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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.0x - 1.1x | 1.1x |
Selected Fwd Ps Multiple | 0.8x - 0.9x | 0.8x |
Fair Value | ₫25,465 - ₫28,146 | ₫26,806 |
Upside | 24.8% - 38.0% | 31.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Danang Airports Services Joint-Stock Company | - | HNX:MAS |
Nghe Tinh Port Joint Stock Company | - | HNX:NAP |
Marine Supply and Engineering Service Joint Stock Company | - | HNX:MAC |
An Giang Port Joint-Stock Company | - | HNX:CAG |
Cam Ranh International Airport Services Joint-Stock Company | - | HNX:CIA |
Vietnam Maritime Development Joint Stock Company | - | HNX:VMS |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
MAS | NAP | MAC | CAG | CIA | VMS | |||
HNX:MAS | HNX:NAP | HNX:MAC | HNX:CAG | HNX:CIA | HNX:VMS | |||
Historical Sales Growth | ||||||||
5Y CAGR | -6.5% | 3.2% | -4.5% | -11.2% | -15.9% | -2.1% | ||
3Y CAGR | 57.8% | -0.9% | NM- | -10.4% | 43.6% | -1.1% | ||
Latest Twelve Months | 13.4% | -20.9% | 91.9% | -21.4% | 30.6% | 30.1% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -0.9% | 7.7% | 39.3% | 6.3% | -20.3% | 5.6% | ||
Prior Fiscal Year | 2.0% | 9.1% | 55.5% | 4.2% | 5.9% | 6.4% | ||
Latest Fiscal Year | 2.2% | 8.2% | 36.7% | -1.7% | 3.7% | 7.2% | ||
Latest Twelve Months | 1.8% | 7.2% | 32.6% | -2.1% | 3.7% | 6.5% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 11.1x | 4.5x | 77.3x | -43.6x | -50.5x | 4.7x | ||
Price / LTM Sales | 0.9x | 1.0x | 2.4x | 2.8x | 1.4x | 0.7x | ||
LTM P/E Ratio | 46.3x | 14.1x | 7.5x | -131.3x | 38.8x | 11.2x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.9x | 1.4x | 2.8x | |||||
Historical LTM P/S Ratio | 0.3x | 0.7x | 2.0x | |||||
Selected Price / Sales Multiple | 1.0x | 1.1x | 1.1x | |||||
(x) LTM Sales | 230,142 | 230,142 | 230,142 | |||||
(=) Equity Value | 229,988 | 242,092 | 254,197 | |||||
(/) Shares Outstanding | 9.0 | 9.0 | 9.0 | |||||
Implied Value Range | 25,554.21 | 26,899.16 | 28,244.12 | |||||
FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 25,554.21 | 26,899.16 | 28,244.12 | 20,400.00 | ||||
Upside / (Downside) | 25.3% | 31.9% | 38.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MAS | NAP | MAC | CAG | CIA | VMS | |
Value of Common Equity | 149,369 | 204,413 | 363,354 | 102,120 | 175,416 | 183,600 | |
(/) Shares Outstanding | 4.3 | 21.5 | 15.1 | 13.8 | 18.7 | 9.0 | |
Implied Stock Price | 35,000.00 | 9,500.00 | 24,000.00 | 7,400.00 | 9,400.00 | 20,400.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 35,000.00 | 9,500.00 | 24,000.00 | 7,400.00 | 9,400.00 | 20,400.00 | |
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 |