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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Selected Fwd EBIT Multiple | 11.1x - 12.3x | 11.7x |
| Fair Value | ₫16,517 - ₫18,366 | ₫17,442 |
| Upside | 32.1% - 46.9% | 39.5% |
| Benchmarks | Ticker | Full Ticker |
| PT Sawit Sumbermas Sarana Tbk. | SSMS | IDX:SSMS |
| Vinh Hoan Corporation | VHC | HOSE:VHC |
| Thanh Thanh Cong - Bien Hoa Joint Stock Company | SBT | HOSE:SBT |
| PT Japfa Comfeed Indonesia Tbk | JPFA | IDX:JPFA |
| PT Ultrajaya Milk Industry & Trading Company Tbk | ULTJ | IDX:ULTJ |
| Hoang Anh Gia Lai Joint Stock Company | HAG | HOSE:HAG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SSMS | VHC | SBT | JPFA | ULTJ | HAG | ||
| IDX:SSMS | HOSE:VHC | HOSE:SBT | IDX:JPFA | IDX:ULTJ | HOSE:HAG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 41.9% | 1.8% | 132.1% | 10.4% | 1.9% | NM- | |
| 3Y CAGR | 0.5% | 1.1% | 13.1% | 18.2% | -4.0% | 42.9% | |
| Latest Twelve Months | 55.2% | 28.1% | 10.7% | 132.0% | -3.9% | 93.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.9% | 11.9% | 6.0% | 6.5% | 19.9% | 2.1% | |
| Prior Fiscal Year | 11.0% | 9.7% | 5.8% | 4.3% | 18.0% | 13.7% | |
| Latest Fiscal Year | 17.4% | 9.9% | 5.6% | 9.2% | 16.2% | 27.8% | |
| Latest Twelve Months | 17.4% | 9.9% | 6.0% | 9.2% | 16.2% | 28.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 0.84x | 0.67x | 0.62x | 1.34x | 2.49x | |
| EV / LTM EBITDA | 9.7x | 6.2x | 8.8x | 5.5x | 7.6x | 6.9x | |
| EV / LTM EBIT | 11.8x | 8.5x | 11.3x | 6.7x | 8.3x | 8.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.7x | 8.5x | 11.8x | ||||
| Historical EV / LTM EBIT | -14.1x | 11.0x | 16.3x | ||||
| Selected EV / LTM EBIT | 11.2x | 11.8x | 12.4x | ||||
| (x) LTM EBIT | 1,683,511 | 1,683,511 | 1,683,511 | ||||
| (=) Implied Enterprise Value | 18,822,115 | 19,812,753 | 20,803,391 | ||||
| (-) Non-shareholder Claims * | (1,111,956) | (1,111,956) | (1,111,956) | ||||
| (=) Equity Value | 17,710,159 | 18,700,797 | 19,691,434 | ||||
| (/) Shares Outstanding | 1,057.4 | 1,057.4 | 1,057.4 | ||||
| Implied Value Range | 16,748.79 | 17,685.65 | 18,622.52 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,748.79 | 17,685.65 | 18,622.52 | 12,500.00 | |||
| Upside / (Downside) | 34.0% | 41.5% | 49.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSMS | VHC | SBT | JPFA | ULTJ | HAG | |
| Enterprise Value | 21,568,640 | 10,445,375 | 20,101,842 | 34,037,884 | 11,908,170 | 14,329,447 | |
| (+) Cash & Short Term Investments | 1,180,282 | 2,910,419 | 8,775,958 | 1,356,331 | 2,434,322 | 315,590 | |
| (+) Investments & Other | 550,420 | 69,482 | 4,763,508 | 281,816 | 132,526 | 608,075 | |
| (-) Debt | (7,082,088) | (2,277,107) | (20,343,669) | (10,743,624) | (37,848) | (1,435,184) | |
| (-) Other Liabilities | (262,879) | (318,305) | (89,532) | (1,095,684) | (87,688) | (600,436) | |
| (-) Preferred Stock | 0 | 0 | (216,113) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,954,375 | 10,829,865 | 12,991,993 | 23,836,723 | 14,349,482 | 13,217,491 | |
| (/) Shares Outstanding | 9,525.0 | 224.5 | 814.5 | 11,627.7 | 10,398.2 | 1,057.4 | |
| Implied Stock Price | 1,675.00 | 48,250.00 | 15,950.00 | 2,050.00 | 1,380.00 | 12,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,675.00 | 48,250.00 | 15,950.00 | 2,050.00 | 1,380.00 | 12,500.00 | |
| Trading Currency | IDR | VND | VND | IDR | IDR | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |