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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBITDA Multiple | 17.7x - 19.5x | 18.6x |
| Fair Value | ₫10,204 - ₫15,334 | ₫12,769 |
| Upside | -28.1% - 8.0% | -10.1% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Transimex Corporation | TMS | HOSE:TMS |
| 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 | LGC | TMS | HHV | CII | ||
| HOSE:VSC | HOSE:HAH | HOSE:LGC | HOSE:TMS | HOSE:HHV | HOSE:CII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 41.3% | 29.7% | 14.3% | 51.5% | 27.9% | |
| 3Y CAGR | 2.7% | 24.0% | 43.1% | 5.3% | NM- | 28.0% | |
| Latest Twelve Months | 17.2% | 135.5% | 30.6% | 53.5% | 21.6% | 29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.1% | 36.5% | 80.3% | 11.4% | 62.9% | 37.3% | |
| Prior Fiscal Year | 28.5% | 32.5% | 77.0% | 14.0% | 49.5% | 42.1% | |
| Latest Fiscal Year | 26.2% | 37.9% | 83.3% | 15.4% | 48.9% | 66.8% | |
| Latest Twelve Months | 27.0% | 41.1% | 82.3% | 15.4% | 48.9% | 69.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.23x | 2.32x | 10.64x | 2.31x | 7.68x | 10.15x | |
| EV / LTM EBITDA | 8.3x | 5.6x | 12.9x | 15.0x | 15.7x | 14.6x | |
| EV / LTM EBIT | 13.3x | 7.7x | 19.7x | 32.0x | 20.0x | 27.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 12.9x | 15.7x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.0x | 26.3x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 1,979,806 | 1,979,806 | 1,979,806 | ||||
| (=) Implied Enterprise Value | 26,266,729 | 27,649,188 | 29,031,648 | ||||
| (-) Non-shareholder Claims * | (21,112,482) | (21,112,482) | (21,112,482) | ||||
| (=) Equity Value | 5,154,247 | 6,536,706 | 7,919,166 | ||||
| (/) Shares Outstanding | 548.0 | 548.0 | 548.0 | ||||
| Implied Value Range | 9,405.96 | 11,928.81 | 14,451.65 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,405.96 | 11,928.81 | 14,451.65 | 14,200.00 | |||
| Upside / (Downside) | -33.8% | -16.0% | 1.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | HAH | LGC | TMS | HHV | CII | |
| Enterprise Value | 6,435,821 | 10,341,866 | 26,267,316 | 7,696,034 | 5,251,905 | 28,893,749 | |
| (+) Cash & Short Term Investments | 1,736,804 | 1,115,547 | 958,849 | 1,201,982 | 0 | 2,410,435 | |
| (+) Investments & Other | 757,861 | 179,145 | 0 | 1,803,531 | 0 | 1,023,929 | |
| (-) Debt | (2,115,247) | (2,295,968) | (12,861,823) | (2,449,683) | 0 | (21,342,795) | |
| (-) Other Liabilities | (375,971) | (780,548) | (1,770,926) | (1,139,739) | 0 | (3,204,051) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,439,268 | 8,560,042 | 12,593,416 | 7,112,126 | 5,251,905 | 7,781,267 | |
| (/) Shares Outstanding | 299.5 | 129.9 | 192.9 | 169.3 | 432.3 | 548.0 | |
| Implied Stock Price | 21,500.00 | 65,900.00 | 65,300.00 | 42,000.00 | 12,150.00 | 14,200.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21,500.00 | 65,900.00 | 65,300.00 | 42,000.00 | 12,150.00 | 14,200.00 | |
| 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 | |