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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.2x |
| Fair Value | ₫94,891 - ₫101,583 | ₫98,237 |
| Upside | 42.9% - 53.0% | 47.9% |
| Benchmarks | Ticker | Full Ticker |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Cat Lai Port Joint Stock Company | CLL | HOSE:CLL |
| Dinh Vu Port Development and Investment Joint Stock Company | DVP | HOSE:DVP |
| Tan Cang Logistics and Stevedoring Joint Stock Company | TCL | HOSE:TCL |
| Danang Port Joint Stock Company | CDN | HNX:CDN |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NCT | CLL | DVP | TCL | CDN | SGN | ||
| HOSE:NCT | HOSE:CLL | HOSE:DVP | HOSE:TCL | HNX:CDN | HOSE:SGN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.3% | 0.4% | 2.6% | NM- | 10.8% | -5.9% | |
| 3Y CAGR | 3.5% | 6.9% | -1.2% | NM- | 8.1% | 84.3% | |
| Latest Twelve Months | 21.2% | 2.9% | 3.5% | NM | 14.8% | 32.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.5% | 32.6% | 37.6% | 9.0% | 25.5% | 17.6% | |
| Prior Fiscal Year | 35.8% | 33.8% | 28.7% | 8.8% | 24.8% | 19.2% | |
| Latest Fiscal Year | 32.8% | 33.1% | 35.9% | 8.9% | 24.5% | 23.5% | |
| Latest Twelve Months | 32.8% | 33.4% | 36.0% | 9.3% | 25.0% | 23.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.24x | 2.42x | 2.81x | 0.42x | 1.93x | 0.75x | |
| EV / LTM EBITDA | 6.3x | 5.8x | 6.4x | 3.8x | 5.5x | 2.6x | |
| EV / LTM EBIT | 6.8x | 7.3x | 7.8x | 4.5x | 7.7x | 3.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 7.3x | 7.8x | ||||
| Historical EV / LTM EBIT | 6.7x | 8.1x | 36.0x | ||||
| Selected EV / LTM EBIT | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBIT | 373,286 | 373,286 | 373,286 | ||||
| (=) Implied Enterprise Value | 2,012,928 | 2,118,872 | 2,224,816 | ||||
| (-) Non-shareholder Claims * | 1,050,186 | 1,050,186 | 1,050,186 | ||||
| (=) Equity Value | 3,063,115 | 3,169,058 | 3,275,002 | ||||
| (/) Shares Outstanding | 33.5 | 33.5 | 33.5 | ||||
| Implied Value Range | 91,344.67 | 94,504.00 | 97,663.33 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 91,344.67 | 94,504.00 | 97,663.33 | 66,400.00 | |||
| Upside / (Downside) | 37.6% | 42.3% | 47.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NCT | CLL | DVP | TCL | CDN | SGN | |
| Enterprise Value | 2,188,077 | 774,488 | 1,974,924 | 702,902 | 2,834,916 | 1,176,444 | |
| (+) Cash & Short Term Investments | 439,327 | 300,461 | 1,098,049 | 165,041 | 674,481 | 1,155,307 | |
| (+) Investments & Other | 65,050 | 87,905 | 103,027 | 134,534 | 30,090 | 0 | |
| (-) Debt | 0 | (2,583) | 0 | (7,249) | (420,986) | 0 | |
| (-) Other Liabilities | 0 | (19,571) | 0 | 0 | 0 | (105,121) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,692,454 | 1,140,700 | 3,176,000 | 995,228 | 3,118,500 | 2,226,630 | |
| (/) Shares Outstanding | 26.2 | 34.0 | 40.0 | 30.2 | 99.0 | 33.5 | |
| Implied Stock Price | 102,900.00 | 33,550.00 | 79,400.00 | 33,000.00 | 31,500.00 | 66,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 102,900.00 | 33,550.00 | 79,400.00 | 33,000.00 | 31,500.00 | 66,400.00 | |
| 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 | |