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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19,3x - 21,3x | 20,3x |
Selected Fwd EBIT Multiple | 12,9x - 14,3x | 13,6x |
Fair Value | ₫66.393 - ₫80.846 | ₫73.620 |
Upside | 9,2% - 33,0% | 21,1% |
Benchmarks | Ticker | Full Ticker |
Vietnam Container Shipping Joint Stock Corporation | VSC | HOSE:VSC |
Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
Viettel Construction Joint Stock Corporation | CTR | HOSE:CTR |
Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
Transimex Corporation | TMS | HOSE:TMS |
CII Bridges and Roads Investment Joint Stock Company | LGC | HOSE:LGC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
VSC | HAH | CTR | HHV | TMS | LGC | ||
HOSE:VSC | HOSE:HAH | HOSE:CTR | HOSE:HHV | HOSE:TMS | HOSE:LGC | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.0% | 47.3% | NM- | 52.2% | 6.3% | 36.3% | |
3Y CAGR | 1.8% | 18.8% | NM- | NM- | -10.1% | 57.1% | |
Latest Twelve Months | -1.6% | 237.7% | 9.4% | 20.6% | 39.1% | 26.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 21.3% | 25.8% | 5.7% | 46.6% | 7.4% | 47.3% | |
Prior Fiscal Year | 19.6% | 18.6% | 5.8% | 38.0% | 7.9% | 51.6% | |
Latest Fiscal Year | 17.9% | 26.5% | 5.7% | 38.4% | 7.2% | 55.5% | |
Latest Twelve Months | 16.8% | 30.0% | 5.7% | 39.4% | 8.2% | 54.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.19x | 2.43x | 0.93x | 7.29x | 2.29x | 10.29x | |
EV / LTM EBITDA | 8.1x | 5.9x | 11.4x | 14.5x | 14.1x | 12.5x | |
EV / LTM EBIT | 13.1x | 8.1x | 16.4x | 18.5x | 28.0x | 19.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.1x | 16.4x | 28.0x | ||||
Historical EV / LTM EBIT | 20.3x | 31.9x | 78.8x | ||||
Selected EV / LTM EBIT | 19.3x | 20.3x | 21.3x | ||||
(x) LTM EBIT | 1,333,479 | 1,333,479 | 1,333,479 | ||||
(=) Implied Enterprise Value | 25,718,264 | 27,071,856 | 28,425,449 | ||||
(-) Non-shareholder Claims * | (13,673,899) | (13,673,899) | (13,673,899) | ||||
(=) Equity Value | 12,044,364 | 13,397,957 | 14,751,550 | ||||
(/) Shares Outstanding | 192.9 | 192.9 | 192.9 | ||||
Implied Value Range | 62,453.03 | 69,471.74 | 76,490.46 | ||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 62,453.03 | 69,471.74 | 76,490.46 | 60,800.00 | |||
Upside / (Downside) | 2.7% | 14.3% | 25.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VSC | HAH | CTR | HHV | TMS | LGC | |
Enterprise Value | 6,248,539 | 10,757,529 | 11,781,746 | 24,471,853 | 7,635,061 | 25,399,469 | |
(+) Cash & Short Term Investments | 1,736,804 | 1,115,547 | 0 | 207,260 | 583,406 | 958,849 | |
(+) Investments & Other | 757,861 | 179,145 | 0 | 1,103,723 | 2,365,011 | 0 | |
(-) Debt | (2,115,247) | (2,295,968) | 0 | (18,777,704) | (2,357,022) | (12,861,823) | |
(-) Other Liabilities | (375,971) | (780,548) | 0 | (1,493,874) | (1,114,330) | (1,770,926) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,251,985 | 8,975,704 | 11,781,746 | 5,511,258 | 7,112,126 | 11,725,570 | |
(/) Shares Outstanding | 374.4 | 129.9 | 114.4 | 432.3 | 169.3 | 192.9 | |
Implied Stock Price | 16,700.00 | 69,100.00 | 103,000.00 | 12,750.00 | 42,000.00 | 60,800.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 16,700.00 | 69,100.00 | 103,000.00 | 12,750.00 | 42,000.00 | 60,800.00 | |
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 |