Control Value / Sponsor Returns
Precedent Transactions + LBO
Transaction and sponsor-return valuation for situations where control premiums, entry multiples, and exit returns matter.
BMP · Binh Minh Plastics
Transaction-led valuation set pairing acquisition multiples with sponsor-return analysis.
Precedent Transactions
Approx. VND 152.8k/share
Median selected precedent premium of 13.0%, with one-day and one-week premium checks below the headline control premium.
Precedent transactions land above the LBO because strategic/control buyers can justify a higher premium than a financial sponsor.
LBO
VND 142.0k/share
Sponsor-return LBO; 5.0% control premium, entry EV/EBITDA around 7.4x, exit EV/EBITDA 7.5x, and 20.1% IRR in the template return case.
Sponsor case supports a modest premium but remains below precedent value because return hurdles constrain entry price.
PNJ · Phu Nhuan Jewelry
Retail valuation set with sponsor-return analysis and a combined public/transaction multiple pack.
LBO
VND 66.0k/share
Sponsor-return LBO; 3.1% control premium, entry EV/EBITDA around 10.2x, exit EV/EBITDA 7.5x, and 20.1% IRR in the template return case.
Sponsor case is the lowest valuation anchor because leverage capacity, exit multiple discipline, and required returns cap what a financial buyer can pay.
Comparable / Precedent
Comparable VND 72.8k-74.3k; precedent approx. VND 69.8k
Selected retail peer P/E medians of 13.2x LTM, 9.8x 2026E, and 10.2x 2027E after trimming high-growth outliers; precedent premium of 9.0%.
Comparable analysis is the highest case because public retail investors can pay for brand quality and growth; precedent sits between the public-growth case and LBO floor.