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Tan Cang Logistics and Stevedoring JSC

HOSE:TCL

越南 / 工業 / 交通基礎設施

綜觀

5 年 DCF 收入退出價

股價

34,000.00 VND

公允價值

58,039.24 VND

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	0.7x - 0.7x	0.7x
Fair Value	₫55,784 - ₫60,378	₫58,039
Upside	67.3% - 81.0%	74.0%

2.3%

Revenue 5y CAGR

10.8%

5y Avg EBITDA Margin

2.6%

Unlevered FCF 5y CAGR

5-Year DCF Model: Revenue Exit

股價

34,000.00 VND

公允價值

58,039.24 VND

看漲

74.0%

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	1,630,858	1,687,938	1,721,697	1,756,131	1,791,253	1,827,078
% Growth	6.6%	3.5%	2.0%	2.0%	2.0%	2.0%

EBITDA	176,443	182,309	185,955	189,674	193,468	197,337
% of Revenue	10.8%	10.8%	10.8%	10.8%	10.8%	10.8%

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		182,309	185,955	189,674	193,468	197,337
Other Income / (Exp)		0	0	0	0	0
D&A		(32,725)	(33,379)	(34,047)	(34,728)	(35,422)

EBIT		149,584	152,576	155,627	158,740	161,915
Pro forma Taxes		(26,925)	(27,464)	(28,013)	(28,573)	(29,145)
NOPAT	119,229	122,659	125,112	127,614	130,167	132,770

Capital Expenditures	(11,914)	(12,331)	(13,498)	(13,768)	(14,043)	(14,324)
NWC Investment	(4,434)	(2,495)	(1,476)	(1,505)	(1,535)	(1,566)
(+) D&A	31,042	32,725	33,379	34,047	34,728	35,422

Free Cash Flow	133,923	140,558	143,518	146,388	149,316	152,302
% Growth		5%	2%	2%	2%	2%

載入錯誤

Tan Cang Logistics and Stevedoring JSC

HOSE:TCL

越南 / 工業 / 交通基礎設施

5 年 DCF 收入退出價