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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.9x - 17.6x | 16.7x |
| Selected Fwd EBIT Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | ₫36,499 - ₫39,486 | ₫37,992 |
| Upside | 2.5% - 10.9% | 6.7% |
| Benchmarks | Ticker | Full Ticker |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| Danang Port Joint Stock Company | CDN | HNX:CDN |
| Nam Mekong Group Joint Stock Company | VC3 | HNX:VC3 |
| Dinh Vu Port Development and Investment Joint Stock Company | DVP | HOSE:DVP |
| Lizen Joint Stock Company | LCG | HOSE:LCG |
| South Logistics Joint Stock Company | STG | HOSE:STG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SCS | CDN | VC3 | DVP | LCG | STG | ||
| HOSE:SCS | HNX:CDN | HNX:VC3 | HOSE:DVP | HOSE:LCG | HOSE:STG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.7% | 10.8% | 11.0% | 2.6% | NM- | 2.5% | |
| 3Y CAGR | 8.4% | 8.1% | 22.8% | -1.2% | NM- | -15.0% | |
| Latest Twelve Months | 47.1% | 14.8% | -39.7% | 3.5% | NM | 120.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 70.7% | 25.5% | 19.1% | 37.6% | 7.4% | 7.7% | |
| Prior Fiscal Year | 68.6% | 24.8% | 23.4% | 28.7% | 8.9% | 4.7% | |
| Latest Fiscal Year | 70.4% | 24.5% | 18.6% | 35.9% | 6.6% | 6.5% | |
| Latest Twelve Months | 71.2% | 25.0% | 18.6% | 36.0% | 6.7% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.38x | 1.96x | 5.52x | 3.06x | 0.73x | 1.07x | |
| EV / LTM EBITDA | 5.8x | 5.6x | 28.5x | 6.9x | 6.6x | 8.7x | |
| EV / LTM EBIT | 6.2x | 7.8x | 29.7x | 8.5x | 11.0x | 15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.2x | 8.5x | 29.7x | ||||
| Historical EV / LTM EBIT | 7.1x | 13.9x | 32.5x | ||||
| Selected EV / LTM EBIT | 15.9x | 16.7x | 17.6x | ||||
| (x) LTM EBIT | 173,939 | 173,939 | 173,939 | ||||
| (=) Implied Enterprise Value | 2,764,836 | 2,910,354 | 3,055,872 | ||||
| (-) Non-shareholder Claims * | 797,282 | 797,282 | 797,282 | ||||
| (=) Equity Value | 3,562,118 | 3,707,636 | 3,853,153 | ||||
| (/) Shares Outstanding | 98.3 | 98.3 | 98.3 | ||||
| Implied Value Range | 36,254.42 | 37,735.46 | 39,216.51 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36,254.42 | 37,735.46 | 39,216.51 | 35,600.00 | |||
| Upside / (Downside) | 1.8% | 6.0% | 10.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SCS | CDN | VC3 | DVP | LCG | STG | |
| Enterprise Value | 4,775,367 | 2,874,516 | 3,375,800 | 2,146,924 | 2,145,125 | 2,700,538 | |
| (+) Cash & Short Term Investments | 1,179,525 | 674,481 | 82,016 | 1,098,049 | 86,374 | 495,686 | |
| (+) Investments & Other | 0 | 30,090 | 146,288 | 103,027 | 725,241 | 613,054 | |
| (-) Debt | 0 | (420,986) | (117,097) | 0 | (1,102,880) | (184,231) | |
| (-) Other Liabilities | 0 | 0 | (20,327) | 0 | (38,805) | (127,227) | |
| (-) Preferred Stock | (71,900) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,882,993 | 3,158,100 | 3,466,681 | 3,348,000 | 1,815,054 | 3,497,820 | |
| (/) Shares Outstanding | 94.9 | 99.0 | 125.2 | 40.0 | 193.1 | 98.3 | |
| Implied Stock Price | 62,000.00 | 31,900.00 | 27,700.00 | 83,700.00 | 9,400.00 | 35,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 62,000.00 | 31,900.00 | 27,700.00 | 83,700.00 | 9,400.00 | 35,600.00 | |
| 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 | |