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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.8x - 13.0x | 12.4x |
| Selected Fwd EBITDA Multiple | 10.9x - 12.0x | 11.4x |
| Fair Value | ₫6,706 - ₫10,922 | ₫8,814 |
| Upside | -7.8% - 50.2% | 21.2% |
| Benchmarks | Ticker | Full Ticker |
| Nam Long Investment Corporation | NLG | HOSE:NLG |
| Ba Ria - Vung Tau House Development Joint Stock Company | HDC | HOSE:HDC |
| Century Land Joint Stock Company | CRE | HOSE:CRE |
| SJ Group Joint Stock Company | SJS | HOSE:SJS |
| Tu Liem Urban Development Joint Stock Company | NTL | HOSE:NTL |
| Sao Mai Group Corporation | ASM | HOSE:ASM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NLG | HDC | CRE | SJS | NTL | ASM | ||
| HOSE:NLG | HOSE:HDC | HOSE:CRE | HOSE:SJS | HOSE:NTL | HOSE:ASM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.6% | -1.8% | -21.9% | 19.6% | 21.1% | 3.5% | |
| 3Y CAGR | 27.7% | -25.8% | -38.5% | 32.9% | 40.7% | 0.3% | |
| Latest Twelve Months | 223.9% | NM | 98.6% | 95.0% | 62.0% | -1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 35.3% | 12.3% | 27.8% | 46.9% | 11.0% | |
| Prior Fiscal Year | 19.8% | 38.4% | 8.3% | 35.0% | 53.2% | 11.1% | |
| Latest Fiscal Year | 23.5% | 32.8% | 10.0% | 58.0% | 57.8% | 10.8% | |
| Latest Twelve Months | 23.1% | 35.5% | 10.0% | 59.9% | 57.5% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.40x | 9.42x | 2.86x | 15.37x | 0.58x | 1.24x | |
| EV / LTM EBITDA | 10.4x | 26.6x | 28.5x | 25.6x | 1.0x | 12.0x | |
| EV / LTM EBIT | 10.5x | 28.8x | 32.1x | 26.1x | 1.0x | 18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.0x | 25.6x | 28.5x | ||||
| Historical EV / LTM EBITDA | 7.0x | 11.4x | 12.0x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 1,259,481 | 1,259,481 | 1,259,481 | ||||
| (=) Implied Enterprise Value | 14,867,496 | 15,649,995 | 16,432,495 | ||||
| (-) Non-shareholder Claims * | (12,342,775) | (12,342,775) | (12,342,775) | ||||
| (=) Equity Value | 2,524,721 | 3,307,221 | 4,089,721 | ||||
| (/) Shares Outstanding | 370.2 | 370.2 | 370.2 | ||||
| Implied Value Range | 6,820.28 | 8,934.13 | 11,047.98 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,820.28 | 8,934.13 | 11,047.98 | 7,270.00 | |||
| Upside / (Downside) | -6.2% | 22.9% | 52.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NLG | HDC | CRE | SJS | NTL | ASM | |
| Enterprise Value | 19,893,957 | 5,273,099 | 4,399,045 | 10,273,240 | 820,289 | 15,033,970 | |
| (+) Cash & Short Term Investments | 5,003,392 | 15,418 | 188,391 | 83,478 | 1,283,864 | 3,409,282 | |
| (+) Investments & Other | 1,800,569 | 840,486 | 0 | 42,599 | 0 | 33,310 | |
| (-) Debt | (7,101,130) | (1,585,981) | (946,528) | (522,537) | 0 | (13,112,319) | |
| (-) Other Liabilities | (4,732,882) | (21,724) | (42,763) | (13,258) | 0 | (2,673,048) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,863,907 | 4,521,298 | 3,598,145 | 9,863,522 | 2,104,153 | 2,691,196 | |
| (/) Shares Outstanding | 385.1 | 178.4 | 463.7 | 113.9 | 122.0 | 370.2 | |
| Implied Stock Price | 38,600.00 | 25,350.00 | 7,760.00 | 86,600.00 | 17,250.00 | 7,270.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38,600.00 | 25,350.00 | 7,760.00 | 86,600.00 | 17,250.00 | 7,270.00 | |
| 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 | |