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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.8x - 9.8x | 9.3x |
| Selected Fwd EBIT Multiple | 8.3x - 9.2x | 8.7x |
| Fair Value | ₫14,317 - ₫15,881 | ₫15,099 |
| Upside | -19.1% - -10.3% | -14.7% |
| Benchmarks | Ticker | Full Ticker |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CII | CMNP | HAH | NCT | PDN | VSC | ||
| HOSE:CII | IDX:CMNP | HOSE:HAH | HOSE:NCT | HOSE:PDN | HOSE:VSC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 13.5% | 47.3% | 3.3% | 20.3% | 13.3% | |
| 3Y CAGR | 57.2% | 29.6% | 18.8% | 3.5% | 27.2% | 10.3% | |
| Latest Twelve Months | 70.9% | 5.7% | 117.5% | 20.2% | 17.2% | 16.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.2% | 28.1% | 24.9% | 35.6% | 26.2% | 21.4% | |
| Prior Fiscal Year | 19.6% | 27.7% | 18.6% | 35.8% | 30.4% | 19.6% | |
| Latest Fiscal Year | 34.3% | 22.4% | 26.5% | 32.8% | 31.0% | 17.9% | |
| Latest Twelve Months | 34.3% | 24.3% | 26.5% | 32.8% | 31.0% | 17.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.06x | 2.19x | 2.07x | 2.67x | 3.17x | 1.97x | |
| EV / LTM EBITDA | 15.1x | 8.0x | 5.5x | 7.5x | 9.1x | 7.5x | |
| EV / LTM EBIT | 29.4x | 9.0x | 7.8x | 8.1x | 10.2x | 11.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 9.0x | 29.4x | ||||
| Historical EV / LTM EBIT | 4.4x | 8.7x | 11.0x | ||||
| Selected EV / LTM EBIT | 8.8x | 9.3x | 9.8x | ||||
| (x) LTM EBIT | 499,083 | 499,083 | 499,083 | ||||
| (=) Implied Enterprise Value | 4,410,068 | 4,642,177 | 4,874,286 | ||||
| (-) Non-shareholder Claims * | (162,414) | (162,414) | (162,414) | ||||
| (=) Equity Value | 4,247,654 | 4,479,763 | 4,711,872 | ||||
| (/) Shares Outstanding | 299.5 | 299.5 | 299.5 | ||||
| Implied Value Range | 14,182.45 | 14,957.43 | 15,732.42 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 14,182.45 | 14,957.43 | 15,732.42 | 17,700.00 | |||
| Upside / (Downside) | -19.9% | -15.5% | -11.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CII | CMNP | HAH | NCT | PDN | VSC | |
| Enterprise Value | 30,494,857 | 15,739,542 | 8,338,602 | 2,451,180 | 4,233,786 | 5,463,579 | |
| (+) Cash & Short Term Investments | 2,368,657 | 84,747 | 992,390 | 440,498 | 690,750 | 1,403,382 | |
| (+) Investments & Other | 1,023,929 | 576,229 | 173,753 | 65,050 | 70,965 | 759,362 | |
| (-) Debt | (23,173,638) | (5,521,180) | (2,330,258) | 0 | (68,661) | (1,950,053) | |
| (-) Other Liabilities | (3,096,931) | (1,517,971) | (694,766) | 0 | 0 | (375,106) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,616,875 | 9,361,368 | 6,479,721 | 2,956,728 | 4,926,840 | 5,301,164 | |
| (/) Shares Outstanding | 548.0 | 6,020.2 | 121.3 | 26.2 | 37.0 | 299.5 | |
| Implied Stock Price | 13,900.00 | 1,555.00 | 53,400.00 | 113,000.00 | 133,000.00 | 17,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13,900.00 | 1,555.00 | 53,400.00 | 113,000.00 | 133,000.00 | 17,700.00 | |
| Trading Currency | VND | IDR | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |