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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Selected Fwd EBITDA Multiple | 3.6x - 4.0x | 3.8x |
| Fair Value | ₫9,662 - ₫10,461 | ₫10,062 |
| Upside | 30.0% - 40.8% | 35.4% |
| Benchmarks | Ticker | Full Ticker |
| Bao Ngoc Investment Production Corporation | BNA | HNX:BNA |
| Hung Hau Agricultural Corporation | SJ1 | HNX:SJ1 |
| Camimex Group Joint Stock Company | CMX | HOSE:CMX |
| Sa Giang Import Export Corporation | SGC | HNX:SGC |
| Bentre Aquaproduct Import and Export Joint Stock Company | ABT | HOSE:ABT |
| Travel Investment and Seafood Development Corporation | DAT | HOSE:DAT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BNA | SJ1 | CMX | SGC | ABT | DAT | ||
| HNX:BNA | HNX:SJ1 | HOSE:CMX | HNX:SGC | HOSE:ABT | HOSE:DAT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 1.2% | 13.8% | NM- | 24.7% | -3.4% | |
| 3Y CAGR | NM- | 8.3% | NM- | 34.4% | 53.0% | -0.6% | |
| Latest Twelve Months | NM | 2.3% | NM | 1.2% | 119.4% | -11.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | 5.8% | 8.4% | 13.6% | 10.3% | 5.4% | |
| Prior Fiscal Year | 7.7% | 5.8% | 11.3% | 16.5% | 11.0% | 5.2% | |
| Latest Fiscal Year | 7.1% | 5.6% | 8.7% | 18.5% | 17.0% | 4.1% | |
| Latest Twelve Months | 7.0% | 4.2% | 11.8% | 18.4% | 21.9% | 4.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.76x | 1.00x | 0.93x | 0.59x | 0.13x | |
| EV / LTM EBITDA | 8.1x | 18.4x | 8.5x | 5.1x | 2.7x | 3.3x | |
| EV / LTM EBIT | 9.6x | 23.0x | 12.5x | 6.1x | 3.0x | 5.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 8.1x | 18.4x | ||||
| Historical EV / LTM EBITDA | 4.6x | 6.3x | 13.6x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 113,371 | 113,371 | 113,371 | ||||
| (=) Implied Enterprise Value | 544,999 | 573,683 | 602,368 | ||||
| (-) Non-shareholder Claims * | 143,177 | 143,177 | 143,177 | ||||
| (=) Equity Value | 688,176 | 716,860 | 745,544 | ||||
| (/) Shares Outstanding | 69.2 | 69.2 | 69.2 | ||||
| Implied Value Range | 9,940.67 | 10,355.01 | 10,769.35 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9,940.67 | 10,355.01 | 10,769.35 | 7,430.00 | |||
| Upside / (Downside) | 33.8% | 39.4% | 44.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BNA | SJ1 | CMX | SGC | ABT | DAT | |
| Enterprise Value | 1,092,252 | 1,507,009 | 3,023,761 | 664,129 | 381,340 | 371,190 | |
| (+) Cash & Short Term Investments | 83,185 | 158,179 | 327,183 | 147,842 | 266,622 | 597,116 | |
| (+) Investments & Other | 24,403 | 30,826 | 33,429 | 0 | 187,202 | 0 | |
| (-) Debt | (947,313) | (1,026,723) | (2,147,931) | (33,600) | (70,820) | (453,939) | |
| (-) Other Liabilities | (24,406) | (43,298) | (490,542) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 228,121 | 625,993 | 745,901 | 778,371 | 764,344 | 514,367 | |
| (/) Shares Outstanding | 31.2 | 43.5 | 101.9 | 7.1 | 11.8 | 69.2 | |
| Implied Stock Price | 7,300.00 | 14,400.00 | 7,320.00 | 108,900.00 | 64,900.00 | 7,430.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7,300.00 | 14,400.00 | 7,320.00 | 108,900.00 | 64,900.00 | 7,430.00 | |
| 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 | |