SABV Data
SABV Data
2,000.00
26,560.00 7,684.00 15,026.00 27,026.33
(13,795.00) (2,756.00) (3,766.00) (10,641.00)
2,369.00
50.00 2,257.00 1,844.00 716.83
45,506.67
550.00
91,652.00
22,159.00
0.09%
1.17% 0.32% 0.60% 1.25%
-0.61% -0.12% -0.15% -0.50%
0.13%
0.09% 0.07% 0.08%
2.10%
3.99%
1.14%
3,373.17
14,175.27
13.93
3.32
3.28
2.00
0.35
17.57
38.80
18.49
23.28
14.55
15.04
19.11
13.10
10.59
5.55
7.14
7.11
4.69
4.42
4.73
119.94
0.50
2.19
0.95
4.38
116.84
7.41
49.27
1.92
189.93
18.29
19.95
2.46
0.90
1.03
100.00
3.44
12.84
87.16
14.73
3.94
14.73
9.71
66.58
17.34
8.55
9.81
53.10
66.58
1,390.49
61.20
14.15
5.82
0.16
56.27
11.49
10.07
27.22
50.02
1.19
43.73
34.29
91.36
8.64
5.11
2024
2,095
19,748
0.17
0.02
0.02
0.28
0.12
0.14
0.09
0.1
0.13
0.06
-0.09
-0.08
-0.04
-0.04
-0.02
0.13
-0.01
-0.02
0.04
0
0.01
0.01
0.02
0.1
0.85
0.19
0.37
0.63
0.5
0.3
0.59
(a) Assumptions for Pro-forma Incom
Average
Revenue growth 10.36%
COGS/Net revenue -59.93%
Selling expenses/Net revenue -15.19%
General and admin expenses/Net revenue -6.16%
Depreciation in 'CAPEX schedule' sheet
% Net non-operating income over Previous long-term investments 1.35%
% Interest expenses over Previous short-term and long-term debts -5.29%
Effective tax rate 26.84%
Dividends payout ratio 46.77%
Dividend per share 1,290.35
EPS growth rate -4.10%
Gross profit margin 40.07%
56,436.14 62,283.90
733,028.54 808,982.99
1,615,569.08 1,782,970.01
2,037,360.71 2,591,737.03
3,652,929.79 4,374,707.04
4,385,958.33 5,183,690.03
2019
(a) Historical and forecasted CAPEX
CAPEX (121,909.00)
Return on fixed assets 1.33
(b) Average useful life of existing PPE
Depreciation expenses (41,209.00)
Fixed costs 866,077.00
% Depreciation expenses on historical costs -
Average useful life -
(c) Forecasts of depreciation expenses on existing PPE
Accumulated depreciation
Depreciation expenses on existing PPE
(d) Forecasts of depreciation expenses on newly purchased PPE
Depreciation expenses on new PPE purchased in 2024
Depreciation expenses on new PPE purchased in 2025
Depreciation expenses on new PPE purchased in 2026
Depreciation expenses on new PPE purchased in 2027
Depreciation expenses on new PPE purchased in 2028
Total depreciation expenses on new PPE
capex+begin-da
#REF!
2025F 2026F 2027F 2028F 2029F
Growth
Terminal value multiples =(1+g)/(k-g)
1.99%
4.25% 45.18
4.75% 36.98
5.25% 31.31
WACC (k) 5.75% 27.14
6.25% 23.95
6.75% 21.44
7.25% 19.40
Growth
Terminal value received in 2030 and beyond =(1+g)/(k-g)
1.99%
4.25% 10,829,984.33
4.75% 8,866,310.13
5.25% 7,505,437.13
WACC (k) 5.75% 6,506,731.37
6.25% 5,742,596.73
6.75% 5,139,076.18
WACC (k)
7.25% 4,650,346.15
175,352.76 181,298.34
Terminal value
2,660,402.62
2,998,874.56
3,337,346.49
3,675,818.43
4,014,290.36
4,352,762.30
4,691,234.23
2029F
530,562.03
(138,553.73)
392,008.30
(145,459.13)
125,892.51
(172,521.71)
239,053.21
922.71
26.84%
675.07
239,728.28
5
181,298.34
Year Comps. Firm beta Levered equity beta Debt/Equity ratio Debt beta
DHG 0.57 0.19 22.78 0.59
DHT 0.03 0.50 136.50 0.03
2019
167,939.83 168,685.96
Valuation Method Weight
DCF Method 50%
EBITDA Multiplies Method 40%
APV Method 10%
Estimated value per share
Revenue growth
Normal case 10.36%
Best case 14.35%
Worst case 6.37%
Vietnam 2025-2029
Average pharmaceutical industry growth rate 7%
GDP growth rate 5.88%
Estimated overall IMP growth rate 6.49%
Vietnam's inflation rate 3.50%
Adjusted REE growth rate 2.99%
Portion
54.35%
45.65%
Breakeven scenarios
Scenario 1 Scenario 2 Scenario 3
3.77% 5.75% 5.75%
9.00% -4.58% 9.00%
5.43 5.43 6.85
53,292.15 52,665.21 36,832.50
Target price Recommendation
39,152.20 SELL
34,486.48 SELL
22,193.45 SELL
3.99%