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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,5x - 17,1x | 16,3x |
| Selected Fwd EBIT Multiple | 5,3x - 5,8x | 5,5x |
| Fair Value | ₫26.888 - ₫28.563 | ₫27.725 |
| Upside | 18,4% - 25,8% | 22,1% |
| Benchmarks | Ticker | Full Ticker |
| Danang Airports Services Joint-Stock Company | MAS | HNX:MAS |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
| An Giang Port Joint-Stock Company | CAG | HNX:CAG |
| Marine Supply and Engineering Service Joint Stock Company | MAC | HNX:MAC |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MAS | NAP | CIA | CAG | MAC | VMS | ||
| HNX:MAS | HNX:NAP | HNX:CIA | HNX:CAG | HNX:MAC | HNX:VMS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -17.8% | 22.0% | NM- | NM- | NM- | 10.6% | |
| 3Y CAGR | NM- | 10.7% | NM- | NM- | NM- | 2.5% | |
| Latest Twelve Months | 62.0% | -14.1% | 77.3% | -4701.1% | -182.6% | -14.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.8% | 6.9% | -35.3% | 3.7% | 1.8% | 3.6% | |
| Prior Fiscal Year | 3.2% | 9.6% | -8.4% | -0.3% | 9.8% | 5.2% | |
| Latest Fiscal Year | 4.2% | 9.4% | -1.5% | -21.6% | -5.0% | 3.4% | |
| Latest Twelve Months | 4.2% | 9.4% | -1.5% | -21.6% | -5.0% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 0.91x | 0.10x | 1.30x | 1.76x | 0.60x | |
| EV / LTM EBITDA | 10.6x | 3.8x | -539.1x | -42.9x | -216.3x | 11.7x | |
| EV / LTM EBIT | 20.3x | 9.7x | -6.9x | -6.0x | -35.4x | 17.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -35.4x | -6.0x | 20.3x | ||||
| Historical EV / LTM EBIT | -4.1x | 13.2x | 24.1x | ||||
| Selected EV / LTM EBIT | 15.5x | 16.3x | 17.1x | ||||
| (x) LTM EBIT | 7,288 | 7,288 | 7,288 | ||||
| (=) Implied Enterprise Value | 112,910 | 118,853 | 124,795 | ||||
| (-) Non-shareholder Claims * | 98,766 | 98,766 | 98,766 | ||||
| (=) Equity Value | 211,676 | 217,619 | 223,562 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 23,519.59 | 24,179.88 | 24,840.18 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23,519.59 | 24,179.88 | 24,840.18 | 22,700.00 | |||
| Upside / (Downside) | 3.6% | 6.5% | 9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAS | NAP | CIA | CAG | MAC | VMS | |
| Enterprise Value | 152,541 | 208,926 | 12,355 | 49,975 | 221,849 | 105,534 | |
| (+) Cash & Short Term Investments | 16,758 | 16,413 | 127,600 | 62,824 | 156,557 | 87,052 | |
| (+) Investments & Other | 0 | 4,860 | 47,103 | 3,121 | 1,200 | 11,714 | |
| (-) Debt | (3,286) | (6,420) | (445) | 0 | (12,691) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (35,353) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 166,013 | 223,779 | 186,612 | 115,920 | 331,560 | 204,300 | |
| (/) Shares Outstanding | 4.3 | 21.5 | 18.7 | 13.8 | 15.1 | 9.0 | |
| Implied Stock Price | 38,900.00 | 10,400.00 | 10,000.00 | 8,400.00 | 21,900.00 | 22,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38,900.00 | 10,400.00 | 10,000.00 | 8,400.00 | 21,900.00 | 22,700.00 | |
| 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 | |