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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 4.8x - 6.8x | 5.8x |
| Fair Value | ₫52,459 - ₫62,978 | ₫57,620 |
| Upside | 50.1% - 80.2% | 64.9% |
| 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 | 1,630,858 | 1,687,938 | 1,721,697 | 1,756,131 | 1,791,253 | 1,827,078 |
| % Growth | 6.6% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 176,443 | 182,309 | 185,955 | 189,674 | 193,468 | 197,337 |
| % of Revenue | 10.8% | 10.8% | 10.8% | 10.8% | 10.8% | 10.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (VND in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 182,309 | 185,955 | 189,674 | 193,468 | 197,337 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (32,725) | (33,379) | (34,047) | (34,728) | (35,422) | |
| EBIT | 149,584 | 152,576 | 155,627 | 158,740 | 161,915 | |
| Pro forma Taxes | (26,925) | (27,464) | (28,013) | (28,573) | (29,145) | |
| NOPAT | 119,229 | 122,659 | 125,112 | 127,614 | 130,167 | 132,770 |
| Capital Expenditures | (11,914) | (12,331) | (13,498) | (13,768) | (14,043) | (14,324) |
| NWC Investment | (3,483) | (1,960) | (1,159) | (1,182) | (1,206) | (1,230) |
| (+) D&A | 31,042 | 32,725 | 33,379 | 34,047 | 34,728 | 35,422 |
| Free Cash Flow | 134,874 | 141,093 | 143,834 | 146,711 | 149,645 | 152,638 |
| % Growth | 5% | 2% | 2% | 2% | 2% | |