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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 3.1x - 3.5x | 3.3x |
| Fair Value | ₫31,182 - ₫36,096 | ₫33,596 |
| Upside | 35.0% - 56.3% | 45.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (VND in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 595,839 | 616,694 | 629,028 | 641,608 | 654,440 | 667,529 |
| % Growth | 9.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 30,762 | 87,464 | 89,214 | 90,998 | 92,818 | 94,674 |
| % of Revenue | 5.2% | 14.2% | 14.2% | 14.2% | 14.2% | 14.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (VND in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 87,464 | 89,214 | 90,998 | 92,818 | 94,674 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,828) | (3,905) | (3,983) | (4,063) | (4,144) | |
| EBIT | 83,636 | 85,309 | 87,015 | 88,755 | 90,530 | |
| Pro forma Taxes | (20,073) | (20,474) | (20,884) | (21,301) | (21,727) | |
| NOPAT | 20,319 | 63,563 | 64,835 | 66,131 | 67,454 | 68,803 |
| Capital Expenditures | #NUM! | (1,488) | (1,518) | (1,548) | (1,579) | (1,610) |
| NWC Investment | (82,963) | (34,746) | (20,550) | (20,961) | (21,380) | (21,808) |
| (+) D&A | 4,026 | 3,828 | 3,905 | 3,983 | 4,063 | 4,144 |
| Free Cash Flow | #NUM! | 31,158 | 46,672 | 47,606 | 48,558 | 49,529 |
| % Growth | NM | 50% | 2% | 2% | 2% | |