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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,6x - 5,1x | 4,9x |
| Selected Fwd EBITDA Multiple | 4,7x - 5,2x | 4,9x |
| Fair Value | ₫40.312 - ₫43.259 | ₫41.785 |
| Upside | 15,3% - 23,8% | 19,6% |
| Benchmarks | Ticker | Full Ticker |
| Doan Xa Port Joint Stock Company | DXP | HNX:DXP |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| Tan Cang Logistics and Stevedoring Joint Stock Company | TCL | HOSE:TCL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DXP | NAP | SGN | PDN | VMS | TCL | ||
| HNX:DXP | HNX:NAP | HOSE:SGN | HOSE:PDN | HNX:VMS | HOSE:TCL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.8% | 6.3% | -5.0% | 16.5% | 4.6% | NM- | |
| 3Y CAGR | 36.5% | 8.1% | 35.2% | 21.7% | 12.5% | NM- | |
| Latest Twelve Months | 60.3% | -10.3% | 22.4% | 13.5% | 6.5% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.8% | 19.7% | 30.0% | 32.5% | 4.9% | 10.8% | |
| Prior Fiscal Year | 12.5% | 21.1% | 25.2% | 35.1% | 7.6% | 10.8% | |
| Latest Fiscal Year | 9.0% | 23.8% | 29.1% | 34.8% | 5.1% | 10.8% | |
| Latest Twelve Months | 11.8% | 23.8% | 28.7% | 35.4% | 6.5% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 1.68x | 0.74x | 3.09x | 0.52x | 0.40x | |
| EV / LTM EBITDA | 2.9x | 7.0x | 2.6x | 8.7x | 8.0x | 3.9x | |
| EV / LTM EBIT | 3.0x | 19.5x | 3.2x | 9.7x | 13.2x | 4.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 7.0x | 8.7x | ||||
| Historical EV / LTM EBITDA | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBITDA | 4.6x | 4.9x | 5.1x | ||||
| (x) LTM EBITDA | 177,007 | 177,007 | 177,007 | ||||
| (=) Implied Enterprise Value | 819,028 | 862,135 | 905,242 | ||||
| (-) Non-shareholder Claims * | 371,420 | 371,420 | 371,420 | ||||
| (=) Equity Value | 1,190,449 | 1,233,555 | 1,276,662 | ||||
| (/) Shares Outstanding | 30.2 | 30.2 | 30.2 | ||||
| Implied Value Range | 39,473.16 | 40,902.50 | 42,331.84 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39,473.16 | 40,902.50 | 42,331.84 | 34,950.00 | |||
| Upside / (Downside) | 12.9% | 17.0% | 21.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DXP | NAP | SGN | PDN | VMS | TCL | |
| Enterprise Value | (197,380) | 338,858 | 1,142,700 | 4,473,239 | 119,317 | 682,617 | |
| (+) Cash & Short Term Investments | 508,833 | 11,038 | 1,285,816 | 910,618 | 84,969 | 242,144 | |
| (+) Investments & Other | 444,721 | 4,860 | 0 | 70,965 | 11,714 | 157,753 | |
| (-) Debt | (67,208) | (29,846) | 0 | (92,721) | 0 | (5,437) | |
| (-) Other Liabilities | 0 | 0 | (181,766) | 0 | 0 | (23,040) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 688,967 | 324,910 | 2,246,751 | 5,362,102 | 216,000 | 1,054,037 | |
| (/) Shares Outstanding | 59.9 | 21.5 | 33.5 | 55.6 | 9.0 | 30.2 | |
| Implied Stock Price | 11,500.00 | 15,100.00 | 67,000.00 | 96,500.00 | 24,000.00 | 34,950.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,500.00 | 15,100.00 | 67,000.00 | 96,500.00 | 24,000.00 | 34,950.00 | |
| 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 | |