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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 12.0x - 14.0x | 13.0x |
| Fair Value | ₫35,926 - ₫42,674 | ₫39,235 |
| Upside | 15.7% - 37.4% | 26.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (VND in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 105,941,972 | 105,165,000 | 105,165,000 | 105,165,000 | 105,165,000 | 105,165,000 |
| % Growth | 15.7% | -0.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 11,907,838 | 7,850,000 | 8,534,000 | 8,534,000 | 8,534,000 | 8,534,000 |
| % of Revenue | 11.2% | 7.5% | 8.1% | 8.1% | 8.1% | 8.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (VND in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,850,000 | 8,534,000 | 8,534,000 | 8,534,000 | 8,534,000 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,292,000) | (5,491,000) | (5,491,000) | (5,491,000) | (5,491,000) | |
| EBIT | 2,558,000 | 3,043,000 | 3,043,000 | 3,043,000 | 3,043,000 | |
| Pro forma Taxes | (358,120) | (426,020) | (426,020) | (426,020) | (426,020) | |
| NOPAT | 5,859,459 | 2,199,880 | 2,616,980 | 2,616,980 | 2,616,980 | 2,616,980 |
| Capital Expenditures | (320,431) | (1,351,000) | (1,381,000) | (1,381,000) | (1,381,000) | (1,381,000) |
| NWC Investment | 4,321,680 | (233,148) | 0 | 0 | 0 | 0 |
| (+) D&A | 5,094,513 | 5,292,000 | 5,491,000 | 5,491,000 | 5,491,000 | 5,491,000 |
| Free Cash Flow | 14,955,221 | 5,907,732 | 6,726,980 | 6,726,980 | 6,726,980 | 6,726,980 |
| % Growth | -60% | 14% | 0% | 0% | 0% | |