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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15,4x - 17,0x | 16,2x |
| Selected Fwd EBITDA Multiple | 20,0x - 22,1x | 21,0x |
| Fair Value | ₫15.925 - ₫21.130 | ₫18.528 |
| Upside | -38,7% - -18,7% | -28,7% |
| Benchmarks | Ticker | Full Ticker |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Transimex Corporation | TMS | HOSE:TMS |
| Gemadept Corporation | GMD | HOSE:GMD |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HAH | VSC | LGC | TMS | GMD | CII | ||
| HOSE:HAH | HOSE:VSC | HOSE:LGC | HOSE:TMS | HOSE:GMD | HOSE:CII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 41.3% | 5.7% | 29.7% | 14.3% | 13.5% | 27.9% | |
| 3Y CAGR | 24.0% | 2.7% | 43.1% | 5.3% | 16.9% | 28.0% | |
| Latest Twelve Months | 150.8% | 18.4% | 13.0% | 34.7% | 25.9% | 16.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.6% | 32.8% | 80.4% | 11.9% | 35.8% | 38.9% | |
| Prior Fiscal Year | 32.5% | 28.5% | 77.0% | 14.0% | 39.3% | 42.1% | |
| Latest Fiscal Year | 37.9% | 26.2% | 83.3% | 15.4% | 35.5% | 66.8% | |
| Latest Twelve Months | 46.0% | 28.0% | 81.5% | 16.6% | 34.9% | 69.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.37x | 3.60x | 10.19x | 2.24x | 4.21x | 12.76x | |
| EV / LTM EBITDA | 5.1x | 12.9x | 12.5x | 13.5x | 12.1x | 18.3x | |
| EV / LTM EBIT | 6.8x | 22.1x | 19.2x | 24.6x | 15.1x | 33.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.1x | 12.5x | 13.5x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.0x | 26.3x | ||||
| Selected EV / LTM EBITDA | 15.4x | 16.2x | 17.0x | ||||
| (x) LTM EBITDA | 2,022,450 | 2,022,450 | 2,022,450 | ||||
| (=) Implied Enterprise Value | 31,090,989 | 32,727,357 | 34,363,725 | ||||
| (-) Non-shareholder Claims * | (20,949,029) | (20,949,029) | (20,949,029) | ||||
| (=) Equity Value | 10,141,960 | 11,778,328 | 13,414,695 | ||||
| (/) Shares Outstanding | 624.9 | 624.9 | 624.9 | ||||
| Implied Value Range | 16,228.72 | 18,847.16 | 21,465.61 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,228.72 | 18,847.16 | 21,465.61 | 26,000.00 | |||
| Upside / (Downside) | -37.6% | -27.5% | -17.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAH | VSC | LGC | TMS | GMD | CII | |
| Enterprise Value | 11,380,984 | 10,714,733 | 25,444,329 | 7,574,793 | 22,948,945 | 37,197,444 | |
| (+) Cash & Short Term Investments | 1,004,587 | 2,398,143 | 1,664,258 | 1,165,085 | 5,016,092 | 4,161,337 | |
| (+) Investments & Other | 183,278 | 757,902 | 0 | 1,873,580 | 4,357,958 | 1,023,929 | |
| (-) Debt | (2,193,317) | (2,608,349) | (13,309,771) | (2,427,822) | (2,180,384) | (23,076,417) | |
| (-) Other Liabilities | (784,215) | (405,689) | (1,783,963) | (1,107,378) | (1,569,535) | (3,057,878) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,591,317 | 10,856,740 | 12,014,852 | 7,078,259 | 28,573,077 | 16,248,415 | |
| (/) Shares Outstanding | 168.9 | 374.4 | 192.9 | 169.3 | 420.2 | 624.9 | |
| Implied Stock Price | 56,800.00 | 29,000.00 | 62,300.00 | 41,800.00 | 68,000.00 | 26,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 56,800.00 | 29,000.00 | 62,300.00 | 41,800.00 | 68,000.00 | 26,000.00 | |
| 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 | |