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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,0x - 7,8x | 7,4x |
| Selected Fwd EBITDA Multiple | 6,4x - 7,1x | 6,8x |
| Fair Value | ₫108.513 - ₫117.966 | ₫113.239 |
| Upside | -15,5% - -8,1% | -11,8% |
| Benchmarks | Ticker | Full Ticker |
| PT Citra Marga Nusaphala Persada Tbk | CMNP | IDX:CMNP |
| Deo Ca Traffic Infrastructure Investment Joint Stock Company | HHV | HOSE:HHV |
| Noibai Cargo Terminal Services Joint Stock Company | NCT | HOSE:NCT |
| Saigon Ground Services Joint Stock Company | SGN | HOSE:SGN |
| Hai An Transport And Stevedoring Joint Stock Company | HAH | HOSE:HAH |
| Dong Nai Port Joint Stock Company | PDN | HOSE:PDN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CMNP | HHV | NCT | SGN | HAH | PDN | ||
| IDX:CMNP | HOSE:HHV | HOSE:NCT | HOSE:SGN | HOSE:HAH | HOSE:PDN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.5% | 51.5% | 2.8% | -5.0% | 41.3% | 16.6% | |
| 3Y CAGR | 20.8% | NM- | 3.3% | 35.2% | 24.0% | 21.8% | |
| Latest Twelve Months | 2.3% | 21.6% | 16.8% | 20.6% | 77.9% | 13.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.0% | 62.9% | 39.5% | 30.7% | 35.6% | 31.9% | |
| Prior Fiscal Year | 24.9% | 49.5% | 40.2% | 25.2% | 32.5% | 35.1% | |
| Latest Fiscal Year | 47.5% | 48.9% | 35.8% | 29.1% | 37.9% | 34.9% | |
| Latest Twelve Months | 47.5% | 48.9% | 35.8% | 29.1% | 37.9% | 34.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.03x | 7.58x | 2.36x | 1.08x | 2.02x | 3.04x | |
| EV / LTM EBITDA | 8.5x | 15.5x | 6.6x | 3.7x | 5.3x | 8.7x | |
| EV / LTM EBIT | 9.6x | 19.7x | 7.2x | 4.6x | 7.6x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 6.6x | 15.5x | ||||
| Historical EV / LTM EBITDA | 5.9x | 7.0x | 8.7x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 466,140 | 466,140 | 466,140 | ||||
| (=) Implied Enterprise Value | 3,270,629 | 3,442,768 | 3,614,906 | ||||
| (-) Non-shareholder Claims * | 693,053 | 693,053 | 693,053 | ||||
| (=) Equity Value | 3,963,683 | 4,135,821 | 4,307,959 | ||||
| (/) Shares Outstanding | 37.0 | 37.0 | 37.0 | ||||
| Implied Value Range | 106,999.58 | 111,646.45 | 116,293.33 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 106,999.58 | 111,646.45 | 116,293.33 | 128,400.00 | |||
| Upside / (Downside) | -16.7% | -13.0% | -9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMNP | HHV | NCT | SGN | HAH | PDN | |
| Enterprise Value | 16,548,898 | 4,927,713 | 2,176,440 | 1,634,127 | 8,047,379 | 4,063,384 | |
| (+) Cash & Short Term Investments | 132,901 | 0 | 440,498 | 1,029,488 | 992,390 | 690,750 | |
| (+) Investments & Other | 550,603 | 0 | 65,050 | 0 | 173,753 | 70,965 | |
| (-) Debt | (6,641,194) | 0 | 0 | 0 | (2,330,258) | (68,661) | |
| (-) Other Liabilities | (1,470,459) | 0 | 0 | (98,295) | (694,766) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,120,749 | 4,927,713 | 2,681,988 | 2,565,320 | 6,188,498 | 4,756,438 | |
| (/) Shares Outstanding | 6,020.3 | 432.3 | 26.2 | 33.5 | 121.3 | 37.0 | |
| Implied Stock Price | 1,515.00 | 11,400.00 | 102,500.00 | 76,500.00 | 51,000.00 | 128,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,515.00 | 11,400.00 | 102,500.00 | 76,500.00 | 51,000.00 | 128,400.00 | |
| Trading Currency | IDR | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |