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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,4x - 8,1x | 7,7x |
| Selected Fwd EBITDA Multiple | 7,7x - 8,6x | 8,2x |
| Fair Value | ₫14.929 - ₫16.589 | ₫15.759 |
| Upside | -1,1% - 9,9% | 4,4% |
| Benchmarks | Ticker | Full Ticker |
| Dai Thien Loc Corporation | DTL | HOSE:DTL |
| Song Hong Aluminium Joint Stock Company | NSH | HNX:NSH |
| Son Ha Development of Renewable Energy Joint Stock Company | SHE | HNX:SHE |
| Bac Kan Mineral Joint Stock Corporation | BKC | HNX:BKC |
| Vietnam Germany Steel Pipe Joint Stock Company | VGS | HNX:VGS |
| Tung Kuang Industrial Joint Stock Company | TKU | HNX:TKU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DTL | NSH | SHE | BKC | VGS | TKU | ||
| HOSE:DTL | HNX:NSH | HNX:SHE | HNX:BKC | HNX:VGS | HNX:TKU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -22.3% | -1.5% | NM- | 21.7% | 2.2% | 3.7% | |
| 3Y CAGR | -46.4% | 13.1% | NM- | 31.9% | -4.1% | -10.8% | |
| Latest Twelve Months | 321.0% | -11.5% | NM | 184.7% | 30.1% | 203.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 5.2% | 0.0% | 10.4% | 2.2% | 12.0% | |
| Prior Fiscal Year | -0.7% | 5.4% | NA | 6.7% | 1.6% | 4.5% | |
| Latest Fiscal Year | 1.6% | 5.0% | NA | 14.7% | 2.1% | 12.8% | |
| Latest Twelve Months | 1.6% | 5.0% | NA | 14.7% | 2.1% | 12.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 0.57x | 0.77x | 1.36x | 0.25x | 0.91x | |
| EV / LTM EBITDA | 47.5x | 11.3x | NA | 9.2x | 11.8x | 7.1x | |
| EV / LTM EBIT | -55.5x | 15.9x | 8.3x | 10.9x | 12.8x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.2x | 11.6x | 47.5x | ||||
| Historical EV / LTM EBITDA | 5.1x | 6.9x | 23.6x | ||||
| Selected EV / LTM EBITDA | 7.4x | 7.7x | 8.1x | ||||
| (x) LTM EBITDA | 105,077 | 105,077 | 105,077 | ||||
| (=) Implied Enterprise Value | 773,249 | 813,946 | 854,644 | ||||
| (-) Non-shareholder Claims * | (39,247) | (39,247) | (39,247) | ||||
| (=) Equity Value | 734,001 | 774,699 | 815,396 | ||||
| (/) Shares Outstanding | 46.9 | 46.9 | 46.9 | ||||
| Implied Value Range | 15,656.56 | 16,524.65 | 17,392.74 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15,656.56 | 16,524.65 | 17,392.74 | 15,100.00 | |||
| Upside / (Downside) | 3.7% | 9.4% | 15.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTL | NSH | SHE | BKC | VGS | TKU | |
| Enterprise Value | 1,523,702 | 574,697 | 151,210 | 769,005 | 1,847,882 | 747,157 | |
| (+) Cash & Short Term Investments | 4,257 | 7,458 | 12,137 | 143,694 | 135,721 | 324,440 | |
| (+) Investments & Other | 0 | 0 | 0 | 26,570 | 124,535 | 0 | |
| (-) Debt | (915,586) | (491,103) | (66,725) | (47,202) | (782,408) | (363,687) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (139) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 612,373 | 91,051 | 96,621 | 892,067 | 1,325,591 | 707,909 | |
| (/) Shares Outstanding | 60.6 | 20.7 | 11.5 | 11.7 | 55.9 | 46.9 | |
| Implied Stock Price | 10,100.00 | 4,400.00 | 8,400.00 | 76,000.00 | 23,700.00 | 15,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,100.00 | 4,400.00 | 8,400.00 | 76,000.00 | 23,700.00 | 15,100.00 | |
| 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 | |