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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBITDA Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | ₫17,142 - ₫20,992 | ₫19,067 |
| Upside | -16.2% - 2.7% | -6.8% |
| Benchmarks | Ticker | Full Ticker |
| Kon Tum Sugar Joint Stock Company | KTS | HNX:KTS |
| Mechanics Construction and Foodstuff Joint Stock Company | MCF | HNX:MCF |
| Yen Bai Agro-Forestry Products & Foodstuff Corporation | CAP | HNX:CAP |
| Safoco Foodstuff Joint Stock Company | SAF | HNX:SAF |
| Kien Hung Joint Stock Company | KHS | HNX:KHS |
| Long An Food Processing Export Joint Stock Company | LAF | HOSE:LAF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KTS | MCF | CAP | SAF | KHS | LAF | ||
| HNX:KTS | HNX:MCF | HNX:CAP | HNX:SAF | HNX:KHS | HOSE:LAF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 19.8% | |
| 3Y CAGR | NM- | NM- | -11.8% | NM- | NM- | 10.6% | |
| Latest Twelve Months | NM | NM | -13.5% | NM | 90.9% | 16.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.0% | 1.4% | 15.9% | 1.8% | 8.6% | 12.9% | |
| Prior Fiscal Year | NA | 4.9% | 22.4% | 7.9% | 5.0% | 13.4% | |
| Latest Fiscal Year | NA | 2.8% | 9.2% | 8.0% | 11.7% | 16.0% | |
| Latest Twelve Months | NA | 2.4% | 6.2% | 7.6% | 13.1% | 16.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 0.58x | 0.90x | 0.67x | 0.60x | 1.31x | |
| EV / LTM EBITDA | NA | 24.0x | 18.2x | 8.8x | 4.6x | 7.9x | |
| EV / LTM EBIT | 6.1x | 53.0x | 29.7x | 9.3x | 6.5x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 13.5x | 24.0x | ||||
| Historical EV / LTM EBITDA | 4.2x | 8.1x | 8.6x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 76,623 | 76,623 | 76,623 | ||||
| (=) Implied Enterprise Value | 575,872 | 606,181 | 636,490 | ||||
| (-) Non-shareholder Claims * | (295,974) | (295,974) | (295,974) | ||||
| (=) Equity Value | 279,898 | 310,207 | 340,516 | ||||
| (/) Shares Outstanding | 15.2 | 15.2 | 15.2 | ||||
| Implied Value Range | 18,380.45 | 20,370.80 | 22,361.15 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18,380.45 | 20,370.80 | 22,361.15 | 20,450.00 | |||
| Upside / (Downside) | -10.1% | -0.4% | 9.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KTS | MCF | CAP | SAF | KHS | LAF | |
| Enterprise Value | 424,924 | 292,805 | 513,105 | 509,294 | 418,453 | 607,387 | |
| (+) Cash & Short Term Investments | 50,114 | 5,612 | 77,868 | 111,105 | 24,366 | 3,037 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 2,000 | 0 | |
| (-) Debt | (246,888) | (216,506) | (25) | 0 | (138,636) | (299,011) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (5,844) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 228,150 | 81,912 | 590,948 | 620,399 | 300,340 | 311,413 | |
| (/) Shares Outstanding | 5.1 | 10.8 | 15.3 | 12.0 | 13.9 | 15.2 | |
| Implied Stock Price | 45,000.00 | 7,600.00 | 38,700.00 | 51,500.00 | 21,600.00 | 20,450.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45,000.00 | 7,600.00 | 38,700.00 | 51,500.00 | 21,600.00 | 20,450.00 | |
| 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 | |