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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 26.1x - 28.9x | 27.5x |
| Selected Fwd EBITDA Multiple | 14.5x - 16.0x | 15.3x |
| Fair Value | ₫17,758 - ₫20,913 | ₫19,336 |
| Upside | -17.8% - -3.2% | -10.5% |
| Benchmarks | Ticker | Full Ticker |
| Thanh Dat Investment Development Joint Stock Company | DTD | HNX:DTD |
| Vina2 Invest and Construction Joint Stock Company | VC2 | HNX:VC2 |
| Licogi 14 Joint Stock Company | L14 | HNX:L14 |
| BGI Group Joint Stock Company | VC7 | HNX:VC7 |
| Vietnam Electricity Construction Joint Stock Corporation | VNE | HOSE:VNE |
| Cotana Group Joint Stock Company | CSC | HNX:CSC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DTD | VC2 | L14 | VC7 | VNE | CSC | ||
| HNX:DTD | HNX:VC2 | HNX:L14 | HNX:VC7 | HOSE:VNE | HNX:CSC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.5% | -0.9% | NM- | NM- | NM- | 16.4% | |
| 3Y CAGR | NM- | 0.6% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -51.2% | 76.0% | NM | -48.1% | -131.0% | -51.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 61.2% | 6.8% | 0.0% | 6.2% | 6.7% | 11.6% | |
| Prior Fiscal Year | 74.2% | 5.2% | NA | 15.6% | 15.3% | 19.6% | |
| Latest Fiscal Year | 57.5% | 6.7% | NA | 10.9% | -4.5% | 5.2% | |
| Latest Twelve Months | 57.5% | 7.4% | NA | 10.6% | -8.2% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.76x | 0.69x | 5.40x | 2.61x | 3.24x | 2.22x | |
| EV / LTM EBITDA | 3.1x | 9.4x | NA | 24.7x | -39.3x | 31.0x | |
| EV / LTM EBIT | 4.6x | 10.7x | 23.8x | 37.7x | -17.7x | 33.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -39.3x | 6.2x | 24.7x | ||||
| Historical EV / LTM EBITDA | 13.8x | 89.6x | 221.3x | ||||
| Selected EV / LTM EBITDA | 26.1x | 27.5x | 28.9x | ||||
| (x) LTM EBITDA | 44,871 | 44,871 | 44,871 | ||||
| (=) Implied Enterprise Value | 1,172,940 | 1,234,674 | 1,296,408 | ||||
| (-) Non-shareholder Claims * | (502,368) | (502,368) | (502,368) | ||||
| (=) Equity Value | 670,572 | 732,306 | 794,040 | ||||
| (/) Shares Outstanding | 41.1 | 41.1 | 41.1 | ||||
| Implied Value Range | 16,295.85 | 17,796.06 | 19,296.28 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16,295.85 | 17,796.06 | 19,296.28 | 21,600.00 | |||
| Upside / (Downside) | -24.6% | -17.6% | -10.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTD | VC2 | L14 | VC7 | VNE | CSC | |
| Enterprise Value | 868,571 | 813,702 | 755,502 | 762,148 | 1,950,780 | 1,391,206 | |
| (+) Cash & Short Term Investments | 607,608 | 247,032 | 241,274 | 10,129 | 37,768 | 156,860 | |
| (+) Investments & Other | 17,727 | 440,076 | 56,100 | 316,233 | 39,767 | 16,394 | |
| (-) Debt | (89,633) | (927,808) | (9,832) | (137,336) | (1,581,043) | (429,596) | |
| (-) Other Liabilities | (243,919) | (15,970) | 0 | (9,487) | (18,123) | (246,027) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,160,354 | 557,032 | 1,043,045 | 941,687 | 429,149 | 888,837 | |
| (/) Shares Outstanding | 66.7 | 68.8 | 30.9 | 96.1 | 82.1 | 41.1 | |
| Implied Stock Price | 17,400.00 | 8,100.00 | 33,800.00 | 9,800.00 | 5,230.00 | 21,600.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17,400.00 | 8,100.00 | 33,800.00 | 9,800.00 | 5,230.00 | 21,600.00 | |
| 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 | |