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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Selected Fwd EBITDA Multiple | 6.5x - 7.2x | 6.9x |
| Fair Value | ₫110,397 - ₫120,048 | ₫115,222 |
| Upside | -17.0% - -9.7% | -13.4% |
| Benchmarks | Ticker | Full Ticker |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Cat Lai Port Joint Stock Company | CLL | HOSE:CLL |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NCT | CII | SGN | HAH | CLL | PDN | ||
| HOSE:NCT | HOSE:CII | HOSE:SGN | HOSE:HAH | HOSE:CLL | HOSE:PDN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.8% | 27.9% | -6.4% | 41.3% | -2.4% | 16.6% | |
| 3Y CAGR | 3.3% | 28.0% | 31.9% | 24.0% | -0.4% | 21.8% | |
| Latest Twelve Months | 16.8% | 55.5% | 11.8% | 77.9% | -2.7% | 13.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 39.5% | 35.6% | 30.6% | 35.6% | 46.2% | 31.9% | |
| Prior Fiscal Year | 40.2% | 42.1% | 25.2% | 32.5% | 45.4% | 35.1% | |
| Latest Fiscal Year | 35.8% | 66.8% | 27.0% | 37.9% | 42.1% | 34.9% | |
| Latest Twelve Months | 35.8% | 66.8% | 27.0% | 37.9% | 42.1% | 34.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 10.04x | 1.20x | 2.07x | 2.67x | 3.22x | |
| EV / LTM EBITDA | 7.5x | 15.0x | 4.4x | 5.5x | 6.3x | 9.2x | |
| EV / LTM EBIT | 8.1x | 29.3x | 5.6x | 7.8x | 8.1x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 6.3x | 15.0x | ||||
| Historical EV / LTM EBITDA | 5.9x | 7.0x | 9.2x | ||||
| Selected EV / LTM EBITDA | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBITDA | 466,140 | 466,140 | 466,140 | ||||
| (=) Implied Enterprise Value | 3,358,110 | 3,534,853 | 3,711,595 | ||||
| (-) Non-shareholder Claims * | 693,053 | 693,053 | 693,053 | ||||
| (=) Equity Value | 4,051,164 | 4,227,906 | 4,404,649 | ||||
| (/) Shares Outstanding | 37.0 | 37.0 | 37.0 | ||||
| Implied Value Range | 109,361.13 | 114,132.30 | 118,903.46 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 109,361.13 | 114,132.30 | 118,903.46 | 133,000.00 | |||
| Upside / (Downside) | -17.8% | -14.2% | -10.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NCT | CII | SGN | HAH | CLL | PDN | |
| Enterprise Value | 2,459,030 | 30,467,459 | 1,837,711 | 8,277,931 | 858,539 | 4,233,786 | |
| (+) Cash & Short Term Investments | 440,498 | 2,368,657 | 1,059,488 | 992,390 | 284,562 | 690,750 | |
| (+) Investments & Other | 65,050 | 1,023,929 | 0 | 173,753 | 85,998 | 70,965 | |
| (-) Debt | 0 | (23,173,638) | 0 | (2,330,258) | (2,719) | (68,661) | |
| (-) Other Liabilities | 0 | (3,096,931) | (97,144) | (694,766) | (19,380) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,964,577 | 7,589,476 | 2,800,055 | 6,419,050 | 1,207,000 | 4,926,840 | |
| (/) Shares Outstanding | 26.2 | 548.0 | 33.5 | 121.3 | 34.0 | 37.0 | |
| Implied Stock Price | 113,300.00 | 13,850.00 | 83,500.00 | 52,900.00 | 35,500.00 | 133,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 113,300.00 | 13,850.00 | 83,500.00 | 52,900.00 | 35,500.00 | 133,000.00 | |
| 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 | |