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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.8x - 15.2x | 14.5x |
| Selected Fwd EBITDA Multiple | 18.2x - 20.1x | 19.1x |
| Fair Value | ₫11,818 - ₫17,116 | ₫14,467 |
| Upside | -22.2% - 12.6% | -4.8% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Transimex Corporation | TMS | HOSE:TMS |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VSC | HAH | TMS | LGC | HHV | CII | ||
| HOSE:VSC | HOSE:HAH | HOSE:TMS | HOSE:LGC | HOSE:HHV | HOSE:CII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 41.3% | 14.3% | 29.7% | 51.5% | 27.9% | |
| 3Y CAGR | 2.7% | 24.0% | 5.3% | 43.1% | NM- | 28.0% | |
| Latest Twelve Months | 17.2% | 135.5% | 103.9% | 30.6% | 18.4% | 29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.1% | 36.5% | 11.7% | 80.3% | 61.3% | 37.3% | |
| Prior Fiscal Year | 28.5% | 32.5% | 14.0% | 77.0% | 49.5% | 42.1% | |
| Latest Fiscal Year | 26.2% | 37.9% | 15.4% | 83.3% | 48.9% | 66.8% | |
| Latest Twelve Months | 27.0% | 41.1% | 16.2% | 82.3% | 50.1% | 69.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.17x | 2.41x | 2.29x | 10.29x | 7.30x | 10.37x | |
| EV / LTM EBITDA | 8.0x | 5.9x | 14.1x | 12.5x | 14.6x | 14.9x | |
| EV / LTM EBIT | 12.9x | 8.1x | 28.0x | 19.0x | 18.5x | 27.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 12.5x | 14.6x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.0x | 26.3x | ||||
| Selected EV / LTM EBITDA | 13.8x | 14.5x | 15.2x | ||||
| (x) LTM EBITDA | 1,979,806 | 1,979,806 | 1,979,806 | ||||
| (=) Implied Enterprise Value | 27,244,085 | 28,677,985 | 30,111,884 | ||||
| (-) Non-shareholder Claims * | (21,112,482) | (21,112,482) | (21,112,482) | ||||
| (=) Equity Value | 6,131,604 | 7,565,503 | 8,999,402 | ||||
| (/) Shares Outstanding | 548.2 | 548.2 | 548.2 | ||||
| Implied Value Range | 11,185.09 | 13,800.77 | 16,416.45 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,185.09 | 13,800.77 | 16,416.45 | 15,200.00 | |||
| Upside / (Downside) | -26.4% | -9.2% | 8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | HAH | TMS | LGC | HHV | CII | |
| Enterprise Value | 6,473,161 | 10,900,412 | 7,635,061 | 25,399,469 | 24,493,466 | 29,445,035 | |
| (+) Cash & Short Term Investments | 1,736,804 | 1,115,547 | 583,406 | 958,849 | 207,260 | 2,410,435 | |
| (+) Investments & Other | 757,861 | 179,145 | 2,365,011 | 0 | 1,103,723 | 1,023,929 | |
| (-) Debt | (2,115,247) | (2,295,968) | (2,357,022) | (12,861,823) | (18,777,704) | (21,342,795) | |
| (-) Other Liabilities | (375,971) | (780,548) | (1,114,330) | (1,770,926) | (1,493,874) | (3,204,051) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,476,607 | 9,118,588 | 7,112,126 | 11,725,570 | 5,532,871 | 8,332,553 | |
| (/) Shares Outstanding | 374.4 | 129.9 | 169.3 | 192.9 | 432.3 | 548.2 | |
| Implied Stock Price | 17,300.00 | 70,200.00 | 42,000.00 | 60,800.00 | 12,800.00 | 15,200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17,300.00 | 70,200.00 | 42,000.00 | 60,800.00 | 12,800.00 | 15,200.00 | |
| 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 | |