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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.1x - 7.8x | 7.4x |
| Selected Fwd EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Fair Value | ₫31,366 - ₫35,320 | ₫33,343 |
| Upside | 2.0% - 14.9% | 8.4% |
| Benchmarks | Ticker | Full Ticker |
| VietJet Aviation Joint Stock Company | VJC | HOSE:VJC |
| Viglacera Corporation | VGC | HOSE:VGC |
| Gelex Electricity Joint Stock Company | GEE | HOSE:GEE |
| Gemadept Corporation | GMD | HOSE:GMD |
| PT Jasa Marga (Persero) Tbk | JSMR | IDX:JSMR |
| Vietnam Airlines JSC | HVN | HOSE:HVN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VJC | VGC | GEE | GMD | JSMR | HVN | ||
| HOSE:VJC | HOSE:VGC | HOSE:GEE | HOSE:GMD | IDX:JSMR | HOSE:HVN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.6% | 18.9% | NM- | 13.5% | 15.3% | 6.2% | |
| 3Y CAGR | NM- | 2.7% | NM- | 16.9% | 20.3% | NM- | |
| Latest Twelve Months | 3037.8% | -8.6% | 0.0% | 20.4% | 29.5% | 250.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -6.0% | 31.6% | 10.8% | 35.8% | 41.1% | -10.0% | |
| Prior Fiscal Year | -0.2% | 37.9% | 11.2% | 39.3% | 42.4% | 3.7% | |
| Latest Fiscal Year | 5.0% | 32.4% | 11.2% | 35.5% | 40.8% | 11.2% | |
| Latest Twelve Months | 5.0% | 35.5% | 11.2% | 34.6% | 40.8% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.18x | 1.76x | 1.69x | 3.10x | 3.60x | 0.77x | |
| EV / LTM EBITDA | 23.3x | 5.0x | 15.1x | 9.0x | 8.8x | 6.9x | |
| EV / LTM EBIT | 28.0x | 10.9x | 22.0x | 11.5x | 11.4x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 9.0x | 23.3x | ||||
| Historical EV / LTM EBITDA | -17.2x | -6.2x | 25.1x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 11,907,838 | 11,907,838 | 11,907,838 | ||||
| (=) Implied Enterprise Value | 84,237,944 | 88,671,520 | 93,105,096 | ||||
| (-) Non-shareholder Claims * | (13,718,043) | (13,718,043) | (13,718,043) | ||||
| (=) Equity Value | 70,519,901 | 74,953,477 | 79,387,053 | ||||
| (/) Shares Outstanding | 2,214.4 | 2,214.4 | 2,214.4 | ||||
| Implied Value Range | 31,846.14 | 33,848.30 | 35,850.46 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31,846.14 | 33,848.30 | 35,850.46 | 30,750.00 | |||
| Upside / (Downside) | 3.6% | 10.1% | 16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VJC | VGC | GEE | GMD | JSMR | HVN | |
| Enterprise Value | 84,388,511 | 21,334,222 | 28,016,857 | 15,823,369 | 103,359,327 | 81,810,663 | |
| (+) Cash & Short Term Investments | 8,384,818 | 2,449,728 | 812,958 | 4,807,747 | 4,833,110 | 5,641,942 | |
| (+) Investments & Other | 149,417 | 358,831 | 2,661,918 | 4,145,067 | 7,357,785 | 1,795,288 | |
| (-) Debt | (43,614,016) | (4,745,969) | (3,424,518) | (1,919,562) | (59,754,576) | (20,482,800) | |
| (-) Other Liabilities | (22,098) | (1,619,735) | (556,215) | (1,426,813) | (23,498,119) | (672,472) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,286,631 | 17,777,078 | 27,511,000 | 21,429,808 | 32,297,527 | 68,092,621 | |
| (/) Shares Outstanding | 541.6 | 448.4 | 366.0 | 420.2 | 7,257.9 | 2,214.4 | |
| Implied Stock Price | 91,000.00 | 39,650.00 | 75,166.67 | 51,000.00 | 4,450.00 | 30,750.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 91,000.00 | 39,650.00 | 75,166.67 | 51,000.00 | 4,450.00 | 30,750.00 | |
| Trading Currency | VND | VND | VND | VND | IDR | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |