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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.6x - 15.0x | 14.3x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | ₫32,001 - ₫36,608 | ₫34,304 |
| Upside | -11.5% - 1.3% | -5.1% |
| Benchmarks | Ticker | Full Ticker |
| Tan Phu Viet Nam Joint stock company | TPP | HNX:TPP |
| PT Hillcon Tbk | HILL | IDX:HILL |
| Binh Dien Fertilizer Joint Stock Company | BFC | HOSE:BFC |
| An Cuong Wood - Working Joint Stock Company | ACG | HOSE:ACG |
| Binh Duong Mineral and Construction Joint Stock Company | KSB | HOSE:KSB |
| Thuan Duc Joint Stock Company | TDP | HOSE:TDP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TPP | HILL | BFC | ACG | KSB | TDP | ||
| HNX:TPP | IDX:HILL | HOSE:BFC | HOSE:ACG | HOSE:KSB | HOSE:TDP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.9% | 41.6% | 18.2% | -1.8% | -24.8% | 17.2% | |
| 3Y CAGR | 33.0% | -25.6% | 9.7% | 2.8% | -27.4% | NM- | |
| Latest Twelve Months | 31.4% | -5.4% | 0.6% | -27.6% | -47.6% | NM | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 14.9% | 5.1% | 12.4% | 39.0% | 6.2% | |
| Prior Fiscal Year | 3.8% | 9.2% | 3.7% | 11.0% | 48.5% | 6.3% | |
| Latest Fiscal Year | 4.0% | 7.2% | 6.3% | 11.2% | 28.1% | 6.4% | |
| Latest Twelve Months | 4.7% | 5.7% | 5.4% | 9.7% | 26.4% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.49x | 1.50x | 0.31x | 0.96x | 5.43x | 0.95x | |
| EV / LTM EBITDA | 6.2x | 7.7x | 5.0x | 8.1x | 16.5x | 13.0x | |
| EV / LTM EBIT | 10.3x | 26.2x | 5.8x | 9.9x | 20.5x | 16.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.8x | 10.3x | 26.2x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.3x | 15.0x | ||||
| (x) LTM EBIT | 264,588 | 264,588 | 264,588 | ||||
| (=) Implied Enterprise Value | 3,597,808 | 3,787,166 | 3,976,525 | ||||
| (-) Non-shareholder Claims * | (1,037,457) | (1,037,457) | (1,037,457) | ||||
| (=) Equity Value | 2,560,351 | 2,749,710 | 2,939,068 | ||||
| (/) Shares Outstanding | 88.2 | 88.2 | 88.2 | ||||
| Implied Value Range | 29,021.61 | 31,167.98 | 33,314.36 | ||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29,021.61 | 31,167.98 | 33,314.36 | 36,150.00 | |||
| Upside / (Downside) | -19.7% | -13.8% | -7.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPP | HILL | BFC | ACG | KSB | TDP | |
| Enterprise Value | 1,574,723 | 6,683,952 | 3,341,057 | 3,878,268 | 2,586,755 | 4,226,691 | |
| (+) Cash & Short Term Investments | 564,443 | 18,689 | 358,651 | 2,056,644 | 47,872 | 1,191,407 | |
| (+) Investments & Other | 220,000 | 0 | 5,161 | 464,631 | 611,387 | 361,345 | |
| (-) Debt | (1,837,167) | (3,413,463) | (766,636) | (722,376) | (1,012,099) | (2,590,209) | |
| (-) Other Liabilities | 0 | (252,429) | (274,205) | 0 | (2,262) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 522,000 | 3,036,749 | 2,664,028 | 5,677,166 | 2,231,652 | 3,189,234 | |
| (/) Shares Outstanding | 45.0 | 14,741.5 | 57.2 | 150.8 | 114.4 | 88.2 | |
| Implied Stock Price | 11,600.00 | 206.00 | 46,600.00 | 37,650.00 | 19,500.00 | 36,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,600.00 | 206.00 | 46,600.00 | 37,650.00 | 19,500.00 | 36,150.00 | |
| Trading Currency | VND | IDR | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |