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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,2x - 8,0x | 7,6x |
| Selected Fwd EBITDA Multiple | 3,3x - 3,6x | 3,4x |
| Fair Value | ₫22.133 - ₫23.308 | ₫22.721 |
| Upside | 10,1% - 16,0% | 13,0% |
| Benchmarks | Ticker | Full Ticker |
| Danang Airports Services Joint-Stock Company | MAS | HNX:MAS |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Marine Supply and Engineering Service Joint Stock Company | MAC | HNX:MAC |
| An Giang Port Joint-Stock Company | CAG | HNX:CAG |
| Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MAS | NAP | MAC | CAG | CIA | VMS | ||
| HNX:MAS | HNX:NAP | HNX:MAC | HNX:CAG | HNX:CIA | HNX:VMS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -17.2% | 6.3% | NM- | NM- | NM- | 4.6% | |
| 3Y CAGR | NM- | 8.1% | NM- | NM- | NM- | 12.5% | |
| Latest Twelve Months | 6.0% | -1.5% | -109.0% | -116.7% | 99.6% | -12.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.1% | 19.5% | 6.7% | 0.6% | -18.4% | 4.8% | |
| Prior Fiscal Year | 9.3% | 21.1% | 14.8% | 11.8% | -6.1% | 7.6% | |
| Latest Fiscal Year | 8.1% | 23.8% | -0.8% | -3.0% | 0.0% | 5.1% | |
| Latest Twelve Months | 8.1% | 23.8% | -0.8% | -3.0% | 0.0% | 5.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.74x | 1.00x | 1.93x | 1.01x | 0.04x | 0.38x | |
| EV / LTM EBITDA | 9.2x | 4.2x | -237.3x | -33.4x | -213.4x | 7.5x | |
| EV / LTM EBIT | 17.5x | 10.7x | -38.9x | -4.7x | -2.7x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -237.3x | -33.4x | 9.2x | ||||
| Historical EV / LTM EBITDA | -2.5x | 7.5x | 21.0x | ||||
| Selected EV / LTM EBITDA | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBITDA | 10,879 | 10,879 | 10,879 | ||||
| (=) Implied Enterprise Value | 78,762 | 82,907 | 87,052 | ||||
| (-) Non-shareholder Claims * | 98,766 | 98,766 | 98,766 | ||||
| (=) Equity Value | 177,528 | 181,673 | 185,819 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 19,725.32 | 20,185.91 | 20,646.51 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19,725.32 | 20,185.91 | 20,646.51 | 20,100.00 | |||
| Upside / (Downside) | -1.9% | 0.4% | 2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAS | NAP | MAC | CAG | CIA | VMS | |
| Enterprise Value | 131,630 | 208,926 | 238,502 | 38,935 | 4,891 | 82,134 | |
| (+) Cash & Short Term Investments | 16,758 | 16,413 | 156,557 | 62,824 | 127,600 | 87,052 | |
| (+) Investments & Other | 0 | 4,860 | 1,200 | 3,121 | 47,103 | 11,714 | |
| (-) Debt | (3,286) | (6,420) | (12,691) | 0 | (445) | 0 | |
| (-) Other Liabilities | 0 | 0 | (35,353) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 145,101 | 223,779 | 348,214 | 104,880 | 179,148 | 180,900 | |
| (/) Shares Outstanding | 4.3 | 21.5 | 15.1 | 13.8 | 18.7 | 9.0 | |
| Implied Stock Price | 34,000.00 | 10,400.00 | 23,000.00 | 7,600.00 | 9,600.00 | 20,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34,000.00 | 10,400.00 | 23,000.00 | 7,600.00 | 9,600.00 | 20,100.00 | |
| 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 | |