| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| MAS | NAP | CIA | CAG | MAC | | VMS | |
| HNX:MAS | HNX:NAP | HNX:CIA | HNX:CAG | HNX:MAC | | HNX:VMS | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -6.5% | 3.2% | -15.9% | -11.2% | -4.5% | | -2.1% | |
| 3Y CAGR | 57.8% | -0.9% | 43.6% | -10.4% | NM- | | -1.1% | |
| Latest Twelve Months | 22.0% | -12.3% | 30.6% | -35.1% | 63.3% | | 31.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -0.8% | 6.9% | -35.3% | 3.7% | 1.8% | | 3.6% | |
| Prior Fiscal Year | 3.2% | 9.6% | -8.4% | -0.3% | 9.8% | | 5.2% | |
| Latest Fiscal Year | 4.2% | 9.4% | -1.5% | -21.6% | -5.0% | | 3.4% | |
| Latest Twelve Months | 4.2% | 9.4% | -1.5% | -21.6% | -5.0% | | 3.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.86x | 0.91x | 0.10x | 1.30x | 1.76x | | 0.60x | |
| EV / LTM EBIT | 20.3x | 9.7x | -6.9x | -6.0x | -35.4x | | 17.5x | |
| Price / LTM Sales | 0.94x | 0.98x | 1.52x | 3.02x | 2.63x | | 1.06x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.10x | 0.91x | 1.76x | | | | | |
| Historical EV / LTM Revenue | -0.15x | 0.29x | 1.32x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.84x | 0.88x | 0.92x | | | | | |
| (x) LTM Revenue | 213,828 | 213,828 | 213,828 | | | | | |
| (=) Implied Enterprise Value | 178,692 | 188,096 | 197,501 | | | | | |
| (-) Non-shareholder Claims * | 98,766 | 98,766 | 98,766 | | | | | |
| (=) Equity Value | 277,458 | 286,863 | 296,268 | | | | | |
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | | | | | |
| Implied Value Range | 30,828.66 | 31,873.64 | 32,918.62 | | | | | |
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 30,828.66 | 31,873.64 | 32,918.62 | | 22,700.00 | | | |
| Upside / (Downside) | 35.8% | 40.4% | 45.0% | | | | | |