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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10,3x - 11,4x | 10,9x |
| Selected Fwd EBIT Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | ₫22.695 - ₫23.953 | ₫23.324 |
| Upside | 3,2% - 8,9% | 6,0% |
| Benchmarks | Ticker | Full Ticker |
| Nghe Tinh Port Joint Stock Company | NAP | HNX:NAP |
| Doan Xa Port Joint Stock Company | DXP | HNX:DXP |
| Cam Ranh International Airport Services Joint-Stock Company | CIA | HNX:CIA |
| Danang Airports Services Joint-Stock Company | MAS | HNX:MAS |
| Cam Ranh Port Joint Stock Company | CCR | HNX:CCR |
| Vietnam Maritime Development Joint Stock Company | VMS | HNX:VMS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NAP | DXP | CIA | MAS | CCR | VMS | ||
| HNX:NAP | HNX:DXP | HNX:CIA | HNX:MAS | HNX:CCR | HNX:VMS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.0% | 26.3% | NM- | -17.8% | -10.5% | 10.6% | |
| 3Y CAGR | 10.7% | 45.2% | NM- | NM- | -28.6% | 2.5% | |
| Latest Twelve Months | -31.0% | 57.2% | 143.3% | 10.7% | 8.9% | -11.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | 20.6% | -35.8% | -0.2% | 16.6% | 3.7% | |
| Prior Fiscal Year | 9.6% | 11.8% | -8.4% | 3.2% | 13.0% | 5.2% | |
| Latest Fiscal Year | 9.4% | 8.5% | -1.5% | 4.2% | 11.5% | 3.4% | |
| Latest Twelve Months | 8.6% | 9.2% | 2.8% | 3.7% | 11.5% | 3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.26x | 0.32x | 0.35x | 0.71x | 1.53x | 0.44x | |
| EV / LTM EBITDA | 5.3x | 3.3x | 8.3x | 9.5x | 6.5x | 6.8x | |
| EV / LTM EBIT | 14.7x | 3.5x | 12.3x | 19.0x | 13.3x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.5x | 13.3x | 19.0x | ||||
| Historical EV / LTM EBIT | -4.1x | 10.3x | 24.1x | ||||
| Selected EV / LTM EBIT | 10.3x | 10.9x | 11.4x | ||||
| (x) LTM EBIT | 9,046 | 9,046 | 9,046 | ||||
| (=) Implied Enterprise Value | 93,356 | 98,270 | 103,183 | ||||
| (-) Non-shareholder Claims * | 96,683 | 96,683 | 96,683 | ||||
| (=) Equity Value | 190,039 | 194,953 | 199,866 | ||||
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | ||||
| Implied Value Range | 21,115.46 | 21,661.41 | 22,207.35 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21,115.46 | 21,661.41 | 22,207.35 | 22,000.00 | |||
| Upside / (Downside) | -4.0% | -1.5% | 0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NAP | DXP | CIA | MAS | CCR | VMS | |
| Enterprise Value | 254,940 | (201,967) | (399) | 139,864 | 285,783 | 101,317 | |
| (+) Cash & Short Term Investments | 11,038 | 447,633 | 149,239 | 8,651 | 36,574 | 84,969 | |
| (+) Investments & Other | 4,860 | 444,721 | 47,103 | 0 | 1,170 | 11,714 | |
| (-) Debt | (29,846) | (25,384) | 0 | (3,413) | (8,582) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (4,385) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 240,993 | 665,002 | 195,943 | 145,101 | 310,561 | 198,000 | |
| (/) Shares Outstanding | 21.5 | 59.9 | 18.7 | 4.3 | 24.5 | 9.0 | |
| Implied Stock Price | 11,200.00 | 11,100.00 | 10,500.00 | 34,000.00 | 12,700.00 | 22,000.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,200.00 | 11,100.00 | 10,500.00 | 34,000.00 | 12,700.00 | 22,000.00 | |
| 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 | |