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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.5x - 17.2x | 16.3x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | ₫35,025 - ₫37,868 | ₫36,446 |
| Upside | 5.8% - 14.4% | 10.1% |
| Benchmarks | Ticker | Full Ticker |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| ASG Corporation | ASG | HOSE:ASG |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| South Logistics Joint Stock Company | STG | HOSE:STG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SCS | ASG | NCT | CMNP | SGN | STG | ||
| HOSE:SCS | HOSE:ASG | HOSE:NCT | IDX:CMNP | HOSE:SGN | HOSE:STG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.7% | NM- | 3.3% | 9.0% | -5.9% | 2.5% | |
| 3Y CAGR | 8.4% | 7.2% | 3.5% | 20.2% | 84.3% | -15.0% | |
| Latest Twelve Months | 47.1% | 39.3% | 21.2% | -3.5% | 32.6% | 120.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 70.7% | 7.4% | 35.5% | 29.1% | 17.6% | 7.7% | |
| Prior Fiscal Year | 68.6% | 3.3% | 35.8% | 22.6% | 19.2% | 4.7% | |
| Latest Fiscal Year | 70.4% | 4.6% | 32.8% | 41.8% | 23.5% | 6.5% | |
| Latest Twelve Months | 71.2% | 4.6% | 32.8% | 40.0% | 23.8% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.20x | 0.86x | 2.23x | 3.65x | 0.74x | 0.97x | |
| EV / LTM EBITDA | 5.6x | 8.1x | 6.3x | 7.9x | 2.5x | 7.9x | |
| EV / LTM EBIT | 5.9x | 18.6x | 6.8x | 9.1x | 3.1x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.1x | 6.8x | 18.6x | ||||
| Historical EV / LTM EBIT | 7.1x | 13.9x | 32.5x | ||||
| Selected EV / LTM EBIT | 15.5x | 16.3x | 17.2x | ||||
| (x) LTM EBIT | 173,939 | 173,939 | 173,939 | ||||
| (=) Implied Enterprise Value | 2,699,976 | 2,842,080 | 2,984,184 | ||||
| (-) Non-shareholder Claims * | 787,147 | 787,147 | 787,147 | ||||
| (=) Equity Value | 3,487,123 | 3,629,227 | 3,771,331 | ||||
| (/) Shares Outstanding | 98.3 | 98.3 | 98.3 | ||||
| Implied Value Range | 35,491.14 | 36,937.44 | 38,383.74 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35,491.14 | 36,937.44 | 38,383.74 | 33,100.00 | |||
| Upside / (Downside) | 7.2% | 11.6% | 16.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SCS | ASG | NCT | CMNP | SGN | STG | |
| Enterprise Value | 4,614,060 | 1,646,034 | 2,188,077 | 15,694,547 | 1,203,271 | 2,465,039 | |
| (+) Cash & Short Term Investments | 1,179,525 | 1,193,013 | 439,327 | 500,343 | 1,155,307 | 485,552 | |
| (+) Investments & Other | 0 | 242,357 | 65,050 | 587,726 | 0 | 613,054 | |
| (-) Debt | 0 | (774,056) | 0 | (6,538,298) | 0 | (184,231) | |
| (-) Other Liabilities | 0 | (718,616) | 0 | (1,441,123) | (105,121) | (127,227) | |
| (-) Preferred Stock | (71,900) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,721,685 | 1,588,732 | 2,692,454 | 8,803,195 | 2,253,457 | 3,252,186 | |
| (/) Shares Outstanding | 94.9 | 90.8 | 26.2 | 6,029.6 | 33.5 | 98.3 | |
| Implied Stock Price | 60,300.00 | 17,500.00 | 102,900.00 | 1,460.00 | 67,200.00 | 33,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 60,300.00 | 17,500.00 | 102,900.00 | 1,460.00 | 67,200.00 | 33,100.00 | |
| Trading Currency | VND | VND | VND | IDR | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |