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SJ Group JSC

HOSE:SJS

越南 / 地產 / 房地產管理及開發

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5 年 DCF EBITDA 退出價

股價

87,000.00 VND

公允價值

77,650.74 VND

Metrics	Range	Conclusion
Discount Rate	9.5% - 8.5%	9.0%
Terminal EBITDA Multiple	21.0x - 23.0x	22.0x
Fair Value	₫71,567 - ₫83,967	₫77,651
Upside	-17.7% - -3.5%	-10.7%

15.2%

Revenue 5y CAGR

52.3%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

87,000.00 VND

公允價值

77,650.74 VND

看漲

-10.7%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(VND in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	646,015	872,120	1,046,544	1,177,362	1,265,664	1,309,962
% Growth	55.3%	35.0%	20.0%	12.5%	7.5%	3.5%

EBITDA	374,398	404,289	537,474	634,092	694,306	718,607
% of Revenue	58.0%	46.4%	51.4%	53.9%	54.9%	54.9%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(VND in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		404,289	537,474	634,092	694,306	718,607
Other Income / (Exp)		0	0	0	0	0
D&A		(13,653)	(16,384)	(18,432)	(19,814)	(20,508)

EBIT		390,636	521,090	615,660	674,492	698,099
Pro forma Taxes		(109,378)	(145,905)	(172,385)	(188,858)	(195,468)
NOPAT	264,007	281,258	375,185	443,276	485,634	502,631

Capital Expenditures	(1,542)	(2,388)	(2,865)	(3,223)	(3,465)	(3,586)
NWC Investment	(1,214,072)	(1,193,558)	(920,745)	(690,559)	(466,127)	(233,840)
(+) D&A	7,722	13,653	16,384	18,432	19,814	20,508

Free Cash Flow	(943,885)	(901,035)	(532,041)	(232,074)	35,856	285,713
% Growth		NM	NM	NM	NM	697%

載入錯誤

SJ Group JSC

HOSE:SJS

越南 / 地產 / 房地產管理及開發

5 年 DCF EBITDA 退出價