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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,1x - 7,9x | 7,5x |
| Selected Fwd EBITDA Multiple | 8,7x - 9,7x | 9,2x |
| Fair Value | ₫16.484 - ₫18.153 | ₫17.318 |
| Upside | 11,4% - 22,7% | 17,0% |
| Benchmarks | Ticker | Full Ticker |
| Bac Kan Mineral Joint Stock Corporation | BKC | HNX:BKC |
| Song Hong Aluminium Joint Stock Company | NSH | HNX:NSH |
| TNT Group Joint Stock Company | TNT | HOSE:TNT |
| Thien Quang Group Joint Stock Company | ITQ | HNX:ITQ |
| Dai Thien Loc Corporation | DTL | HOSE:DTL |
| Tung Kuang Industrial Joint Stock Company | TKU | HNX:TKU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BKC | NSH | TNT | ITQ | DTL | TKU | ||
| HNX:BKC | HNX:NSH | HOSE:TNT | HNX:ITQ | HOSE:DTL | HNX:TKU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.7% | -1.5% | NM- | NM- | -24.4% | 2.1% | |
| 3Y CAGR | 31.9% | 13.1% | NM- | NM- | -48.8% | -13.1% | |
| Latest Twelve Months | 185.9% | -17.5% | 58.9% | NM | 292.3% | 192.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.7% | 5.1% | 1.7% | 3.1% | 8.2% | 11.9% | |
| Prior Fiscal Year | 6.7% | 5.4% | 1.6% | 4.0% | -0.7% | 2.9% | |
| Latest Fiscal Year | 14.7% | 5.0% | 1.7% | 2.7% | 1.4% | 11.9% | |
| Latest Twelve Months | 15.2% | 4.5% | 1.7% | 2.7% | 1.4% | 12.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.04x | 0.54x | 0.18x | 0.36x | 0.79x | 0.81x | |
| EV / LTM EBITDA | 6.8x | 11.9x | 10.5x | 13.4x | 55.7x | 6.4x | |
| EV / LTM EBIT | 8.0x | 17.1x | 10.6x | 28.2x | -46.5x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.8x | 11.9x | 55.7x | ||||
| Historical EV / LTM EBITDA | 5.1x | 6.4x | 23.6x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 106,614 | 106,614 | 106,614 | ||||
| (=) Implied Enterprise Value | 758,347 | 798,261 | 838,174 | ||||
| (-) Non-shareholder Claims * | 29,697 | 29,697 | 29,697 | ||||
| (=) Equity Value | 788,045 | 827,958 | 867,871 | ||||
| (/) Shares Outstanding | 46.9 | 46.9 | 46.9 | ||||
| Implied Value Range | 16,809.32 | 17,660.68 | 18,512.05 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,809.32 | 17,660.68 | 18,512.05 | 14,800.00 | |||
| Upside / (Downside) | 13.6% | 19.3% | 25.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BKC | NSH | TNT | ITQ | DTL | TKU | |
| Enterprise Value | 550,220 | 569,584 | 240,720 | 198,249 | 1,565,886 | 664,148 | |
| (+) Cash & Short Term Investments | 32,770 | 3,841 | 0 | 16,295 | 4,515 | 295,539 | |
| (+) Investments & Other | 26,570 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (91,926) | (490,651) | 0 | (138,120) | (915,586) | (265,842) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 517,634 | 82,774 | 240,720 | 76,424 | 654,815 | 693,845 | |
| (/) Shares Outstanding | 11.7 | 20.7 | 51.0 | 31.8 | 60.6 | 46.9 | |
| Implied Stock Price | 44,100.00 | 4,000.00 | 4,720.00 | 2,400.00 | 10,800.00 | 14,800.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44,100.00 | 4,000.00 | 4,720.00 | 2,400.00 | 10,800.00 | 14,800.00 | |
| 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 | |