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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13,7x - 15,2x | 14,5x |
| Selected Fwd EBITDA Multiple | 18,4x - 20,3x | 19,3x |
| Fair Value | ₫9.311 - ₫14.686 | ₫11.999 |
| Upside | -29,2% - 11,7% | -8,8% |
| Benchmarks | Ticker | Full Ticker |
| PT Wijaya Karya (Persero) Tbk | WIKA | IDX:WIKA |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Vietnam Construction and Import-Export Joint Stock Corporation | VCG | HOSE:VCG |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WIKA | CMNP | VCG | HAH | HHV | CII | ||
| IDX:WIKA | IDX:CMNP | HOSE:VCG | HOSE:HAH | HOSE:HHV | HOSE:CII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.2% | 9.5% | 11.6% | 41.3% | 51.5% | 27.9% | |
| 3Y CAGR | 26.7% | 20.8% | 27.8% | 24.0% | NM- | 28.0% | |
| Latest Twelve Months | 191.2% | 2.3% | 26.3% | 77.9% | 21.6% | 55.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.6% | 32.0% | 9.5% | 35.6% | 62.9% | 35.6% | |
| Prior Fiscal Year | -11.5% | 24.9% | 11.9% | 32.5% | 49.5% | 42.1% | |
| Latest Fiscal Year | 12.3% | 47.5% | 14.8% | 37.9% | 48.9% | 66.8% | |
| Latest Twelve Months | 12.3% | 47.5% | 14.8% | 37.9% | 48.9% | 66.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.46x | 4.16x | 1.51x | 2.55x | 7.63x | 9.94x | |
| EV / LTM EBITDA | 12.0x | 8.8x | 10.3x | 6.7x | 15.6x | 14.9x | |
| EV / LTM EBIT | 14.2x | 9.9x | 12.6x | 9.7x | 19.9x | 29.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.7x | 10.3x | 15.6x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.9x | 26.3x | ||||
| Selected EV / LTM EBITDA | 13.7x | 14.5x | 15.2x | ||||
| (x) LTM EBITDA | 2,021,029 | 2,021,029 | 2,021,029 | ||||
| (=) Implied Enterprise Value | 27,761,868 | 29,223,019 | 30,684,170 | ||||
| (-) Non-shareholder Claims * | (22,877,983) | (22,877,983) | (22,877,983) | ||||
| (=) Equity Value | 4,883,885 | 6,345,036 | 7,806,187 | ||||
| (/) Shares Outstanding | 548.0 | 548.0 | 548.0 | ||||
| Implied Value Range | 8,912.58 | 11,579.03 | 14,245.48 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8,912.58 | 11,579.03 | 14,245.48 | 13,150.00 | |||
| Upside / (Downside) | -32.2% | -11.9% | 8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WIKA | CMNP | VCG | HAH | HHV | CII | |
| Enterprise Value | 28,181,991 | 17,060,623 | 19,493,536 | 10,198,103 | 5,100,615 | 30,083,875 | |
| (+) Cash & Short Term Investments | 3,361,003 | 132,901 | 4,295,784 | 992,390 | 0 | 2,368,657 | |
| (+) Investments & Other | 15,131,817 | 550,603 | 675,373 | 173,753 | 0 | 1,023,929 | |
| (-) Debt | (35,538,190) | (6,641,194) | (8,758,976) | (2,330,258) | 0 | (23,173,638) | |
| (-) Other Liabilities | (3,002,739) | (1,470,459) | (2,955,677) | (694,766) | 0 | (3,096,931) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,133,881 | 9,632,474 | 12,750,041 | 8,339,222 | 5,100,615 | 7,205,892 | |
| (/) Shares Outstanding | 39,872.0 | 6,020.3 | 598.6 | 129.9 | 432.3 | 548.0 | |
| Implied Stock Price | 204.00 | 1,600.00 | 21,300.00 | 64,200.00 | 11,800.00 | 13,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 204.00 | 1,600.00 | 21,300.00 | 64,200.00 | 11,800.00 | 13,150.00 | |
| Trading Currency | IDR | IDR | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |