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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.5x - 31.5x | 30.0x |
| Selected Fwd EBIT Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | ₫52,561 - ₫62,585 | ₫57,573 |
| Upside | -17.7% - -2.1% | -9.9% |
| Benchmarks | Ticker | Full Ticker |
| Dat Phuong Group Joint Stock Company | DPG | HOSE:DPG |
| Lizen Joint Stock Company | LCG | HOSE:LCG |
| Nam Mekong Group Joint Stock Company | VC3 | HNX:VC3 |
| Coteccons Construction Joint Stock Company | CTD | HOSE:CTD |
| Viettel Construction Joint Stock Corporation | CTR | HOSE:CTR |
| SCG Construction Group Joint Stock Company | SCG | HNX:SCG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DPG | LCG | VC3 | CTD | CTR | SCG | ||
| HOSE:DPG | HOSE:LCG | HNX:VC3 | HOSE:CTD | HOSE:CTR | HNX:SCG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 11.0% | 19.0% | NM- | 98.3% | |
| 3Y CAGR | NM- | NM- | 22.8% | 50.7% | NM- | NM- | |
| Latest Twelve Months | NM | NM | -40.3% | 263.6% | NM | 480.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.2% | 7.3% | 18.6% | 0.1% | 5.7% | 3.4% | |
| Prior Fiscal Year | 14.2% | 8.9% | 23.4% | 0.6% | 5.8% | -1.8% | |
| Latest Fiscal Year | 12.6% | 6.6% | 18.6% | 1.9% | 5.7% | 6.8% | |
| Latest Twelve Months | 13.1% | 7.2% | 20.8% | 1.9% | 5.6% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.97x | 0.94x | 5.57x | 0.27x | 0.75x | 2.25x | |
| EV / LTM EBITDA | 11.7x | 8.2x | 26.0x | 11.3x | 9.2x | 30.7x | |
| EV / LTM EBIT | 15.0x | 13.2x | 26.8x | 13.8x | 13.4x | 30.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.2x | 13.8x | 26.8x | ||||
| Historical EV / LTM EBIT | 95.6x | 95.6x | 95.6x | ||||
| Selected EV / LTM EBIT | 28.5x | 30.0x | 31.5x | ||||
| (x) LTM EBIT | 292,999 | 292,999 | 292,999 | ||||
| (=) Implied Enterprise Value | 8,347,911 | 8,787,275 | 9,226,639 | ||||
| (-) Non-shareholder Claims * | (3,626,858) | (3,626,858) | (3,626,858) | ||||
| (=) Equity Value | 4,721,053 | 5,160,417 | 5,599,780 | ||||
| (/) Shares Outstanding | 85.0 | 85.0 | 85.0 | ||||
| Implied Value Range | 55,541.80 | 60,710.78 | 65,879.77 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 55,541.80 | 60,710.78 | 65,879.77 | 63,900.00 | |||
| Upside / (Downside) | -13.1% | -5.0% | 3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DPG | LCG | VC3 | CTD | CTR | SCG | |
| Enterprise Value | 7,630,267 | 2,742,176 | 3,640,330 | 6,614,079 | 9,685,717 | 9,058,358 | |
| (+) Cash & Short Term Investments | 968,600 | 90,954 | 219,858 | 4,355,112 | 2,714,185 | 48,829 | |
| (+) Investments & Other | 58,470 | 729,968 | 146,319 | 315,316 | 0 | 0 | |
| (-) Debt | (3,386,831) | (1,168,646) | (111,960) | (2,986,972) | (2,070,857) | (3,662,592) | |
| (-) Other Liabilities | (674,070) | (38,743) | (20,375) | (560) | 0 | (13,095) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,596,436 | 2,355,708 | 3,874,172 | 8,296,975 | 10,329,045 | 5,431,500 | |
| (/) Shares Outstanding | 100.8 | 193.1 | 136.4 | 101.4 | 114.4 | 85.0 | |
| Implied Stock Price | 45,600.00 | 12,200.00 | 28,400.00 | 81,800.00 | 90,300.00 | 63,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45,600.00 | 12,200.00 | 28,400.00 | 81,800.00 | 90,300.00 | 63,900.00 | |
| 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 | |