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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.0x - 15.5x | 14.7x |
Selected Fwd EBIT Multiple | 9.3x - 10.3x | 9.8x |
Fair Value | ₫13,480 - ₫14,792 | ₫14,136 |
Upside | 4.5% - 14.7% | 9.6% |
Benchmarks | Ticker | Full Ticker |
Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
Cat Lai Port Joint Stock Company | CLL | HOSE:CLL |
Danang Airports Services Joint-Stock Company | MAS | HNX:MAS |
An Giang Port Joint-Stock Company | CAG | HNX:CAG |
Marine Supply and Engineering Service Joint Stock Company | MAC | HNX:MAC |
Cam Ranh Port Joint Stock Company | CCR | HNX:CCR |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CIA | CLL | MAS | CAG | MAC | CCR | ||
HNX:CIA | HOSE:CLL | HNX:MAS | HNX:CAG | HNX:MAC | HNX:CCR | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 0.4% | -17.8% | NM- | NM- | -10.5% | |
3Y CAGR | NM- | 6.9% | NM- | NM- | NM- | -28.6% | |
Latest Twelve Months | 143.3% | 2.9% | 10.7% | 36.2% | -180.6% | 8.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -35.8% | 32.6% | -0.6% | -0.1% | 0.7% | 16.6% | |
Prior Fiscal Year | -8.4% | 33.8% | 3.2% | -0.3% | 9.8% | 13.0% | |
Latest Fiscal Year | -1.5% | 33.1% | 4.2% | -21.6% | -5.0% | 11.5% | |
Latest Twelve Months | 2.8% | 33.4% | 3.7% | -11.2% | -1.3% | 11.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.24x | 2.47x | 0.76x | 1.16x | 2.29x | 1.56x | |
EV / LTM EBITDA | 5.7x | 5.9x | 10.2x | -45.4x | 94.1x | 6.6x | |
EV / LTM EBIT | 8.4x | 7.4x | 20.3x | -5.4x | -179.4x | 13.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -179.4x | 7.4x | 20.3x | ||||
Historical EV / LTM EBIT | 13.7x | 15.2x | 15.7x | ||||
Selected EV / LTM EBIT | 14.0x | 14.7x | 15.5x | ||||
(x) LTM EBIT | 21,515 | 21,515 | 21,515 | ||||
(=) Implied Enterprise Value | 301,076 | 316,922 | 332,768 | ||||
(-) Non-shareholder Claims * | 24,778 | 24,778 | 24,778 | ||||
(=) Equity Value | 325,853 | 341,699 | 357,545 | ||||
(/) Shares Outstanding | 24.5 | 24.5 | 24.5 | ||||
Implied Value Range | 13,325.36 | 13,973.37 | 14,621.37 | ||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 13,325.36 | 13,973.37 | 14,621.37 | 12,900.00 | |||
Upside / (Downside) | 3.3% | 8.3% | 13.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CIA | CLL | MAS | CAG | MAC | CCR | |
Enterprise Value | (15,328) | 796,588 | 133,463 | 41,752 | 358,447 | 290,674 | |
(+) Cash & Short Term Investments | 149,239 | 300,461 | 8,651 | 61,387 | 241,063 | 36,574 | |
(+) Investments & Other | 47,103 | 87,905 | 0 | 3,121 | 900 | 1,170 | |
(-) Debt | 0 | (2,583) | (3,413) | 0 | (28,343) | (8,582) | |
(-) Other Liabilities | 0 | (19,571) | 0 | 0 | (129,229) | (4,385) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 181,014 | 1,162,800 | 138,700 | 106,260 | 442,838 | 315,452 | |
(/) Shares Outstanding | 18.7 | 34.0 | 4.3 | 13.8 | 22.7 | 24.5 | |
Implied Stock Price | 9,700.00 | 34,200.00 | 32,500.00 | 7,700.00 | 19,500.00 | 12,900.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 9,700.00 | 34,200.00 | 32,500.00 | 7,700.00 | 19,500.00 | 12,900.00 | |
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 |