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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 38,5x - 42,6x | 40,5x |
Selected Fwd EBIT Multiple | 19,2x - 21,2x | 20,2x |
Fair Value | ₫27.002 - ₫31.130 | ₫29.066 |
Upside | 30,4% - 50,4% | 40,4% |
Benchmarks | Ticker | Full Ticker |
Vina2 Invest and Construction Joint Stock Company | VC2 | HNX:VC2 |
Thanh Dat Investment Development Joint Stock Company | DTD | HNX:DTD |
BGI Group Joint Stock Company | VC7 | HNX:VC7 |
Licogi 14 Joint Stock Company | L14 | HNX:L14 |
Vietnam Electricity Construction Joint Stock Corporation | VNE | HOSE:VNE |
Cotana Group Joint Stock Company | CSC | HNX:CSC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
VC2 | DTD | VC7 | L14 | VNE | CSC | ||
HNX:VC2 | HNX:DTD | HNX:VC7 | HNX:L14 | HOSE:VNE | HNX:CSC | ||
Historical EBIT Growth | |||||||
5Y CAGR | -2.1% | 20.1% | NM- | -16.0% | NM- | 22.5% | |
3Y CAGR | 1.0% | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | 96.7% | -52.1% | -57.4% | 343.4% | -213.4% | -52.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.7% | 35.8% | 3.0% | 23.1% | 2.9% | 10.4% | |
Prior Fiscal Year | 4.1% | 49.7% | 12.9% | 5.5% | 9.6% | 18.8% | |
Latest Fiscal Year | 5.8% | 37.8% | 7.0% | 25.7% | -13.3% | 4.5% | |
Latest Twelve Months | 6.5% | 37.8% | 6.9% | 29.4% | -18.4% | 6.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.65x | 1.67x | 2.28x | 4.28x | 3.20x | 2.16x | |
EV / LTM EBITDA | 8.9x | 2.9x | 21.6x | NA | -38.8x | 30.2x | |
EV / LTM EBIT | 10.1x | 4.4x | 33.0x | 14.5x | -17.4x | 32.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -17.4x | 10.1x | 33.0x | ||||
Historical EV / LTM EBIT | -787.9x | 17.8x | 212.0x | ||||
Selected EV / LTM EBIT | 38.5x | 40.5x | 42.6x | ||||
(x) LTM EBIT | 41,276 | 41,276 | 41,276 | ||||
(=) Implied Enterprise Value | 1,590,017 | 1,673,702 | 1,757,387 | ||||
(-) Non-shareholder Claims * | (502,368) | (502,368) | (502,368) | ||||
(=) Equity Value | 1,087,649 | 1,171,334 | 1,255,019 | ||||
(/) Shares Outstanding | 41.1 | 41.1 | 41.1 | ||||
Implied Value Range | 26,431.40 | 28,465.07 | 30,498.73 | ||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 26,431.40 | 28,465.07 | 30,498.73 | 20,700.00 | |||
Upside / (Downside) | 27.7% | 37.5% | 47.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VC2 | DTD | VC7 | L14 | VNE | CSC | |
Enterprise Value | 772,441 | 828,559 | 666,058 | 623,005 | 1,925,343 | 1,354,171 | |
(+) Cash & Short Term Investments | 247,032 | 607,608 | 10,129 | 237,409 | 37,768 | 156,860 | |
(+) Investments & Other | 440,076 | 17,727 | 316,233 | 56,100 | 39,767 | 16,394 | |
(-) Debt | (927,808) | (89,633) | (137,336) | (12,335) | (1,581,043) | (429,596) | |
(-) Other Liabilities | (15,970) | (243,919) | (9,487) | 0 | (18,123) | (246,027) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 515,771 | 1,120,341 | 845,597 | 904,178 | 403,712 | 851,803 | |
(/) Shares Outstanding | 68.8 | 66.7 | 96.1 | 30.9 | 82.1 | 41.1 | |
Implied Stock Price | 7,500.00 | 16,800.00 | 8,800.00 | 29,300.00 | 4,920.00 | 20,700.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7,500.00 | 16,800.00 | 8,800.00 | 29,300.00 | 4,920.00 | 20,700.00 | |
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 |