PNJ
Consumer Retail · LBO · Comparable / Precedent
Phu Nhuan Jewelry
PNJ valuation shows a clear ladder from sponsor floor to public-growth upside.
LBO
66.0k
+3.1%
LBO: 66.0k; +3.1% versus 64.0kPrecedent
≈69.8k
+9.1%
Precedent: 69.8k; +9.1% versus 64.0kComparable
72.8k–74.3k
+14.9%
Comparable: 72.8k to 74.3k; +14.9% versus 64.0kOutputs, VND per share
| LBO | 66.0k | +3.1% |
|---|---|---|
| Precedent | ≈69.8k | +9.1% |
| Comparable | 72.8k–74.3k | +14.9% |
| Price used | 64.0k | 11 Jun 2026 |
Key assumptions
- LBO model
- Sponsor-return model
- Comparable model
- Public retail peer multiples
- Precedent model
- Control-premium transaction check
- Sponsor assumptions
- 3.1% premium; 10.2x entry EV/EBITDA; 7.5x exit EV/EBITDA
- Why methods differ
- LBO < precedent < comparable
Conclusion
PNJ now has a three-step valuation ladder: LBO is the sponsor floor, precedent is the middle control-value check, and comparable analysis is the higher public-growth case.
Key risks
- 1 Comparable value can overstate upside if peer margins, growth, or market structures are not truly comparable.
- 2 LBO value is sensitive to exit multiple, leverage capacity, and retail cash-flow resilience.
- 3 Gold price volatility, consumer demand, inventory management, and store productivity are key operating risks.