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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25,3x - 27,9x | 26,6x |
| Selected Fwd EBIT Multiple | 33,9x - 37,5x | 35,7x |
| Fair Value | ₫6.076 - ₫11.110 | ₫8.593 |
| Upside | -56,0% - -19,5% | -37,7% |
| Benchmarks | Ticker | Full Ticker |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Vietnam Construction and Import-Export Joint Stock Corporation | VCG | HOSE:VCG |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Gemadept Corporation | GMD | HOSE:GMD |
| Bamboo Capital Joint Stock Company | BCG | HOSE:BCG |
| Ho Chi Minh City Infrastructure Investment Joint Stock Company | CII | HOSE:CII |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMNP | VCG | HAH | GMD | BCG | CII | ||
| IDX:CMNP | HOSE:VCG | HOSE:HAH | HOSE:GMD | HOSE:BCG | HOSE:CII | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.5% | 14.5% | 47.3% | 19.8% | 73.9% | NM- | |
| 3Y CAGR | 29.6% | 33.1% | 18.8% | 24.8% | 2.1% | 57.2% | |
| Latest Twelve Months | 5.7% | 32.3% | 117.5% | 20.5% | -9.9% | 70.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.1% | 6.0% | 24.9% | 24.0% | 12.1% | 14.2% | |
| Prior Fiscal Year | 27.7% | 9.2% | 18.6% | 29.0% | 13.9% | 19.6% | |
| Latest Fiscal Year | 22.4% | 12.0% | 26.5% | 27.8% | 11.5% | 34.3% | |
| Latest Twelve Months | 24.3% | 12.0% | 26.5% | 27.8% | 11.5% | 34.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.19x | 1.51x | 2.07x | 3.95x | 5.04x | 10.05x | |
| EV / LTM EBITDA | 8.0x | 10.4x | 5.5x | 10.9x | 19.2x | 15.1x | |
| EV / LTM EBIT | 9.0x | 12.6x | 7.8x | 14.2x | 43.8x | 29.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 12.6x | 43.8x | ||||
| Historical EV / LTM EBIT | 27.4x | 29.7x | 112.7x | ||||
| Selected EV / LTM EBIT | 25.3x | 26.6x | 27.9x | ||||
| (x) LTM EBIT | 1,037,209 | 1,037,209 | 1,037,209 | ||||
| (=) Implied Enterprise Value | 26,207,484 | 27,586,825 | 28,966,167 | ||||
| (-) Non-shareholder Claims * | (22,877,983) | (22,877,983) | (22,877,983) | ||||
| (=) Equity Value | 3,329,501 | 4,708,842 | 6,088,184 | ||||
| (/) Shares Outstanding | 548.0 | 548.0 | 548.0 | ||||
| Implied Value Range | 6,075.99 | 8,593.15 | 11,110.30 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,075.99 | 8,593.15 | 11,110.30 | 13,800.00 | |||
| Upside / (Downside) | -56.0% | -37.7% | -19.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNP | VCG | HAH | GMD | BCG | CII | |
| Enterprise Value | 15,739,542 | 19,423,786 | 8,265,796 | 19,079,843 | 22,012,942 | 30,440,060 | |
| (+) Cash & Short Term Investments | 84,747 | 4,295,195 | 992,390 | 4,985,501 | 994,718 | 2,368,657 | |
| (+) Investments & Other | 576,229 | 676,635 | 173,753 | 3,840,696 | 3,454,345 | 1,023,929 | |
| (-) Debt | (5,521,180) | (8,748,295) | (2,330,258) | (2,167,383) | (11,580,423) | (23,173,638) | |
| (-) Other Liabilities | (1,517,971) | (2,957,140) | (694,766) | (1,367,502) | (11,439,957) | (3,096,931) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,361,368 | 12,690,181 | 6,406,915 | 24,371,154 | 3,441,624 | 7,562,077 | |
| (/) Shares Outstanding | 6,020.2 | 598.6 | 121.3 | 420.2 | 880.2 | 548.0 | |
| Implied Stock Price | 1,555.00 | 21,200.00 | 52,800.00 | 58,000.00 | 3,910.00 | 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) | 1,555.00 | 21,200.00 | 52,800.00 | 58,000.00 | 3,910.00 | 13,800.00 | |
| Trading Currency | IDR | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |