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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28,3x - 31,3x | 29,8x |
| Selected Fwd EBIT Multiple | 40,0x - 44,2x | 42,1x |
| Fair Value | ₫16.245 - ₫21.483 | ₫18.864 |
| Upside | -30,4% - -8,0% | -19,2% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Transimex Corporation | TMS | HOSE:TMS |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VSC | HAH | TMS | SCS | LGC | CII | ||
| HOSE:VSC | HOSE:HAH | HOSE:TMS | HOSE:SCS | HOSE:LGC | HOSE:CII | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | 47.3% | 6.3% | 6.7% | 36.3% | NM- | |
| 3Y CAGR | 1.8% | 18.8% | -10.1% | 8.4% | 57.1% | 57.2% | |
| Latest Twelve Months | -9.4% | 244.9% | 41.4% | 31.7% | 7.3% | 25.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 26.8% | 7.5% | 70.7% | 48.0% | 17.8% | |
| Prior Fiscal Year | 19.6% | 18.6% | 7.9% | 68.6% | 51.6% | 19.6% | |
| Latest Fiscal Year | 17.9% | 26.5% | 7.2% | 70.4% | 55.5% | 34.3% | |
| Latest Twelve Months | 16.3% | 34.8% | 9.1% | 71.1% | 53.2% | 38.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.94x | 2.59x | 2.25x | 4.19x | 10.13x | 12.27x | |
| EV / LTM EBITDA | 14.1x | 5.6x | 13.5x | 5.6x | 12.4x | 17.6x | |
| EV / LTM EBIT | 24.1x | 7.5x | 24.7x | 5.9x | 19.0x | 32.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.9x | 19.0x | 24.7x | ||||
| Historical EV / LTM EBIT | 27.4x | 29.7x | 112.7x | ||||
| Selected EV / LTM EBIT | 28.3x | 29.8x | 31.3x | ||||
| (x) LTM EBIT | 1,103,444 | 1,103,444 | 1,103,444 | ||||
| (=) Implied Enterprise Value | 31,252,650 | 32,897,526 | 34,542,403 | ||||
| (-) Non-shareholder Claims * | (20,949,029) | (20,949,029) | (20,949,029) | ||||
| (=) Equity Value | 10,303,621 | 11,948,497 | 13,593,373 | ||||
| (/) Shares Outstanding | 624.9 | 624.9 | 624.9 | ||||
| Implied Value Range | 16,487.28 | 19,119.32 | 21,751.36 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,487.28 | 19,119.32 | 21,751.36 | 23,350.00 | |||
| Upside / (Downside) | -29.4% | -18.1% | -6.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | HAH | TMS | SCS | LGC | CII | |
| Enterprise Value | 11,706,814 | 12,394,247 | 7,608,661 | 4,662,734 | 25,290,045 | 35,541,463 | |
| (+) Cash & Short Term Investments | 2,398,143 | 1,004,587 | 1,165,085 | 1,377,557 | 1,664,258 | 4,161,337 | |
| (+) Investments & Other | 757,902 | 183,278 | 1,873,580 | 0 | 0 | 1,023,929 | |
| (-) Debt | (2,608,349) | (2,193,317) | (2,427,822) | 0 | (13,309,771) | (23,076,417) | |
| (-) Other Liabilities | (405,689) | (784,215) | (1,107,378) | 0 | (1,783,963) | (3,057,878) | |
| (-) Preferred Stock | 0 | 0 | 0 | (71,900) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,848,822 | 10,604,580 | 7,112,126 | 5,968,391 | 11,860,568 | 14,592,433 | |
| (/) Shares Outstanding | 374.4 | 168.9 | 169.3 | 94.9 | 192.9 | 624.9 | |
| Implied Stock Price | 31,650.00 | 62,800.00 | 42,000.00 | 62,900.00 | 61,500.00 | 23,350.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31,650.00 | 62,800.00 | 42,000.00 | 62,900.00 | 61,500.00 | 23,350.00 | |
| 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 | |