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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,6x - 1,8x | 1,7x |
| Selected Fwd Revenue Multiple | 1,5x - 1,6x | 1,5x |
| Fair Value | ₫20.413 - ₫21.938 | ₫21.176 |
| Upside | -2,6% - 4,7% | 1,1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CMNP | HHV | HAH | CII | PDN | VSC | |||
| IDX:CMNP | HOSE:HHV | HOSE:HAH | HOSE:CII | HOSE:PDN | HOSE:VSC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.1% | 47.3% | 29.2% | 10.8% | 12.5% | 9.2% | ||
| 3Y CAGR | -2.5% | NM- | 26.9% | 1.9% | 14.4% | 13.8% | ||
| Latest Twelve Months | -46.3% | 23.2% | 52.8% | -2.0% | 10.0% | 25.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 28.6% | 47.6% | 24.9% | 14.2% | 26.7% | 21.3% | ||
| Prior Fiscal Year | 22.4% | 38.0% | 18.6% | 19.6% | 30.4% | 19.6% | ||
| Latest Fiscal Year | 41.8% | 38.4% | 26.5% | 34.3% | 31.0% | 17.9% | ||
| Latest Twelve Months | 41.8% | 38.4% | 26.5% | 34.3% | 31.5% | 16.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.17x | 7.63x | 2.44x | 10.00x | 2.86x | 1.61x | ||
| EV / LTM EBIT | 10.0x | 19.9x | 9.2x | 29.2x | 9.1x | 9.6x | ||
| Price / LTM Sales | 2.37x | 1.54x | 1.98x | 2.45x | 3.40x | 2.22x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.44x | 4.17x | 10.00x | |||||
| Historical EV / LTM Revenue | 1.01x | 1.65x | 1.95x | |||||
| Selected EV / LTM Revenue | 1.60x | 1.68x | 1.77x | |||||
| (x) LTM Revenue | 2,883,624 | 2,883,624 | 2,883,624 | |||||
| (=) Implied Enterprise Value | 4,605,856 | 4,848,269 | 5,090,682 | |||||
| (-) Non-shareholder Claims * | 1,775,446 | 1,775,446 | 1,775,446 | |||||
| (=) Equity Value | 6,381,302 | 6,623,715 | 6,866,129 | |||||
| (/) Shares Outstanding | 299.5 | 299.5 | 299.5 | |||||
| Implied Value Range | 21,306.46 | 22,115.85 | 22,925.24 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 21,306.46 | 22,115.85 | 22,925.24 | 20,950.00 | ||||
| Upside / (Downside) | 1.7% | 5.6% | 9.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNP | HHV | HAH | CII | PDN | VSC | |
| Enterprise Value | 17,090,724 | 5,100,615 | 9,730,483 | 30,083,875 | 3,886,474 | 4,499,096 | |
| (+) Cash & Short Term Investments | 132,901 | 0 | 992,390 | 2,368,657 | 771,711 | 1,736,804 | |
| (+) Investments & Other | 550,603 | 0 | 173,753 | 1,023,929 | 70,965 | 757,861 | |
| (-) Debt | (6,641,194) | 0 | (2,330,258) | (23,173,638) | (98,661) | (343,247) | |
| (-) Other Liabilities | (1,470,459) | 0 | (694,766) | (3,096,931) | 0 | (375,971) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,662,576 | 5,100,615 | 7,871,602 | 7,205,892 | 4,630,489 | 6,274,542 | |
| (/) Shares Outstanding | 6,020.3 | 432.3 | 129.9 | 548.0 | 37.0 | 299.5 | |
| Implied Stock Price | 1,605.00 | 11,800.00 | 60,600.00 | 13,150.00 | 125,000.00 | 20,950.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,605.00 | 11,800.00 | 60,600.00 | 13,150.00 | 125,000.00 | 20,950.00 | |
| Trading Currency | IDR | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |