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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,2x - 10,1x | 9,6x |
| Selected Fwd EBIT Multiple | 3,9x - 4,3x | 4,1x |
| Fair Value | Rp1.718 - Rp2.011 | Rp1.865 |
| Upside | 10,5% - 29,3% | 19,9% |
| Benchmarks | Ticker | Full Ticker |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| SCG Construction Group Joint Stock Company | SCG | HNX:SCG |
| Vietnam Ocean Shipping Joint Stock Company | VOS | HOSE:VOS |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CII | HAH | SCG | VOS | SCS | CMNP | ||
| HOSE:CII | HOSE:HAH | HNX:SCG | HOSE:VOS | HOSE:SCS | IDX:CMNP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 47.3% | 86.1% | NM- | 6.7% | 13.5% | |
| 3Y CAGR | 57.2% | 18.8% | NM- | NM- | 8.4% | 29.6% | |
| Latest Twelve Months | 70.9% | 117.5% | 1063.3% | -171.8% | 50.9% | 5.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.2% | 24.9% | 4.0% | 0.4% | 70.7% | 28.1% | |
| Prior Fiscal Year | 19.6% | 18.6% | -1.8% | 1.5% | 68.6% | 27.7% | |
| Latest Fiscal Year | 34.3% | 26.5% | 4.9% | -0.6% | 70.4% | 22.4% | |
| Latest Twelve Months | 34.3% | 26.5% | 4.9% | -0.6% | 70.4% | 24.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.04x | 2.07x | 3.64x | 0.13x | 5.16x | 2.19x | |
| EV / LTM EBITDA | 15.0x | 5.5x | 72.4x | 1.7x | 6.9x | 8.0x | |
| EV / LTM EBIT | 29.3x | 7.8x | 73.5x | -22.0x | 7.3x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -22.0x | 7.8x | 73.5x | ||||
| Historical EV / LTM EBIT | 8.7x | 11.1x | 13.2x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.6x | 10.1x | ||||
| (x) LTM EBIT | 1,746,641 | 1,746,641 | 1,746,641 | ||||
| (=) Implied Enterprise Value | 15,990,787 | 16,832,407 | 17,674,027 | ||||
| (-) Non-shareholder Claims * | (6,378,175) | (6,378,175) | (6,378,175) | ||||
| (=) Equity Value | 9,612,612 | 10,454,232 | 11,295,853 | ||||
| (/) Shares Outstanding | 6,020.2 | 6,020.2 | 6,020.2 | ||||
| Implied Value Range | 1,596.73 | 1,736.53 | 1,876.33 | ||||
| FX Rate: IDR/IDR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,596.73 | 1,736.53 | 1,876.33 | 1,555.00 | |||
| Upside / (Downside) | 2.7% | 11.7% | 20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CII | HAH | SCG | VOS | SCS | CMNP | |
| Enterprise Value | 30,467,459 | 8,277,931 | 9,414,140 | 748,280 | 5,442,700 | 15,739,542 | |
| (+) Cash & Short Term Investments | 2,368,657 | 992,390 | 78,072 | 1,303,782 | 1,271,289 | 84,747 | |
| (+) Investments & Other | 1,023,929 | 173,753 | 0 | 26,938 | 0 | 576,229 | |
| (-) Debt | (23,173,638) | (2,330,258) | (3,834,943) | 0 | 0 | (5,521,180) | |
| (-) Other Liabilities | (3,096,931) | (694,766) | (13,269) | 0 | 0 | (1,517,971) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (71,900) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,589,476 | 6,419,050 | 5,644,000 | 2,079,000 | 6,642,089 | 9,361,368 | |
| (/) Shares Outstanding | 548.0 | 121.3 | 85.0 | 140.0 | 94.9 | 6,020.2 | |
| Implied Stock Price | 13,850.00 | 52,900.00 | 66,400.00 | 14,850.00 | 70,000.00 | 1,555.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13,850.00 | 52,900.00 | 66,400.00 | 14,850.00 | 70,000.00 | 1,555.00 | |
| Trading Currency | VND | VND | VND | VND | VND | IDR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |