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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.8x - 2.0x | 1.9x |
| Selected Fwd Ps Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | ₫30,740 - ₫33,975 | ₫32,358 |
| Upside | 23.5% - 36.4% | 30.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Thanh Dat Investment Development Joint Stock Company | - | HNX:DTD |
| Vina2 Invest and Construction Joint Stock Company | - | HNX:VC2 |
| Licogi 14 Joint Stock Company | - | HNX:L14 |
| BGI Group Joint Stock Company | - | HNX:VC7 |
| Vietnam Electricity Construction Joint Stock Corporation | - | HOSE:VNE |
| Cotana Group Joint Stock Company | - | HNX:CSC |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| DTD | VC2 | L14 | VC7 | VNE | CSC | |||
| HNX:DTD | HNX:VC2 | HNX:L14 | HNX:VC7 | HOSE:VNE | HNX:CSC | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 1.7% | -0.8% | -11.9% | 18.1% | -10.7% | 6.4% | ||
| 3Y CAGR | NM- | 11.7% | NM- | 33.1% | -29.5% | NM- | ||
| Latest Twelve Months | -37.0% | 6.5% | 4.3% | -4.4% | -38.0% | 42.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.2% | 3.2% | 24.3% | 6.8% | -5.4% | 16.9% | ||
| Prior Fiscal Year | 27.3% | 1.3% | 18.0% | 10.9% | -1.7% | 8.7% | ||
| Latest Fiscal Year | 24.3% | 4.7% | 12.6% | 4.9% | -36.4% | 1.0% | ||
| Latest Twelve Months | 24.3% | 5.0% | 15.6% | 5.1% | -46.4% | 2.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.6x | 10.4x | NA | 25.9x | -39.6x | 29.6x | ||
| Price / LTM Sales | 2.6x | 0.5x | 7.4x | 2.7x | 0.7x | 1.3x | ||
| LTM P/E Ratio | 10.9x | 10.8x | 47.6x | 59.9x | -1.6x | 63.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.5x | 2.6x | 7.4x | |||||
| Historical LTM P/S Ratio | 1.5x | 1.8x | 9.2x | |||||
| Selected Price / Sales Multiple | 1.8x | 1.9x | 2.0x | |||||
| (x) LTM Sales | 766,241 | 766,241 | 766,241 | |||||
| (=) Equity Value | 1,354,219 | 1,425,494 | 1,496,769 | |||||
| (/) Shares Outstanding | 41.1 | 41.1 | 41.1 | |||||
| Implied Value Range | 32,909.44 | 34,641.52 | 36,373.59 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 32,909.44 | 34,641.52 | 36,373.59 | 24,900.00 | ||||
| Upside / (Downside) | 32.2% | 39.1% | 46.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTD | VC2 | L14 | VC7 | VNE | CSC | |
| Value of Common Equity | 1,307,065 | 646,432 | 1,039,959 | 989,733 | 445,560 | 1,024,632 | |
| (/) Shares Outstanding | 66.7 | 68.8 | 30.9 | 96.1 | 82.1 | 41.1 | |
| Implied Stock Price | 19,600.00 | 9,400.00 | 33,700.00 | 10,300.00 | 5,430.00 | 24,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19,600.00 | 9,400.00 | 33,700.00 | 10,300.00 | 5,430.00 | 24,900.00 | |
| 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 | |