Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBIT Multiple | 8.6x - 9.5x | 9.0x |
| Fair Value | ₫104,644 - ₫112,638 | ₫108,641 |
| Upside | 26.7% - 36.4% | 31.5% |
| Benchmarks | Ticker | Full Ticker |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Dinh Vu Port Development and Investment Joint Stock Company | DVP | HOSE:DVP |
| Cat Lai Port Joint Stock Company | CLL | HOSE:CLL |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| Danang Port Joint Stock Company | CDN | HNX:CDN |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NCT | DVP | CLL | PDN | CDN | SGN | ||
| HOSE:NCT | HOSE:DVP | HOSE:CLL | HOSE:PDN | HNX:CDN | HOSE:SGN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.3% | 2.6% | 0.4% | 20.3% | 10.8% | -7.7% | |
| 3Y CAGR | 3.5% | -1.2% | 6.9% | 27.2% | 8.1% | 78.6% | |
| Latest Twelve Months | 20.2% | 58.0% | 2.9% | 17.2% | 15.9% | 16.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.6% | 37.8% | 32.4% | 26.2% | 25.6% | 17.8% | |
| Prior Fiscal Year | 35.8% | 28.7% | 33.8% | 30.4% | 24.8% | 19.2% | |
| Latest Fiscal Year | 32.8% | 35.9% | 33.1% | 31.0% | 24.5% | 21.4% | |
| Latest Twelve Months | 32.8% | 35.9% | 33.1% | 31.0% | 24.5% | 21.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 2.83x | 2.67x | 3.17x | 2.25x | 1.21x | |
| EV / LTM EBITDA | 7.5x | 6.4x | 6.3x | 9.1x | 6.6x | 4.5x | |
| EV / LTM EBIT | 8.1x | 7.9x | 8.1x | 10.2x | 9.2x | 5.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.9x | 8.1x | 10.2x | ||||
| Historical EV / LTM EBIT | 5.7x | 8.1x | 36.0x | ||||
| Selected EV / LTM EBIT | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBIT | 324,409 | 324,409 | 324,409 | ||||
| (=) Implied Enterprise Value | 2,413,158 | 2,540,166 | 2,667,174 | ||||
| (-) Non-shareholder Claims * | 962,344 | 962,344 | 962,344 | ||||
| (=) Equity Value | 3,375,502 | 3,502,510 | 3,629,518 | ||||
| (/) Shares Outstanding | 33.5 | 33.5 | 33.5 | ||||
| Implied Value Range | 100,660.31 | 104,447.81 | 108,235.30 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 100,660.31 | 104,447.81 | 108,235.30 | 82,600.00 | |||
| Upside / (Downside) | 21.9% | 26.5% | 31.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NCT | DVP | CLL | PDN | CDN | SGN | |
| Enterprise Value | 2,451,180 | 1,850,691 | 855,139 | 4,233,786 | 3,220,215 | 1,807,530 | |
| (+) Cash & Short Term Investments | 440,498 | 1,174,281 | 284,562 | 690,750 | 646,963 | 1,059,488 | |
| (+) Investments & Other | 65,050 | 103,027 | 85,998 | 70,965 | 31,963 | 0 | |
| (-) Debt | 0 | 0 | (2,719) | (68,661) | (434,141) | 0 | |
| (-) Other Liabilities | 0 | 0 | (19,380) | 0 | 0 | (97,144) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,956,728 | 3,128,000 | 1,203,600 | 4,926,840 | 3,465,000 | 2,769,875 | |
| (/) Shares Outstanding | 26.2 | 40.0 | 34.0 | 37.0 | 99.0 | 33.5 | |
| Implied Stock Price | 113,000.00 | 78,200.00 | 35,400.00 | 133,000.00 | 35,000.00 | 82,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 113,000.00 | 78,200.00 | 35,400.00 | 133,000.00 | 35,000.00 | 82,600.00 | |
| 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 | |