | 19.6% | |
| Latest Fiscal Year | 26.5% | 7.2% | 5.7% | 55.5% | 70.4% | 17.9% | |
| Latest Twelve Months | 34.8% | 9.1% | 5.6% | 53.2% | 71.1% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.26x | 2.23x | 0.71x | 10.02x | 3.46x | 3.11x | |
| EV / LTM EBITDA | 4.9x | 13.4x | 8.8x | 12.3x | 4.6x | 11.1x | |
| EV / LTM EBIT | 6.5x | 24.5x | 12.8x | 18.8x | 4.9x | 19.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.9x | 12.8x | 24.5x | ||||
| Historical EV / LTM EBIT | 4.4x | 8.7x | 9.3x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBIT | 485,611 | 485,611 | 485,611 | ||||
| (=) Implied Enterprise Value | 5,708,932 | 6,009,402 | 6,309,872 | ||||
| (-) Non-shareholder Claims * | 142,008 | 142,008 | 142,008 | ||||
| (=) Equity Value | 5,850,939 | 6,151,410 | 6,451,880 | ||||
| (/) Shares Outstanding | 374.4 | 374.4 | 374.4 | ||||
| Implied Value Range | 15,628.75 | 16,431.35 | 17,233.95 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15,628.75 | 16,431.35 | 17,233.95 | 25,000.00 | |||
| Upside / (Downside) | -37.5% | -34.3% | -31.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAH | TMS | CTR | LGC | SCS | VSC | |
| Enterprise Value | 12,259,062 | 7,456,258 | 9,857,296 | 25,000,763 | 3,932,105 | 9,217,251 | |
| (+) Cash & Short Term Investments | 1,004,587 | 1,165,085 | 2,714,185 | 1,664,258 | 1,377,557 | 2,398,143 | |
| (+) Investments & Other | 183,278 | 1,873,580 | 0 | 0 | 0 | 757,902 | |
| (-) Debt | (2,193,317) | (2,427,822) | (2,070,857) | (13,309,771) | 0 | (2,608,349) | |
| (-) Other Liabilities | (784,215) | (1,107,378) | 0 | (1,783,963) | 0 | (405,689) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (71,900) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,469,395 | 6,959,723 | 10,500,624 | 11,571,286 | 5,237,761 | 9,359,259 | |
| (/) Shares Outstanding | 168.9 | 169.3 | 114.4 | 192.9 | 94.9 | 374.4 | |
| Implied Stock Price | 62,000.00 | 41,100.00 | 91,800.00 | 60,000.00 | 55,200.00 | 25,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 62,000.00 | 41,100.00 | 91,800.00 | 60,000.00 | 55,200.00 | 25,000.00 | |
| 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 | |