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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.2x - 19.0x | 18.1x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | ₫14,527 - ₫16,094 | ₫15,311 |
| Upside | -15.3% - -6.2% | -10.7% |
| Benchmarks | Ticker | Full Ticker |
| Vicostone Joint Stock Company | VCS | HNX:VCS |
| An Cuong Wood - Working Joint Stock Company | ACG | HOSE:ACG |
| Thuan Duc Joint Stock Company | TDP | HOSE:TDP |
| South Basic Chemicals Joint Stock Company | CSV | HOSE:CSV |
| Dong Hai Joint Stock Company of Ben Tre | DHC | HOSE:DHC |
| Vicem Ha Tien Cement Joint Stock Company | HT1 | HOSE:HT1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VCS | ACG | TDP | CSV | DHC | HT1 | ||
| HNX:VCS | HOSE:ACG | HOSE:TDP | HOSE:CSV | HOSE:DHC | HOSE:HT1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -11.5% | -1.8% | 17.2% | -0.6% | 3.1% | -31.8% | |
| 3Y CAGR | -24.5% | 2.8% | NM- | 4.0% | -18.8% | -33.2% | |
| Latest Twelve Months | -20.1% | -27.6% | NM | 15.6% | 3.5% | 77.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 25.8% | 12.4% | 6.2% | 17.8% | 11.4% | 6.1% | |
| Prior Fiscal Year | 23.1% | 11.0% | 6.3% | 15.7% | 11.0% | 2.7% | |
| Latest Fiscal Year | 21.3% | 11.2% | 6.4% | 16.2% | 7.6% | 2.5% | |
| Latest Twelve Months | 19.5% | 9.7% | 5.9% | 14.6% | 8.8% | 4.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.62x | 0.96x | 0.95x | 1.64x | 0.83x | 0.92x | |
| EV / LTM EBITDA | 7.1x | 8.1x | 13.0x | 9.7x | 6.7x | 7.4x | |
| EV / LTM EBIT | 8.3x | 9.9x | 16.0x | 11.2x | 9.4x | 21.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 9.9x | 16.0x | ||||
| Historical EV / LTM EBIT | 7.8x | 14.1x | 29.6x | ||||
| Selected EV / LTM EBIT | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBIT | 297,338 | 297,338 | 297,338 | ||||
| (=) Implied Enterprise Value | 5,119,479 | 5,388,925 | 5,658,371 | ||||
| (-) Non-shareholder Claims * | (137,994) | (137,994) | (137,994) | ||||
| (=) Equity Value | 4,981,484 | 5,250,931 | 5,520,377 | ||||
| (/) Shares Outstanding | 381.6 | 381.6 | 381.6 | ||||
| Implied Value Range | 13,054.55 | 13,760.66 | 14,466.78 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13,054.55 | 13,760.66 | 14,466.78 | 17,150.00 | |||
| Upside / (Downside) | -23.9% | -19.8% | -15.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VCS | ACG | TDP | CSV | DHC | HT1 | |
| Enterprise Value | 6,741,194 | 3,878,268 | 4,226,691 | 3,402,395 | 2,923,420 | 6,682,261 | |
| (+) Cash & Short Term Investments | 2,614,740 | 2,056,644 | 1,191,407 | 863,039 | 1,115,512 | 919,011 | |
| (+) Investments & Other | 0 | 464,631 | 361,345 | 0 | 5,373 | 35,907 | |
| (-) Debt | (1,147,933) | (722,376) | (2,590,209) | (123,056) | (929,238) | (1,083,155) | |
| (-) Other Liabilities | 0 | 0 | 0 | (48,356) | 0 | (9,756) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,208,000 | 5,677,166 | 3,189,234 | 4,094,022 | 3,115,066 | 6,544,267 | |
| (/) Shares Outstanding | 160.0 | 150.8 | 88.2 | 110.5 | 96.6 | 381.6 | |
| Implied Stock Price | 51,300.00 | 37,650.00 | 36,150.00 | 37,050.00 | 32,250.00 | 17,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 51,300.00 | 37,650.00 | 36,150.00 | 37,050.00 | 32,250.00 | 17,150.00 | |
| 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 | |