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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.7x - 9.6x | 9.1x |
| Selected Fwd EBIT Multiple | 5.5x - 6.0x | 5.7x |
| Fair Value | ₫72,871 - ₫79,211 | ₫76,041 |
| Upside | 25.9% - 36.8% | 31.3% |
| Benchmarks | Ticker | Full Ticker |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| ASG Corporation | ASG | HOSE:ASG |
| South Logistics Joint Stock Company | STG | HOSE:STG |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Saigon Cargo Service Corporation | SCS | HOSE:SCS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMNP | HHV | ASG | STG | HAH | SCS | ||
| IDX:CMNP | HOSE:HHV | HOSE:ASG | HOSE:STG | HOSE:HAH | HOSE:SCS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.0% | 52.2% | NM- | 2.5% | 47.3% | 6.7% | |
| 3Y CAGR | 20.2% | NM- | 7.2% | -15.0% | 18.8% | 8.4% | |
| Latest Twelve Months | 0.4% | 24.5% | 39.3% | 91.6% | 117.5% | 50.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.6% | 47.6% | 7.4% | 7.7% | 24.9% | 70.7% | |
| Prior Fiscal Year | 22.4% | 38.0% | 3.3% | 4.7% | 18.6% | 68.6% | |
| Latest Fiscal Year | 41.8% | 38.4% | 4.6% | 6.5% | 26.5% | 70.4% | |
| Latest Twelve Months | 41.8% | 38.4% | 4.6% | 6.5% | 26.5% | 70.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.08x | 7.63x | 0.81x | 1.08x | 2.20x | 4.11x | |
| EV / LTM EBITDA | 8.6x | 15.6x | 7.7x | 9.1x | 5.8x | 5.5x | |
| EV / LTM EBIT | 9.8x | 19.9x | 17.6x | 16.6x | 8.3x | 5.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 16.6x | 19.9x | ||||
| Historical EV / LTM EBIT | 5.8x | 11.6x | 14.2x | ||||
| Selected EV / LTM EBIT | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBIT | 729,679 | 729,679 | 729,679 | ||||
| (=) Implied Enterprise Value | 6,320,238 | 6,652,882 | 6,985,526 | ||||
| (-) Non-shareholder Claims * | 1,199,389 | 1,199,389 | 1,199,389 | ||||
| (=) Equity Value | 7,519,626 | 7,852,270 | 8,184,915 | ||||
| (/) Shares Outstanding | 94.9 | 94.9 | 94.9 | ||||
| Implied Value Range | 79,248.24 | 82,753.93 | 86,259.61 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 79,248.24 | 82,753.93 | 86,259.61 | 57,900.00 | |||
| Upside / (Downside) | 36.9% | 42.9% | 49.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNP | HHV | ASG | STG | HAH | SCS | |
| Enterprise Value | 18,415,190 | 5,100,615 | 1,650,573 | 2,662,238 | 9,340,800 | 4,294,568 | |
| (+) Cash & Short Term Investments | 132,901 | 0 | 1,193,013 | 609,928 | 992,390 | 1,271,289 | |
| (+) Investments & Other | 550,603 | 0 | 242,357 | 606,195 | 173,753 | 0 | |
| (-) Debt | (6,641,194) | 0 | (774,056) | (214,479) | (2,330,258) | 0 | |
| (-) Other Liabilities | (1,470,459) | 0 | (718,616) | (126,761) | (694,766) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (71,900) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,987,041 | 5,100,615 | 1,593,271 | 3,537,121 | 7,481,918 | 5,493,956 | |
| (/) Shares Outstanding | 6,020.3 | 432.3 | 90.8 | 98.3 | 129.9 | 94.9 | |
| Implied Stock Price | 1,825.00 | 11,800.00 | 17,550.00 | 36,000.00 | 57,600.00 | 57,900.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,825.00 | 11,800.00 | 17,550.00 | 36,000.00 | 57,600.00 | 57,900.00 | |
| Trading Currency | IDR | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |