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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.0x - 13.3x | 12.6x |
| Selected Fwd EBIT Multiple | 10.7x - 11.8x | 11.2x |
| Fair Value | ₫29,658 - ₫33,962 | ₫31,810 |
| Upside | -12.0% - 0.8% | -5.6% |
| Benchmarks | Ticker | Full Ticker |
| Binh Duong Mineral and Construction Joint Stock Company | KSB | HOSE:KSB |
| Ha Tien 1 Cement Joint Stock Company | HT1 | HOSE:HT1 |
| PT Hillcon Tbk | HILL | IDX:HILL |
| Binh Dien Fertilizer Joint Stock Company | BFC | HOSE:BFC |
| Tay Ninh Rubber Joint Stock Company | TRC | HOSE:TRC |
| Thuan Duc Joint Stock Company | TDP | HOSE:TDP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KSB | HT1 | HILL | BFC | TRC | TDP | ||
| HOSE:KSB | HOSE:HT1 | IDX:HILL | HOSE:BFC | HOSE:TRC | HOSE:TDP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -24.8% | -31.8% | NM- | 18.2% | 46.3% | 17.2% | |
| 3Y CAGR | -27.4% | -33.2% | 13.9% | 9.7% | 50.8% | NM- | |
| Latest Twelve Months | -56.0% | -6.7% | -23.6% | 85.7% | 244.3% | 16.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 39.7% | 7.2% | 16.4% | 5.0% | 12.9% | 6.4% | |
| Prior Fiscal Year | 48.5% | 2.7% | 8.8% | 3.7% | 11.0% | 6.3% | |
| Latest Fiscal Year | 28.1% | 2.5% | 7.2% | 6.3% | 28.5% | 6.4% | |
| Latest Twelve Months | 28.1% | 2.5% | 7.2% | 6.3% | 28.5% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.59x | 0.70x | 1.93x | 0.29x | 2.02x | 0.91x | |
| EV / LTM EBITDA | 15.7x | 6.5x | 9.5x | 3.9x | 5.7x | 11.5x | |
| EV / LTM EBIT | 19.9x | 27.4x | 26.8x | 4.5x | 7.1x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 19.9x | 27.4x | ||||
| Historical EV / LTM EBIT | 14.1x | 14.1x | 14.1x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.6x | 13.3x | ||||
| (x) LTM EBIT | 281,637 | 281,637 | 281,637 | ||||
| (=) Implied Enterprise Value | 3,376,627 | 3,554,344 | 3,732,061 | ||||
| (-) Non-shareholder Claims * | (990,897) | (990,897) | (990,897) | ||||
| (=) Equity Value | 2,385,729 | 2,563,447 | 2,741,164 | ||||
| (/) Shares Outstanding | 88.2 | 88.2 | 88.2 | ||||
| Implied Value Range | 27,042.26 | 29,056.69 | 31,071.12 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27,042.26 | 29,056.69 | 31,071.12 | 33,700.00 | |||
| Upside / (Downside) | -19.8% | -13.8% | -7.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KSB | HT1 | HILL | BFC | TRC | TDP | |
| Enterprise Value | 2,242,873 | 4,759,384 | 7,609,924 | 2,682,168 | 1,502,280 | 3,963,987 | |
| (+) Cash & Short Term Investments | 63,382 | 865,530 | 45,543 | 637,050 | 260,095 | 1,038,465 | |
| (+) Investments & Other | 576,639 | 36,484 | 0 | 5,161 | 150,551 | 506,218 | |
| (-) Debt | (1,095,156) | (1,511,390) | (2,803,772) | (780,887) | (46,014) | (2,535,580) | |
| (-) Other Liabilities | (2,416) | (9,757) | (252,347) | (259,631) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,785,322 | 4,140,251 | 4,599,348 | 2,283,861 | 1,866,913 | 2,973,090 | |
| (/) Shares Outstanding | 114.4 | 381.6 | 14,741.5 | 57.2 | 29.1 | 88.2 | |
| Implied Stock Price | 15,600.00 | 10,850.00 | 312.00 | 39,950.00 | 64,100.00 | 33,700.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15,600.00 | 10,850.00 | 312.00 | 39,950.00 | 64,100.00 | 33,700.00 | |
| Trading Currency | VND | VND | IDR | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |