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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,3x |
| Selected Fwd EBIT Multiple | 8,6x - 9,5x | 9,0x |
| Fair Value | ₫13.115 - ₫16.102 | ₫14.608 |
| Upside | 14,0% - 40,0% | 27,0% |
| Benchmarks | Ticker | Full Ticker |
| LILAMA 10 Joint Stock Company | L10 | HOSE:L10 |
| IDICO Infrastructure Development Investment Joint Stock Company | HTI | HOSE:HTI |
| Lam Dong Investment and Hydraulic Construction Joint-Stock Company | LHC | HNX:LHC |
| Song Da Consulting JSC | SDC | HNX:SDC |
| Song Da 5 Joint Stock Company | SD5 | HNX:SD5 |
| Song Da 9 Joint Stock Company | SD9 | HNX:SD9 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| L10 | HTI | LHC | SDC | SD5 | SD9 | ||
| HOSE:L10 | HOSE:HTI | HNX:LHC | HNX:SDC | HNX:SD5 | HNX:SD9 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 2.5% | -13.5% | 42.1% | |
| 3Y CAGR | NM- | NM- | NM- | 83.4% | -24.9% | 1.0% | |
| Latest Twelve Months | NM | NM | NM | 38.7% | -64.7% | -15.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.0% | 28.1% | 10.8% | 2.9% | 2.1% | 19.1% | |
| Prior Fiscal Year | 2.0% | 33.2% | 13.8% | 3.9% | 1.5% | 24.8% | |
| Latest Fiscal Year | 2.1% | 25.5% | 10.1% | 3.9% | 0.8% | 28.6% | |
| Latest Twelve Months | 2.0% | 25.6% | 9.3% | 3.9% | 0.5% | 28.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.08x | 1.20x | 0.86x | 0.16x | 0.04x | 2.40x | |
| EV / LTM EBITDA | 2.0x | 2.6x | 5.5x | 2.9x | 2.1x | 5.4x | |
| EV / LTM EBIT | 3.9x | 4.7x | 9.2x | 4.0x | 7.2x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 4.7x | 9.2x | ||||
| Historical EV / LTM EBIT | 7.7x | 35.8x | 36.4x | ||||
| Selected EV / LTM EBIT | 8.8x | 9.3x | 9.7x | ||||
| (x) LTM EBIT | 109,975 | 109,975 | 109,975 | ||||
| (=) Implied Enterprise Value | 967,771 | 1,018,707 | 1,069,642 | ||||
| (-) Non-shareholder Claims * | (522,615) | (522,615) | (522,615) | ||||
| (=) Equity Value | 445,156 | 496,092 | 547,027 | ||||
| (/) Shares Outstanding | 34.2 | 34.2 | 34.2 | ||||
| Implied Value Range | 13,003.34 | 14,491.20 | 15,979.05 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13,003.34 | 14,491.20 | 15,979.05 | 11,500.00 | |||
| Upside / (Downside) | 13.1% | 26.0% | 38.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | L10 | HTI | LHC | SDC | SD5 | SD9 | |
| Enterprise Value | 98,459 | 590,842 | 1,127,543 | 10,992 | 92,601 | 916,306 | |
| (+) Cash & Short Term Investments | 338,064 | 427,939 | 186,222 | 11,590 | 162,217 | 225,408 | |
| (+) Investments & Other | 26,281 | 0 | 0 | 550 | 0 | 5,343 | |
| (-) Debt | (245,955) | (577,180) | (38,584) | (4,207) | (26,019) | (587,582) | |
| (-) Other Liabilities | 0 | 0 | (242,702) | (135) | 0 | (165,785) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 216,849 | 441,601 | 1,032,480 | 18,789 | 228,799 | 393,691 | |
| (/) Shares Outstanding | 9.8 | 24.9 | 14.4 | 2.6 | 26.0 | 34.2 | |
| Implied Stock Price | 22,150.00 | 17,700.00 | 71,700.00 | 7,200.00 | 8,800.00 | 11,500.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22,150.00 | 17,700.00 | 71,700.00 | 7,200.00 | 8,800.00 | 11,500.00 | |
| 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 | |