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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.9x - 29.7x | 28.3x |
| Selected Fwd EBIT Multiple | 4.3x - 4.8x | 4.6x |
| Fair Value | ₫2,650 - ₫3,418 | ₫3,034 |
| Upside | -19.7% - 3.6% | -8.1% |
| Benchmarks | Ticker | Full Ticker |
| Mechanics Construction and Foodstuff Joint Stock Company | MCF | HNX:MCF |
| Ha Long Canned Food Joint Stock Corporation | CAN | HNX:CAN |
| Bentre Aquaproduct Import and Export Joint Stock Company | ABT | HOSE:ABT |
| Mekong Fisheries Joint Stock Company | AAM | HOSE:AAM |
| Kien Hung Joint Stock Company | KHS | HNX:KHS |
| Vietnam Herbs and Foods Joint Stock Company | VHE | HNX:VHE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MCF | CAN | ABT | AAM | KHS | VHE | ||
| HNX:MCF | HNX:CAN | HOSE:ABT | HOSE:AAM | HNX:KHS | HNX:VHE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -10.5% | 19.5% | NM- | NM- | -10.2% | |
| 3Y CAGR | NM- | NM- | 48.8% | NM- | NM- | 3.0% | |
| Latest Twelve Months | -53.5% | -61.6% | 36.8% | 28.2% | 618.2% | 28.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.4% | 2.7% | 6.5% | -5.4% | 4.5% | 2.5% | |
| Prior Fiscal Year | 3.4% | 3.1% | 8.9% | -6.6% | 1.0% | 2.2% | |
| Latest Fiscal Year | 1.4% | 1.3% | 11.3% | -4.2% | 7.6% | 2.0% | |
| Latest Twelve Months | 1.4% | 1.3% | 11.3% | -4.2% | 7.6% | 2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.31x | 0.44x | 0.36x | 0.06x | 0.53x | 0.60x | |
| EV / LTM EBITDA | 10.8x | 20.0x | 2.7x | -2.0x | 4.5x | 16.9x | |
| EV / LTM EBIT | 21.2x | 34.0x | 3.2x | -1.4x | 7.0x | 29.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.4x | 7.0x | 34.0x | ||||
| Historical EV / LTM EBIT | 19.1x | 22.5x | 29.8x | ||||
| Selected EV / LTM EBIT | 26.9x | 28.3x | 29.7x | ||||
| (x) LTM EBIT | 8,824 | 8,824 | 8,824 | ||||
| (=) Implied Enterprise Value | 237,205 | 249,689 | 262,174 | ||||
| (-) Non-shareholder Claims * | (153,687) | (153,687) | (153,687) | ||||
| (=) Equity Value | 83,518 | 96,003 | 108,487 | ||||
| (/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
| Implied Value Range | 2,520.16 | 2,896.88 | 3,273.60 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,520.16 | 2,896.88 | 3,273.60 | 3,300.00 | |||
| Upside / (Downside) | -23.6% | -12.2% | -0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MCF | CAN | ABT | AAM | KHS | VHE | |
| Enterprise Value | 93,767 | 298,637 | 209,795 | 74,099 | 349,158 | 263,049 | |
| (+) Cash & Short Term Investments | 0 | 29,645 | 271,181 | 0 | 33,007 | 687 | |
| (+) Investments & Other | 0 | 0 | 187,202 | 0 | 2,000 | 0 | |
| (-) Debt | 0 | (76,282) | (131,135) | 0 | (200,242) | (131,824) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (7,395) | (22,550) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 93,767 | 252,000 | 537,043 | 74,099 | 176,528 | 109,362 | |
| (/) Shares Outstanding | 10.8 | 5.0 | 11.8 | 10.5 | 12.1 | 33.1 | |
| Implied Stock Price | 8,700.00 | 50,400.00 | 45,600.00 | 7,090.00 | 14,600.00 | 3,300.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8,700.00 | 50,400.00 | 45,600.00 | 7,090.00 | 14,600.00 | 3,300.00 | |
| 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 | |