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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 32.3x - 35.7x | 34.0x |
| Selected Fwd EBIT Multiple | 42.5x - 47.0x | 44.7x |
| Fair Value | ₫3,668 - ₫4,404 | ₫4,036 |
| Upside | -51.1% - -41.3% | -46.2% |
| Benchmarks | Ticker | Full Ticker |
| Cuu Long Petro Urban Development and Investment Corporation | CCL | HOSE:CCL |
| NO. 2 Industrial Urban Development Joint Stock Company | D2D | HOSE:D2D |
| AAV Group Joint Stock Company | AAV | HNX:AAV |
| First Real Joint Stock Company | FIR | HOSE:FIR |
| Ninh Van Bay Travel Real Estate Joint Stock Company | NVT | HOSE:NVT |
| Asia-Pacific Investment Joint Stock Company | API | HNX:API |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CCL | D2D | AAV | FIR | NVT | API | ||
| HOSE:CCL | HOSE:D2D | HNX:AAV | HOSE:FIR | HOSE:NVT | HNX:API | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | -11.1% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -36.5% | |
| Latest Twelve Months | NM | 578.1% | 20.9% | -20.5% | NM | 289.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 31.3% | 20.0% | -93.7% | 42.0% | 18.9% | 6.9% | |
| Prior Fiscal Year | 31.2% | 8.3% | -21.5% | 42.3% | 16.4% | -5.0% | |
| Latest Fiscal Year | 30.5% | 31.7% | -44.1% | 44.9% | 19.7% | 8.7% | |
| Latest Twelve Months | 32.2% | 31.7% | -13.5% | 48.8% | 20.6% | 8.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.53x | 2.49x | 4.90x | 6.67x | 2.80x | 4.26x | |
| EV / LTM EBITDA | 7.7x | 6.6x | -242.2x | 13.4x | 8.2x | 33.8x | |
| EV / LTM EBIT | 7.9x | 7.9x | -36.4x | 13.7x | 13.6x | 48.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -36.4x | 7.9x | 13.7x | ||||
| Historical EV / LTM EBIT | -342.4x | 10.9x | 48.9x | ||||
| Selected EV / LTM EBIT | 32.3x | 34.0x | 35.7x | ||||
| (x) LTM EBIT | 18,261 | 18,261 | 18,261 | ||||
| (=) Implied Enterprise Value | 590,281 | 621,349 | 652,416 | ||||
| (-) Non-shareholder Claims * | (279,762) | (279,762) | (279,762) | ||||
| (=) Equity Value | 310,520 | 341,587 | 372,654 | ||||
| (/) Shares Outstanding | 84.1 | 84.1 | 84.1 | ||||
| Implied Value Range | 3,692.97 | 4,062.45 | 4,431.93 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3,692.97 | 4,062.45 | 4,431.93 | 7,500.00 | |||
| Upside / (Downside) | -50.8% | -45.8% | -40.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CCL | D2D | AAV | FIR | NVT | API | |
| Enterprise Value | 728,293 | 871,206 | 489,745 | 585,737 | 1,196,452 | 910,392 | |
| (+) Cash & Short Term Investments | 6,467 | 97,122 | 29,965 | (14,551) | 117,968 | 344,878 | |
| (+) Investments & Other | 0 | 84,711 | 76,037 | 200,040 | 6,894 | 86,556 | |
| (-) Debt | (314,711) | 0 | (101,218) | (186,495) | (250,117) | (686,228) | |
| (-) Other Liabilities | 0 | 0 | (39,212) | (98) | (330,002) | (24,968) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 420,049 | 1,053,039 | 455,319 | 584,632 | 741,195 | 630,630 | |
| (/) Shares Outstanding | 59.6 | 30.3 | 69.0 | 64.2 | 90.5 | 84.1 | |
| Implied Stock Price | 7,050.00 | 34,800.00 | 6,600.00 | 9,100.00 | 8,190.00 | 7,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,050.00 | 34,800.00 | 6,600.00 | 9,100.00 | 8,190.00 | 7,500.00 | |
| 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 | |