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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,3x - 6,9x | 6,6x |
| Selected Fwd EBITDA Multiple | 2,3x - 2,5x | 2,4x |
| Fair Value | ₫21.582 - ₫24.012 | ₫22.797 |
| Upside | 36,6% - 52,0% | 44,3% |
| Benchmarks | Ticker | Full Ticker |
| Dien Quang Group Joint Stock Company | DQC | HOSE:DQC |
| Tiasang Battery Joint stock company | TSB | HNX:TSB |
| Hanoi Battery Joint Stock Company | PHN | HNX:PHN |
| COKYVINA Joint Stock Company | CKV | HNX:CKV |
| Viet Thai Electric Cable Corporation | VTH | HNX:VTH |
| Taya Viet Nam Electric Wire and Cable Joint Stock Company | TYA | HOSE:TYA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DQC | TSB | PHN | CKV | VTH | TYA | ||
| HOSE:DQC | HNX:TSB | HNX:PHN | HNX:CKV | HNX:VTH | HOSE:TYA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -8.4% | NM- | NM- | NM- | -3.2% | |
| 3Y CAGR | NM- | -4.6% | NM- | NM- | NM- | 1.8% | |
| Latest Twelve Months | -3819.5% | -1.2% | 7.4% | 1607.4% | NM | 149.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.3% | 7.0% | 0.0% | 0.1% | 0.0% | 4.9% | |
| Prior Fiscal Year | 0.2% | 6.7% | 17.7% | -0.1% | NA | 3.2% | |
| Latest Fiscal Year | -8.9% | 5.7% | 17.9% | 1.1% | NA | 6.2% | |
| Latest Twelve Months | -8.9% | 5.7% | 17.9% | 1.1% | NA | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.28x | 1.44x | 1.01x | 0.02x | 0.38x | 0.28x | |
| EV / LTM EBITDA | -3.2x | 25.2x | NA | 2.2x | NA | 4.6x | |
| EV / LTM EBIT | -2.3x | 48.4x | 5.9x | 6.7x | 10.0x | 5.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.2x | 2.2x | 25.2x | ||||
| Historical EV / LTM EBITDA | 4.6x | 8.0x | 9.3x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.6x | 6.9x | ||||
| (x) LTM EBITDA | 115,490 | 115,490 | 115,490 | ||||
| (=) Implied Enterprise Value | 722,657 | 760,692 | 798,726 | ||||
| (-) Non-shareholder Claims * | (46,117) | (46,117) | (46,117) | ||||
| (=) Equity Value | 676,540 | 714,575 | 752,610 | ||||
| (/) Shares Outstanding | 30.7 | 30.7 | 30.7 | ||||
| Implied Value Range | 22,051.10 | 23,290.79 | 24,530.49 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,051.10 | 23,290.79 | 24,530.49 | 15,800.00 | |||
| Upside / (Downside) | 39.6% | 47.4% | 55.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DQC | TSB | PHN | CKV | VTH | TYA | |
| Enterprise Value | 229,169 | 259,895 | 452,585 | 21,610 | 290,029 | 530,870 | |
| (+) Cash & Short Term Investments | 94,382 | 37,351 | 64,040 | 30,400 | 56,387 | 542,387 | |
| (+) Investments & Other | 144,876 | 0 | 19,356 | 14,017 | 0 | 0 | |
| (-) Debt | (162,273) | (27,427) | (4,994) | (12,266) | (282,426) | (588,504) | |
| (-) Other Liabilities | (14,039) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 292,115 | 269,819 | 530,986 | 53,761 | 63,990 | 484,753 | |
| (/) Shares Outstanding | 27.6 | 6.7 | 7.3 | 4.0 | 7.9 | 30.7 | |
| Implied Stock Price | 10,600.00 | 40,000.00 | 73,200.00 | 13,400.00 | 8,100.00 | 15,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,600.00 | 40,000.00 | 73,200.00 | 13,400.00 | 8,100.00 | 15,800.00 | |
| 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 | |