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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Revenue Multiple | 1.5x - 1.6x | 1.5x |
| Fair Value | ₫14,338 - ₫15,905 | ₫15,122 |
| Upside | -18.1% - -9.1% | -13.6% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CII | CMNP | HAH | NCT | PDN | VSC | |||
| HOSE:CII | IDX:CMNP | HOSE:HAH | HOSE:NCT | HOSE:PDN | HOSE:VSC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.8% | 14.9% | 29.2% | 5.6% | 12.5% | 9.2% | ||
| 3Y CAGR | 1.9% | 43.5% | 26.9% | 7.4% | 14.4% | 13.8% | ||
| Latest Twelve Months | -2.0% | 61.6% | 52.8% | 31.2% | 14.6% | 27.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.2% | 28.1% | 24.9% | 35.6% | 26.2% | 21.7% | ||
| 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 | 10.10x | 2.32x | 2.07x | 2.69x | 3.19x | 1.96x | ||
| EV / LTM EBIT | 29.5x | 9.6x | 7.8x | 8.2x | 10.3x | 8.6x | ||
| Price / LTM Sales | 2.54x | 1.43x | 1.60x | 3.23x | 3.71x | 1.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.07x | 2.69x | 10.10x | |||||
| Historical EV / LTM Revenue | 1.01x | 1.65x | 1.96x | |||||
| Selected EV / LTM Revenue | 1.73x | 1.82x | 1.92x | |||||
| (x) LTM Revenue | 2,787,913 | 2,787,913 | 2,787,913 | |||||
| (=) Implied Enterprise Value | 4,830,810 | 5,085,063 | 5,339,316 | |||||
| (-) Non-shareholder Claims * | (162,414) | (162,414) | (162,414) | |||||
| (=) Equity Value | 4,668,396 | 4,922,649 | 5,176,902 | |||||
| (/) Shares Outstanding | 299.5 | 299.5 | 299.5 | |||||
| Implied Value Range | 15,587.25 | 16,436.18 | 17,285.10 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15,587.25 | 16,436.18 | 17,285.10 | 17,500.00 | ||||
| Upside / (Downside) | -10.9% | -6.1% | -1.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CII | CMNP | HAH | NCT | PDN | VSC | |
| Enterprise Value | 30,522,256 | 15,739,542 | 8,229,393 | 2,490,429 | 4,270,830 | 5,403,678 | |
| (+) 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 | 7,644,273 | 9,361,368 | 6,370,512 | 2,995,976 | 4,963,884 | 5,241,264 | |
| (/) Shares Outstanding | 548.0 | 6,020.2 | 121.3 | 26.2 | 37.0 | 299.5 | |
| Implied Stock Price | 13,950.00 | 1,555.00 | 52,500.00 | 114,500.00 | 134,000.00 | 17,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13,950.00 | 1,555.00 | 52,500.00 | 114,500.00 | 134,000.00 | 17,500.00 | |
| 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 | |