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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,4x - 2,7x | 2,5x |
| Selected Fwd Revenue Multiple | 2,6x - 2,8x | 2,7x |
| Fair Value | ₫25.746 - ₫29.741 | ₫27.743 |
| Upside | 22,0% - 41,0% | 31,5% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VC2 | DTD | VC7 | L14 | VNE | CSC | |||
| HNX:VC2 | HNX:DTD | HNX:VC7 | HNX:L14 | HOSE:VNE | HNX:CSC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -0.8% | 1.7% | 18.1% | -11.9% | -10.7% | 6.4% | ||
| 3Y CAGR | 11.7% | NM- | 33.1% | NM- | -29.5% | NM- | ||
| Latest Twelve Months | 6.5% | -37.0% | -19.8% | 15.8% | -38.0% | 19.7% | ||
| 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 | 0.68x | 1.74x | 2.41x | 4.68x | 3.19x | 2.19x | ||
| EV / LTM EBIT | 10.5x | 4.6x | 34.9x | 15.9x | -17.4x | 33.2x | ||
| Price / LTM Sales | 0.46x | 2.33x | 3.03x | 6.61x | 0.67x | 1.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.68x | 2.41x | 4.68x | |||||
| Historical EV / LTM Revenue | 2.28x | 2.60x | 10.53x | |||||
| Selected EV / LTM Revenue | 2.42x | 2.55x | 2.67x | |||||
| (x) LTM Revenue | 625,889 | 625,889 | 625,889 | |||||
| (=) Implied Enterprise Value | 1,513,693 | 1,593,361 | 1,673,029 | |||||
| (-) Non-shareholder Claims * | (502,368) | (502,368) | (502,368) | |||||
| (=) Equity Value | 1,011,325 | 1,090,993 | 1,170,661 | |||||
| (/) Shares Outstanding | 41.1 | 41.1 | 41.1 | |||||
| Implied Value Range | 24,576.62 | 26,512.66 | 28,448.71 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24,576.62 | 26,512.66 | 28,448.71 | 21,100.00 | ||||
| Upside / (Downside) | 16.5% | 25.7% | 34.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VC2 | DTD | VC7 | L14 | VNE | CSC | |
| Enterprise Value | 799,948 | 888,577 | 714,103 | 681,637 | 1,925,343 | 1,370,631 | |
| (+) 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 | 543,278 | 1,180,360 | 893,642 | 962,811 | 403,712 | 868,262 | |
| (/) Shares Outstanding | 68.8 | 66.7 | 96.1 | 30.9 | 82.1 | 41.1 | |
| Implied Stock Price | 7,900.00 | 17,700.00 | 9,300.00 | 31,200.00 | 4,920.00 | 21,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,900.00 | 17,700.00 | 9,300.00 | 31,200.00 | 4,920.00 | 21,100.00 | |
| 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 | |