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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 18.9x - 20.9x | 19.9x |
Selected Fwd EBIT Multiple | 7.5x - 8.3x | 7.9x |
Fair Value | ₫9,680 - ₫10,921 | ₫10,300 |
Upside | -21.6% - -11.6% | -16.6% |
Benchmarks | Ticker | Full Ticker |
Vicostone Joint Stock Company | VCS | HNX:VCS |
An Cuong Wood - Working Joint Stock Company | ACG | HOSE:ACG |
Thuan Duc Joint Stock Company | TDP | HOSE:TDP |
South Basic Chemicals Joint Stock Company | CSV | HOSE:CSV |
Dong Hai Joint Stock Company of Ben Tre | DHC | HOSE:DHC |
Ha Tien 1 Cement Joint Stock Company | HT1 | HOSE:HT1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
VCS | ACG | TDP | CSV | DHC | HT1 | ||
HNX:VCS | HOSE:ACG | HOSE:TDP | HOSE:CSV | HOSE:DHC | HOSE:HT1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -11.5% | -1.8% | 17.2% | -0.6% | 3.1% | -31.8% | |
3Y CAGR | -24.5% | 2.8% | NM- | 4.0% | -18.8% | -33.2% | |
Latest Twelve Months | -14.4% | 8.3% | 16.6% | 37.3% | -12.5% | -4.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 26.3% | 12.4% | 6.4% | 18.1% | 11.8% | 6.6% | |
Prior Fiscal Year | 23.1% | 11.0% | 6.3% | 15.7% | 11.0% | 2.7% | |
Latest Fiscal Year | 21.3% | 11.2% | 6.4% | 16.2% | 7.6% | 2.5% | |
Latest Twelve Months | 20.4% | 11.2% | 6.4% | 15.4% | 7.9% | 2.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.48x | 0.77x | 0.86x | 1.70x | 0.76x | 0.81x | |
EV / LTM EBITDA | 6.3x | 5.6x | 10.9x | 9.6x | 7.0x | 7.4x | |
EV / LTM EBIT | 7.3x | 6.8x | 13.4x | 11.1x | 9.6x | 28.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.8x | 9.6x | 13.4x | ||||
Historical EV / LTM EBIT | 7.8x | 14.1x | 29.6x | ||||
Selected EV / LTM EBIT | 18.9x | 19.9x | 20.9x | ||||
(x) LTM EBIT | 200,783 | 200,783 | 200,783 | ||||
(=) Implied Enterprise Value | 3,791,742 | 3,991,308 | 4,190,873 | ||||
(-) Non-shareholder Claims * | (805,539) | (805,539) | (805,539) | ||||
(=) Equity Value | 2,986,204 | 3,185,769 | 3,385,334 | ||||
(/) Shares Outstanding | 381.6 | 381.6 | 381.6 | ||||
Implied Value Range | 7,825.69 | 8,348.67 | 8,871.66 | ||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 7,825.69 | 8,348.67 | 8,871.66 | 12,350.00 | |||
Upside / (Downside) | -36.6% | -32.4% | -28.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VCS | ACG | TDP | CSV | DHC | HT1 | |
Enterprise Value | 6,416,891 | 3,023,519 | 3,814,009 | 3,307,477 | 2,657,877 | 5,518,174 | |
(+) Cash & Short Term Investments | 2,540,887 | 2,207,670 | 1,038,465 | 782,685 | 991,277 | 674,112 | |
(+) Investments & Other | 0 | 895,028 | 506,218 | 0 | 5,843 | 36,323 | |
(-) Debt | (1,005,779) | (728,009) | (2,535,580) | (95,587) | (890,337) | (1,506,217) | |
(-) Other Liabilities | 0 | 0 | 0 | (49,728) | (2,151) | (9,756) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 7,952,000 | 5,398,208 | 2,823,112 | 3,944,847 | 2,762,508 | 4,712,635 | |
(/) Shares Outstanding | 160.0 | 150.8 | 88.2 | 110.5 | 96.6 | 381.6 | |
Implied Stock Price | 49,700.00 | 35,800.00 | 32,000.00 | 35,700.00 | 28,600.00 | 12,350.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 49,700.00 | 35,800.00 | 32,000.00 | 35,700.00 | 28,600.00 | 12,350.00 | |
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 |