BMP
Building Materials · Precedent Transactions · LBO
Binh Minh Plastics
BMP valuation distinguishes financial-sponsor affordability from strategic control value.
Precedent
≈152.8k
+13.0%
Precedent: 152.8k; +13.0% versus 135.2kLBO
142.0k
+5.0%
LBO: 142.0k; +5.0% versus 135.2kOutputs, VND per share
| Precedent | ≈152.8k | +13.0% |
|---|---|---|
| LBO | 142.0k | +5.0% |
| Price used | 135.2k | 11 Jun 2026 |
Key assumptions
- Precedent model
- Control-premium transaction analysis
- LBO model
- Sponsor-return model
- Control premium
- 5.0% in LBO; 13.0% precedent median
- Exit / return hurdle
- 7.5x exit EV/EBITDA; 20.1% IRR
- Why methods differ
- Precedent above LBO
Conclusion
BMP now shows a clear control-value spread: LBO is the financial-sponsor case at VND 142.0k/share, while precedent transactions imply a higher strategic/control value around VND 152.8k/share.
Key risks
- 1 A lower exit multiple or weaker EBITDA path would compress the LBO offer quickly.
- 2 Sponsor financing terms, interest costs, and leverage availability can change the clearing price.
- 3 Precedent transaction samples can be stale or structurally different from BMP, so the premium output is a guide rather than a hard target.