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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.5x - 15.0x | 14.2x |
| Selected Fwd EBITDA Multiple | 17.9x - 19.8x | 18.9x |
| Fair Value | ₫11,066 - ₫16,287 | ₫13,677 |
| Upside | -23.1% - 13.1% | -5.0% |
| Benchmarks | Ticker | Full Ticker |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Transimex Corporation | TMS | HOSE:TMS |
| CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VSC | HAH | TMS | LGC | HHV | CII | ||
| HOSE:VSC | HOSE:HAH | HOSE:TMS | HOSE:LGC | HOSE:HHV | HOSE:CII | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 41.3% | 14.3% | 29.7% | 51.5% | 27.9% | |
| 3Y CAGR | 2.7% | 24.0% | 5.3% | 43.1% | NM- | 28.0% | |
| Latest Twelve Months | 17.2% | 135.5% | 103.9% | 30.6% | 18.4% | 29.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.1% | 36.5% | 11.7% | 80.3% | 61.3% | 37.3% | |
| Prior Fiscal Year | 28.5% | 32.5% | 14.0% | 77.0% | 49.5% | 42.1% | |
| Latest Fiscal Year | 26.2% | 37.9% | 15.4% | 83.3% | 48.9% | 66.8% | |
| Latest Twelve Months | 27.0% | 41.1% | 16.2% | 82.3% | 50.1% | 69.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.08x | 2.38x | 2.29x | 10.29x | 7.25x | 10.19x | |
| EV / LTM EBITDA | 7.7x | 5.8x | 14.1x | 12.5x | 14.5x | 14.6x | |
| EV / LTM EBIT | 12.4x | 8.0x | 28.0x | 19.0x | 18.4x | 27.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 12.5x | 14.5x | ||||
| Historical EV / LTM EBITDA | 12.5x | 14.0x | 26.3x | ||||
| Selected EV / LTM EBITDA | 13.5x | 14.2x | 15.0x | ||||
| (x) LTM EBITDA | 1,979,806 | 1,979,806 | 1,979,806 | ||||
| (=) Implied Enterprise Value | 26,796,576 | 28,206,922 | 29,617,268 | ||||
| (-) Non-shareholder Claims * | (21,112,482) | (21,112,482) | (21,112,482) | ||||
| (=) Equity Value | 5,684,094 | 7,094,440 | 8,504,787 | ||||
| (/) Shares Outstanding | 548.0 | 548.0 | 548.0 | ||||
| Implied Value Range | 10,372.88 | 12,946.61 | 15,520.35 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10,372.88 | 12,946.61 | 15,520.35 | 14,400.00 | |||
| Upside / (Downside) | -28.0% | -10.1% | 7.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSC | HAH | TMS | LGC | HHV | CII | |
| Enterprise Value | 6,005,289 | 10,627,634 | 7,635,061 | 25,399,469 | 24,320,564 | 29,003,345 | |
| (+) Cash & Short Term Investments | 1,736,804 | 1,115,547 | 583,406 | 958,849 | 207,260 | 2,410,435 | |
| (+) Investments & Other | 757,861 | 179,145 | 2,365,011 | 0 | 1,103,723 | 1,023,929 | |
| (-) Debt | (2,115,247) | (2,295,968) | (2,357,022) | (12,861,823) | (18,777,704) | (21,342,795) | |
| (-) Other Liabilities | (375,971) | (780,548) | (1,114,330) | (1,770,926) | (1,493,874) | (3,204,051) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,008,735 | 8,845,810 | 7,112,126 | 11,725,570 | 5,359,969 | 7,890,863 | |
| (/) Shares Outstanding | 374.4 | 129.9 | 169.3 | 192.9 | 432.3 | 548.0 | |
| Implied Stock Price | 16,050.00 | 68,100.00 | 42,000.00 | 60,800.00 | 12,400.00 | 14,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16,050.00 | 68,100.00 | 42,000.00 | 60,800.00 | 12,400.00 | 14,400.00 | |
| 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 | |