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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.6x - 9.5x | 9.1x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | ₫33,397 - ₫36,888 | ₫35,142 |
| Upside | -0.6% - 9.8% | 4.6% |
| Benchmarks | Ticker | Full Ticker |
| Bentre Aquaproduct Import and Export Joint Stock Company | ABT | HOSE:ABT |
| Sa Giang Import Export Corporation | SGC | HNX:SGC |
| Mekong Fisheries Joint Stock Company | AAM | HOSE:AAM |
| Ha Long Canned Food Joint Stock Corporation | CAN | HNX:CAN |
| Vietnam Herbs and Foods Joint Stock Company | VHE | HNX:VHE |
| Southern Seed Corporation | SSC | HOSE:SSC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ABT | SGC | AAM | CAN | VHE | SSC | ||
| HOSE:ABT | HNX:SGC | HOSE:AAM | HNX:CAN | HNX:VHE | HOSE:SSC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.7% | NM- | NM- | -7.6% | -5.3% | -11.4% | |
| 3Y CAGR | 53.0% | 34.4% | NM- | NM- | 1.8% | -1.1% | |
| Latest Twelve Months | 86.1% | 31.5% | NM | -27.9% | 27.8% | -10.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 12.7% | -2.2% | 3.5% | 4.7% | 16.6% | |
| Prior Fiscal Year | 11.0% | 16.5% | -4.7% | 4.1% | 4.4% | 15.4% | |
| Latest Fiscal Year | 17.0% | 18.5% | -3.0% | 2.2% | 3.6% | 14.8% | |
| Latest Twelve Months | 17.8% | 18.6% | 1.1% | 2.7% | 3.3% | 13.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.39x | 0.92x | -0.04x | 0.30x | 0.60x | 1.31x | |
| EV / LTM EBITDA | 2.2x | 4.9x | -3.9x | 11.0x | 18.0x | 9.6x | |
| EV / LTM EBIT | 2.5x | 5.9x | -63.1x | 16.2x | 29.1x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.9x | 4.9x | 18.0x | ||||
| Historical EV / LTM EBITDA | 2.8x | 6.8x | 7.6x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.1x | 9.5x | ||||
| (x) LTM EBITDA | 45,995 | 45,995 | 45,995 | ||||
| (=) Implied Enterprise Value | 396,952 | 417,844 | 438,736 | ||||
| (-) Non-shareholder Claims * | 3,091 | 3,091 | 3,091 | ||||
| (=) Equity Value | 400,043 | 420,935 | 441,828 | ||||
| (/) Shares Outstanding | 13.3 | 13.3 | 13.3 | ||||
| Implied Value Range | 30,142.38 | 31,716.56 | 33,290.74 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 30,142.38 | 31,716.56 | 33,290.74 | 33,600.00 | |||
| Upside / (Downside) | -10.3% | -5.6% | -0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABT | SGC | AAM | CAN | VHE | SSC | |
| Enterprise Value | 243,330 | 654,137 | (22,240) | 198,834 | 317,008 | 442,841 | |
| (+) Cash & Short Term Investments | 284,142 | 125,900 | 82,320 | 23,323 | 6,423 | 45,915 | |
| (+) Investments & Other | 187,202 | 0 | 14,647 | 0 | 0 | 99,000 | |
| (-) Debt | (114,034) | (43,836) | 0 | (53,657) | (158,311) | (141,824) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (22,618) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 600,640 | 736,201 | 74,726 | 168,500 | 142,502 | 445,932 | |
| (/) Shares Outstanding | 11.8 | 7.1 | 10.5 | 5.0 | 33.1 | 13.3 | |
| Implied Stock Price | 51,000.00 | 103,000.00 | 7,150.00 | 33,700.00 | 4,300.00 | 33,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 51,000.00 | 103,000.00 | 7,150.00 | 33,700.00 | 4,300.00 | 33,600.00 | |
| 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 | |