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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 33.6x - 37.1x | 35.3x |
Selected Fwd EBIT Multiple | 44.4x - 49.1x | 46.8x |
Fair Value | ₫3,962 - ₫4,729 | ₫4,345 |
Upside | -53.4% - -44.4% | -48.9% |
Benchmarks | Ticker | Full Ticker |
Truong Thanh Energy and Real Estate Joint Stock Company | TEG | HOSE:TEG |
AAV Group Joint Stock Company | AAV | HNX:AAV |
Vinh Phuc Infrastructure Development Joint Stock Company | IDV | HNX:IDV |
First Real Joint Stock Company | FIR | HOSE:FIR |
Victory Capital Joint Stock Company | PTL | HOSE:PTL |
Asia-Pacific Investment Joint Stock Company | API | HNX:API |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TEG | AAV | IDV | FIR | PTL | API | ||
HOSE:TEG | HNX:AAV | HNX:IDV | HOSE:FIR | HOSE:PTL | HNX:API | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | -4.9% | NM- | NM- | -11.1% | |
3Y CAGR | NM- | NM- | -3.7% | NM- | NM- | -36.5% | |
Latest Twelve Months | NM | 20.9% | -37.7% | -20.6% | NM | 289.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -0.3% | -93.7% | 49.1% | 42.0% | -3.0% | 6.9% | |
Prior Fiscal Year | 2.0% | -21.5% | 39.2% | 42.3% | -14.0% | -5.0% | |
Latest Fiscal Year | -1.5% | -44.1% | 47.4% | 44.9% | 2.6% | 8.7% | |
Latest Twelve Months | -1.3% | -13.5% | 40.6% | 48.7% | 2.4% | 8.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.62x | 5.54x | 7.21x | 7.62x | 1.26x | 4.91x | |
EV / LTM EBITDA | 19.2x | -274.3x | 12.5x | 15.3x | 14.8x | 39.0x | |
EV / LTM EBIT | -120.1x | -41.2x | 17.8x | 15.6x | 52.4x | 56.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -120.1x | 15.6x | 52.4x | ||||
Historical EV / LTM EBIT | -342.4x | 10.9x | 56.4x | ||||
Selected EV / LTM EBIT | 33.6x | 35.3x | 37.1x | ||||
(x) LTM EBIT | 18,261 | 18,261 | 18,261 | ||||
(=) Implied Enterprise Value | 612,873 | 645,130 | 677,386 | ||||
(-) Non-shareholder Claims * | (279,762) | (279,762) | (279,762) | ||||
(=) Equity Value | 333,112 | 365,368 | 397,625 | ||||
(/) Shares Outstanding | 84.1 | 84.1 | 84.1 | ||||
Implied Value Range | 3,961.65 | 4,345.28 | 4,728.90 | ||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3,961.65 | 4,345.28 | 4,728.90 | 8,500.00 | |||
Upside / (Downside) | -53.4% | -48.9% | -44.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TEG | AAV | IDV | FIR | PTL | API | |
Enterprise Value | 492,837 | 517,340 | 724,263 | 626,669 | 430,261 | 994,476 | |
(+) Cash & Short Term Investments | 67,710 | 29,965 | 235,885 | 5,065 | 19,901 | 344,878 | |
(+) Investments & Other | 614,327 | 76,037 | 314,468 | 200,523 | 75,786 | 86,556 | |
(-) Debt | (242,024) | (101,218) | (103,445) | (186,495) | (127,195) | (686,228) | |
(-) Other Liabilities | (183,849) | (39,212) | (4,171) | (98) | (59,645) | (24,968) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 749,001 | 482,914 | 1,167,001 | 645,664 | 339,107 | 714,714 | |
(/) Shares Outstanding | 120.8 | 69.0 | 41.2 | 70.7 | 98.9 | 84.1 | |
Implied Stock Price | 6,200.00 | 7,000.00 | 28,300.00 | 9,136.35 | 3,430.00 | 8,500.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6,200.00 | 7,000.00 | 28,300.00 | 9,136.35 | 3,430.00 | 8,500.00 | |
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 |