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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.5x | 0.5x |
| Selected Fwd Ps Multiple | 0.2x - 0.3x | 0.2x |
| Fair Value | ₫19,084 - ₫21,093 | ₫20,088 |
| Upside | 38.3% - 52.8% | 45.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Vietnam Tanker Joint Stock Company | - | HOSE:VTO |
| Vietnam Petroleum Transport Joint Stock Company | - | HOSE:VIP |
| Logistics Vicem Joint Stock Company | - | HOSE:HTV |
| Superdong Fast Ferry Kien Giang Joint Stock Company | - | HOSE:SKG |
| Vietnam Ocean Shipping Agency Corporation | - | HNX:VSA |
| Vietnam Ocean Shipping Joint Stock Company | - | HOSE:VOS |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| VTO | VIP | HTV | SKG | VSA | VOS | |||
| HOSE:VTO | HOSE:VIP | HOSE:HTV | HOSE:SKG | HNX:VSA | HOSE:VOS | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -5.9% | NM- | NM- | -3.4% | 4.6% | NM- | ||
| 3Y CAGR | 5.7% | NM- | NM- | 31.6% | -11.8% | NM- | ||
| Latest Twelve Months | 6.2% | 3.7% | -7.2% | -3.8% | 5.0% | 74.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 8.5% | 16.1% | 3.0% | 6.1% | 3.1% | 5.4% | ||
| Prior Fiscal Year | 5.2% | 13.4% | 0.7% | 17.0% | 3.9% | 4.9% | ||
| Latest Fiscal Year | 8.0% | 13.1% | 3.3% | 8.9% | 2.0% | 6.0% | ||
| Latest Twelve Months | 7.2% | 13.1% | 3.3% | 7.6% | NA | 6.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 1.0x | 0.2x | -13.1x | 7.3x | 1.6x | 2.2x | ||
| Price / LTM Sales | 0.9x | 1.6x | 0.4x | 1.8x | 0.3x | 0.3x | ||
| LTM P/E Ratio | 12.3x | 12.0x | 13.5x | 23.2x | 13.6x | 5.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.9x | 1.8x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.3x | 0.3x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.5x | 0.5x | |||||
| (x) LTM Sales | 5,576,123 | 5,576,123 | 5,576,123 | |||||
| (=) Equity Value | 2,645,782 | 2,785,034 | 2,924,286 | |||||
| (/) Shares Outstanding | 140.0 | 140.0 | 140.0 | |||||
| Implied Value Range | 18,898.44 | 19,893.10 | 20,887.75 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 18,898.44 | 19,893.10 | 20,887.75 | 13,800.00 | ||||
| Upside / (Downside) | 36.9% | 44.2% | 51.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VTO | VIP | HTV | SKG | VSA | VOS | |
| Value of Common Equity | 1,006,320 | 896,969 | 123,702 | 681,601 | 328,448 | 1,932,000 | |
| (/) Shares Outstanding | 79.9 | 68.5 | 13.1 | 66.5 | 14.1 | 140.0 | |
| Implied Stock Price | 12,600.00 | 13,100.00 | 9,440.00 | 10,250.00 | 23,300.00 | 13,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12,600.00 | 13,100.00 | 9,440.00 | 10,250.00 | 23,300.00 | 13,800.00 | |
| 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 | |