Setting up corporate valuation advisory service at mekong securities joint stock company

NATIONAL ECONOMIC UNIVERSITY BUSINESS SCHOOL tn gh iệ p NGUYEN QUANG HUY Tố SETTING UP CORPORATE VALUATION tậ p ADVISORY SERVICE AT MEKONG SECURITIES ên đề th ực JOINT STOCK COMPANY uy BACHELOR OF BUSINESS ADMINISTRATION IN ENGLISH (E-BBA) Ch THESIS HANOI, 2014 NATIONAL ECONOMIC UNIVERSITY gh SETTING UP CORPORATE VALUATION iệ p BUSINESS SCHOOL tn ADVISORY SERVICE AT MEKONG SECURITIES th ực tậ p Tố JOINT STOCK COMPANY Ch uy ên đề BACHELOR OF BUSINESS ADMINISTRATION IN ENGLISH (E-BBA) THESIS Student: Nguyen Quang Huy Class: E-BBA-2A Supervisor: MBA Pham Sy Long HANOI, 2014 ACKNOWLEDGEMENT I would like to express my gratitude to all those gave me the possibility to complete this thesis I deeply indebted to my supervisor MBA.Pham Sy Long, whose help, stimulating suggestions and encouragement helped in all the time of research for and writing iệ p of this thesis He always gave full and immediate support whenever necessary In addition to that, I would like to thank to all teachers of EBBA program for giving tn gh me basic knowledge to conduct this thesis Tố I want to sincerely thank to Mekong Securities Joint Stock Company for giving permission to commence this thesis in the first instance, providing me with the tậ p effective data, helped to supply relevant material and support me much for the ực competition of this thesis th Without the support of all those people I could not complete my thesis and gain a Ch uy ên đề great knowledge for my field of research Thus, I want to thank all of them again CONTENTS ACKNOWLEDGEMENT ABBREVIATION .5 LIST OF TABLES LIST OF FIGURES iệ p EXECUTIVE SUMMARY .8 gh INTRODUCTION 11 tn I Rationale 11 Tố II Objectives 12 tậ p III Research questions: .12 ực IV Research methodology 12 th V Data collection 13 đề VI Structure of thesis 13 ên CHAPTER THEORETICAL BACKGROUND ON CORPORATE uy EVALUATION OF SECURITIES COMPANY 14 Ch 1.1 Theoretical background on securities company 14 1.1.1 Definitions of Securities Company 14 1.1.2 Classification of Securities Company .14 1.1.3 The roles of Securities Company 15 1.2 Theoretical background on corporate valuation 15 1.2.1 Corporate value .15 1.2.2 Principles of corporate valuation 16 1.2.3 Definition and theoretical background 17 1.2.4 Misconceptions about valuation 18 1.2.5 Reasons for valuation application and using situation 20 1.2.6 Valuation approaches 21 1.2.7 Discounted cash-flow valuation .24 1.2.8 Economic value added valuation 33 1.2.9 Asset-based method 39 CHAPTER SETTING UP CORPORATION VALUATION ADVISORY SERVICE AT MSC 41 iệ p 2.1 Introduction of Mekong Securities Joint Stock Company 41 gh 2.1.1 Overview of Mekong Securities Joint Stock Company 41 tn 2.1.2 Professional services at MSC 41 Tố 2.1.3 MSC’s organization structure 43 p 2.2 Setting up corporate valuation advisory service in MSC 46 tậ 2.2.1 General description of corporation valuation advisory service 46 ực 2.2.2 Market research .47 đề th 2.2.3 Price strategy 52 2.2.4 Selling plan .53 uy ên 2.2.5 Human resources .55 Ch 2.2.6 Financial plan 58 2.2.6.1 Estimated cost .58 2.2.6.2 Forecast income statement 60 2.2.7 Legal requirements for providing corporation valuation advisory service 61 2.2.8 Corporation valuation process 64 2.2.9 Carry out the entire valuation process 64 CHAPTER RECOMMENDATIONS WHEN LAUNCHING SERVICE 76 3.1 General comment 76 3.1.1 Strengths of MSC .76 3.1.2 Weaknesses of MSC 76 3.1.3 Opportunities for MSC 77 3.1.4 Threats for MSC 77 3.2 Recommendations when launching service 78 3.2.1 Valuation method 78 iệ p 3.2.2 Legal issues .78 gh REFERENCES 81 Ch uy ên đề th ực tậ p Tố tn APPENDIXES 85 ABBREVIATION Capital assets pricing model CFO Chief finance officer COO Chief operation officer DCF Discounted cash flow EVA Economic value added FCF Free cash flow HR Human Resources M&A Mergers and Acquisitions MOF Ministry of Finance MSC Mekong Securities Joint Stock Company TDGVN Vietnam valuation standard ROE Return on equity ROIC Return on invested capital VVA Vietnam Valuation Associations WACC Weighted average cost of capital Ch uy ên đề th ực tậ p Tố tn gh iệ p CAPM LIST OF TABLES Table 1.1: EVA analysis 38 Table 2.1: Target customers 49 Table 2.2: Sales forecast from 2014 - 2017 55 Table 2.3: Suggested salary 58 iệ p Table 2.4: Estimated annual cost 59 gh Table 2.5: Forecast income statement 60 tn Table 2.6: Legal requirements for providing advisory service 61 Table 2.7: Steps for determining intangible assets .70 Ch uy ên đề th ực tậ p Tố Table 2.8: Classification of intangible assets 71 LIST OF FIGURES Figure 1: Research Process .13 Figure 1.1: Corporation valuation approaches .22 Figure 1.2: The relations of WACC .29 Figure 1.3: Inputs of DCF method 31 Figure 1.4: Basic concept of EVA 34 iệ p Figure 2.1: MSC’s organization structure .44 gh Figure 2.2: Expected market shares of MSC 48 tn Figure 2.3: Forecasted demand for the period 2014-2015 50 Tố Figure 2.4: Structure of competitors 51 Figure 2.5: Price strategy of MSC 53 tậ p Figure 2.6: Reporting structure .56 Figure 2.7: Suggested valuation process 64 Ch uy ên đề th ực Figure 2.8: Process of choosing valuation methods 67 EXECUTIVE SUMMARY In the past years, M&A and equitzation activities in Vietnam have been growing rapidly in both quantity and value Vietnam is known as an attractive investment destination with the rapid GDP growth rate, young population, welltrained In addition to that the increase of population is going with the demand for improving the quality of life Vietnamese citizens enjoy the increase of level iệ p of disposable income, favorable investment environment with low cost and speed gh of urbanization is increasing rapidly tn Regard to the development of those activities, determining the corporate value is Tố the very first step to support them According to the Announcement No.48 of p MOF dated January 24th 2013, there are 83 firms which have permissions for tậ providing corporation valuation advisory service in Vietnam In those firms, ực there are 53 firms in Hanoi can be considered as the potential competitors of th MSC đề From that to explore the demand of that market and the comparative advantage of ên MSC, MSC should provide corporation valuation advisory service which has not uy provided yet Therefore, this thesis comes up with the idea of setting up this Ch advisory service at MSC in order to fulfill the demand of market The advisory service which is built up within this thesis in accordance with the most updated laws and guidance documents of government and the theories which are mentioned in some references books and documents Therefore, it is a combination of theories and the reality This thesis uses only secondary data which are extracted from laws and guidance of government in Vietnam and the good practices of some competitors From those analyses, this thesis helps MSC to build up a standard process of determining corporate value It allows MSC to compete later on the market with others REFERENCES  Vietnamese Law on Enterprise 2005 Ministry of Finance, Circular No 202/2011/TT-BTC dated December 30 th, 2011 Ministry of Finance, Circular No 127/2012/TT-BTC iệ p Ministry of Finance, Vietnam Valuation Standard No 04 and 07 (TDGVN 04, gh 07), issued in accordance with Decision No 48/2005/QD-BTC dated August 14 th, tn 2005 Tố Ministry of Finance (2013), Announcement No 48: List of companies tậ Mekong Securities Joint Stock Company’s Profile, Reports p providing valuation advisory service ực Nguyen Viet Phuong (2004) Quy trình xác định giá trị doanh nghiệp cơng th ty kiểm tốn dịch vụ tin học AISC – chi nhánh Đà Nẵng ên SIVC’s reports đề Vietnamese Government, Decree No 59/2011/ND-CP dated July 18th, 2011 Ch  English uy 10 Tuoi tre News (2014), Các xu hướng kinh tế năm 2014 11 Baker, H Kent (2013), Art of Corporate restructuring: Creating Shareholder value Through Mergers and Acquisition, Wiley 12 Bhattacharya, A K (2007), Essentials Of Financial Accounting (3 edition), PHI Learning Private Ltd., New Delhi 13 Blair, A (1997), EVA fever, Management today Rd 14 Doreen, N and Rottenburg, Z (2011), Analysis of corporate valuation theoriesand a valuation of ISS A/S, Aarhus School of Business and Social Sciences-Aarhus University, Denmark 81 15 Frykman, D & Tolleryd J (2003), Corporate valuation an easy guide to measuring value, Pearson education limited, Edinburgh 16 Hitchner, J R (2011), Financial valuation: application and models, John Wiley & Sons, Inc., Hoboken, New Jersey 17 Koller, T., Goedhart M & Wessels D (2000), Valuation Measuring and Managing the Value of Companies (3 rd edition ed.), McKinsey Company, New Jersey 18 Mäkeläinen, E (1998), Economic value added as managment tool, Helsinki iệ p School of Economics and Business Administration, Helsinki gh 19 Meyers, B (2003), Principles of Corporate Finance (Revised edition), Mc tn GrawHill companies, Inc., New York Tố 20 Michael C E & Eugene F B (2009), Corporate finance: a focused p approach (3rd edition ed.), Thomson Learning; Ohio: South-Western, London tậ 21 Ministry of Small Business and Economic Development, Business Planning ực and Financial Forecasting:A start-up guide, Canada th 22 Narcyz, R & Needy, K L (1999), EVA for small manuafacturing đề companies, Department of Production Engineering and Mangement of Greek ên 23 Nguyen Vu Thuy Linh (2013), Discounted cash-flow and Economic value uy added methods in corporate valuation, Lahti University Of Applied Sciences - Ch Lahden ammattikorkeakoulu, Finland 24 Hack, U 2012 Corporate valuation and equity markets Corporate valuation and equity markets Villingen - Schwenningen, Baden Wuertemberg: Felix Hochschule Furtwangen  Websites 25 Barlow, B (2008) DCF Valuation Wall Street prep Address: www.wallstreetprep.com/extrafiles/sampledownloads/DCF.pdf (Accessed on: October 1st, 2013) 82 26 Beta Macabacus (July, 2008) Enterprise value Macabacus, LLC Address: http://macabacus.com/valuation/enterprise-value (Accessed on: October 4th, 2013) 27 Charlton, A Consulting (2012) Asset base method FTI Forensic and Litigation Adress: http://kluwerarbitrationblog.com/blog/2012/04/10/asset- based-methods-part-3-valuation-and-the-financial-crisis/ (Accessed on: January 3rd, 2014) 28 Damodaran, A (2005) An Introduction to Valuation Stern School of (Accessed gh http://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/approach.pdf iệ p Business Address: tn on: October 5th, 2013) Tố 29 Deloitte (2009) Intangible asset: Recognizing their value Deloitte Address: http://www.deloitte.com/assets/Dcom-Ireland/Local%20Assets/Documents/ tậ p ie_CF_ValuationsIntangible_0609.pdf (Accessed on: December 1st, 2013) ực 30 Mäkeläinen, E (2011) EVA-Valution Valuatum Oy, Finland Address: th http://www.valuatum.com/supportportal/component/content/article/113- đề (Accessed on: October 3rd, 2013) ên 31 Mäkeläinen, E (2011) DCF-Valution Valuatum Oy, Finland Address: uy http://www.valuatum.com/supportportal/component/content/article/112- Ch (Accessed on: October 3rd, 2013) 32 Mäkeläinen, E & Roztocki, N (1998) Economic Value Added (EVA) for Small Business Evanomics Address: http://www.evanomics.com/download/evaspres.pdf (Accessed on: October 3rd, 2013) 33 Roztocki, N & Needy K L (2013) New Paltz Address: http://www2.newpaltz.edu/~roztockn/lasvegas99.pdf (Accessed on: October 2nd, 2013) 83 34 Selvaraj, A (2013) Business valuation - Uses and Factors Mbainfoline Address: http://www.mbainfoline.com/Articles%20on%20Management/Business %20Valuation.htm (Accessed on: October 2nd, 2013) 35 The Basics of Business Valuation: What Matters and Why (2013) BCMS Corporation Address http://www.bcmscorp.com/research/basics-business-valuation-what-matters-and- iệ p why?page=0,5 (Accessed on: October 2nd, 2013) 36 Stewart, S (January, 2013) Economic value added Stern Stewart & Co tn on: October 1st, 2013) (Accessed gh Address: http://www.sternstewart.com/?content=proprietary&p=eva Tố 37 Valutech Pty Ltd (1992) Define and Classify Intangible Asset Valutech Oy p Address: http://www.valutech.com.au/pages/pages/DefaClass.html (Accessed on: tậ October 1st, 2013) ực 38 Wilson, J (May, 1997) Economic value added EVA® Cashoo Address: th http://pricing.online.fr/docs/economicvalueadded.pdf (Accessed on: October 3rd, Ch uy ên đề 2013) 84 APPENDIXES Appendix 1: Fee of corporation valuation (unit: million VND) Real estate No value to From (%) To Fee in cash From To 2,50 40 20.000 21.000 0,162 32,40 34,02 500 600 0,400 2,00 2,40 41 21.000 22.000 0,160 33,60 35,20 600 700 0,370 2,22 2,59 42 22.000 23.000 0,158 34,76 36,34 700 800 0,350 2,45 2,80 43 23.000 24.000 0,156 35,88 37,44 800 900 0,330 2,64 2,97 44 24.000 25.000 0,154 36,96 38,50 900 1.000 0,310 2,79 3,10 45 25.000 26.000 0,152 38,00 39,52 1.000 1.200 0,300 3,00 3,60 46 26.000 27.000 0,150 39,00 40,50 1.200 1.400 0,290 3,48 4,06 47 27.000 28.000 0,148 39,96 41,44 1.400 1.600 0,280 3,92 4,48 48 28.000 29.000 0,146 40,88 42,34 10 1.600 1.800 0,270 4,32 4,86 49 29.000 30.000 0,144 41,76 43,20 11 1.800 2.000 0,260 4,68 5,20 50 30.000 31.000 0,142 42,60 44,02 12 2.000 2.400 0,255 5,10 6,12 51 31.000 32.000 0,140 43,40 44,80 13 2.400 2.800 0,250 6,00 14 2.800 3.200 0,245 6,86 7,84 53 33.000 34.000 0,136 44,88 46,24 15 3.200 3.600 0,240 7,68 8,64 54 34.000 35.000 0,134 45,56 46,90 16 3.600 4.000 0,235 8,46 9,40 55 35.000 36.000 0,132 46,20 47,52 17 4.000 4.400 0,230 9,20 10,12 56 36.000 37.000 0,130 46,80 48,10 18 4.400 4.800 0,225 9,90 10,80 57 37.000 38.000 0,128 47,36 48,64 19 4.800 5.200 0,220 10,56 11,44 58 38.000 39.000 0,126 47,88 49,14 20 5.200 5.600 0,215 11,18 12,04 59 39.000 40.000 0,124 48,36 49,60 21 5.600 6.000 0,207 11,59 12,42 60 40.000 41.000 0,122 48,80 50,02 22 6.000 6.500 0,204 12,24 13,26 61 41.000 42.000 0,120 49,20 50,40 th ực tậ p Tố tn gh iệ p đề 500 To Fee value ên From No 7,00 52 32.000 33.000 0,138 44,16 45,54 uy (%) Real estate Ch From Fee in cash Fee 85 6.500 7.000 0,201 13,06 14,07 62 42.000 43.000 0,118 49,56 50,74 24 7.000 7.500 0,198 13,86 14,85 63 43.000 44.000 0,116 49,88 51,04 25 7.500 8.000 0,195 14,62 15,60 64 44.000 45.000 0,114 50,16 51,30 26 8.000 8.500 0,192 15,36 16,32 65 45.000 46.000 0,112 50,40 51,52 27 8.500 9.000 0,189 16,06 17,01 66 46.000 47.000 0,110 50,60 51,70 28 9.000 9.500 0,186 16,74 17,67 67 47,000 48.000 0,105 49,35 50,40 29 9.500 10.000 0,184 17,48 18,40 68 48.000 49.000 0,100 48,00 49,00 30 10.000 11.000 0,182 18,20 20,02 69 49.000 50.000 0,095 46,55 47,50 31 11.000 12.000 0,180 19,80 21,60 70 50.000 60.000 0,090 45,00 54,00 32 12.000 13.000 0,178 21,36 23,14 71 60.000 70.000 0,085 51,00 59,50 33 13.000 14.000 0,176 22,88 24,64 72 70.000 80.000 0,080 56,00 64,00 34 14.000 15.000 0,174 24,36 26,10 73 80.000 90.000 0,075 60,00 67,50 35 15.000 16.000 0,172 25,80 27,52 74 90.000 100.000 0,070 63,00 70,00 36 16.000 17.000 0,170 27,20 28,90 75 100.000 150.000 0,060 60,00 90,00 37 17.000 18.000 0,168 28,56 30,24 76 150.000 200.000 0,050 75,00 38 18.000 19.000 0,166 29,88 31,54 77 39 19.000 20.000 0,164 31,16 32,80 th ực tậ p Tố tn gh iệ p 23 Negotiation No assets value From To Fee in cash Fee Ch Intangible uy ên đề >200.000 100,0 (%) From Intangible No assets value To From To Fee (%) Fee in cash From To 100 0,56 45 3.900 4.050 0,276 10,76 11,17 100 200 0,550 0,55 1,10 46 4.050 4.200 0,273 11,05 11,46 200 250 0,540 1,08 1,35 47 4.200 4.350 0,270 11,34 11,74 250 300 0,530 1,32 1,59 48 4.350 4.500 0,267 11,61 12,01 300 350 0,520 1,56 1,82 49 4.500 4.650 0,264 11,88 12,27 350 400 0.510 1,78 2,04 50 4.650 4.800 0.261 12,13 12,52 400 450 0,500 2,00 2,25 51 4.800 4.950 0,258 12,38 12,77 86 450 500 0,490 2,20 2,45 52 4.950 5.100 0,255 12,62 13,00 500 550 0,480 2,40 2,64 53 5.100 5.400 0,252 12,85 13,60 10 550 600 0,470 2,58 2,82 54 5.400 5.700 0,249 13,44 14,19 11 600 650 0,460 2,76 2,99 55 5.700 6.000 0,246 14,02 14,76 12 650 700 0,450 2,92 3,15 56 6.000 6.300 0,243 14,58 15,30 13 700 750 0,440 3,08 3,30 57 6.300 6.600 0,240 15,12 15,84 14 750 800 0,430 3,22 3,44 58 6.600 6.900 0,237 15,64 16,35 15 800 850 0,420 3,36 3,57 59 6.900 7.200 0,234 16,14 16,84 16 850 900 0,410 3,48 3,69 60 7.200 7.500 0,231 16,63 17,32 17 900 950 0,400 3,60 3,80 61 7.500 7.800 0,228 17,10 17,78 18 950 1.000 0,395 3,75 3,95 62 7.800 8.100 0,225 17,55 gh 19 1.000 1.100 0,390 3,90 4,29 63 8.100 8.400 0,222 17,98 18,64 20 1.100 1.200 0,385 4,23 4,62 64 8.400 8.700 0,219 18,39 19,05 21 1.200 1.300 0,380 4,56 4,94 65 8.700 9.000 0,200 22 1.300 1.400 0,375 4,87 5,25 66 9.000 23 1.400 1.500 0,370 5,18 5,55 67 24 1.500 1.600 0,365 5,47 5,84 68 25 1.600 1.700 0,360 26 1.700 1.800 27 0,355 6,03 6,39 70 1.800 1.900 0,350 6,30 6,65 71 28 1.900 2.000 0,345 6,55 6,90 72 29 2.000 2.100 0,340 6,80 7,14 73 tn Tố p 0,198 17,82 19,80 0,196 19,60 21,56 0,194 21,34 23,28 0,192 23,04 24,96 0,190 24,70 26,60 0,188 26,32 28,20 0,187 28,05 29,92 16.00 17.00 0,186 29,76 31,62 tậ 18,00 ực 10.00 th 6,12 69 18,22 17,40 10.00 11.00 đề ên uy Ch 5,76 iệ p 0 11.00 12.00 0 12.00 13.00 0 13.00 14.00 0 14.00 15.00 0 15.00 16.00 0 87 7,26 7,59 75 32 2.300 2.400 0,325 7,47 7,80 76 33 2.400 2.500 0,320 7,68 8,00 77 34 2.500 2.600 0,315 7,87 8,19 78 35 2.600 2.700 0,310 8,06 8,37 79 36 2.700 2.800 0,305 8,23 8,54 80 37 2.800 2.900 0,300 8,40 8,70 81 38 2.900 3.000 0,297 8,61 8,91 82 39 3.000 3.150 0,294 8,82 40 3.150 3.300 0,291 41 3.300 3.450 42 18.00 19.00 ên uy Ch 9,26 83 9,16 9,60 84 0,288 9,50 9,93 85 3.450 3.600 0,285 9,83 10,26 86 43 3.600 3.750 0,282 10,15 10,57 87 44 3.750 3.900 0,279 10,46 10,88 19.00 20.00 0 20.00 21.00 0 21.00 22.00 0 22.00 23.00 0 23.00 24.00 0,185 31,45 33,30 0,184 33,12 34,96 0,183 34,77 36,60 0,182 36,40 38,22 0,181 38,01 39,82 0,180 39,60 24.00 25.00 0 25.00 30.00 0 30.00 35.00 0 35.00 40.00 0 40.00 45.00 0 45.00 50.00 >50000 iệ p 0,330 gh 2.200 2.300 tn 31 17.00 18.00 Tố 7,37 74 0,175 41,40 40,25 42,00 0,170 40,80 42,50 0,160 40,00 48,00 0,150 45,00 52,50 0,140 49,00 56,00 0,130 52,00 58,50 0,120 54,00 60,00 tậ 7,03 ực 0,335 th 2.100 2.200 đề 30 p Negotiation 88 No IT value From To 78,960 82,720 0,990 0,198 0,346 46 11000 11500 0,750 82,500 86,250 50 0,980 0,343 0,490 47 11500 12000 0,748 86,020 89,760 50 100 0,970 0,485 0,970 48 12500 13000 0,746 89,520 93,250 100 200 0,960 0,960 1,920 49 13000 13500 0,744 93,000 96,720 200 300 0,950 1,900 2,850 50 13500 14000 0,742 96,460 103,880 300 400 0,940 2,820 3,760 51 14000 14500 0,740 103,600 107,300 400 500 0,930 3,720 4,650 52 14500 15000 0,738 107,010 110,700 500 600 0,920 4,600 5,520 53 15000 15500 0,736 110,400 114,080 10 600 700 0,910 5,460 6,370 54 15500 16000 0,734 113,770 117,440 11 700 800 0,900 6,300 7,200 55 16000 16500 0,732 117,120 120,780 12 800 900 0,890 7,120 8,010 56 16500 17000 0,730 120,450 124,100 13 900 1000 0,880 7,920 8,800 57 17000 17500 0,728 123,760 127,400 14 1000 1200 0,870 8,700 15 1200 1400 0,860 16 1400 1600 0,850 17 1600 1800 0,840 18 1800 2000 0,830 19 2000 2200 0,820 20 2200 2400 0,810 gh iệ p 0,20 45 10500 11000 0,752 tn To Tố 35 From p (%) tậ 35 To ực 20 From 10,44 th To Fee in cash Fee 58 17500 18000 0,726 127,050 130,680 đề From IT value ên 20 (%) No 10,32 12,04 59 18000 18500 0,724 130,320 133,940 uy Fee in cash Ch Fee 11,90 13,60 0 13,44 15,12 0 14,94 16,60 0 16,40 18,04 0 60 18500 19000 0,722 133,570 137,180 61 19000 19500 0,720 136,800 140,400 62 19500 20000 0,718 140,010 143,600 63 20000 20500 0,716 143,200 146,780 17,82 19,44 64 20500 21000 0,714 146,370 149,940 89 0,796 24 3000 3200 0,794 25 3200 3400 0,792 26 3400 3600 0,790 27 3600 3800 0,788 28 3800 4000 0,786 29 4000 4300 0,784 30 4300 4600 0,782 31 4600 4900 0,780 32 4900 5200 0,778 33 5200 5500 0,776 34 5500 5800 0,774 22,28 23,88 23,82 25,40 25,34 26,92 26,86 28,44 0 28,36 29,94 29,86 31,44 31,36 33,71 66 21500 22000 0,710 152,650 156,200 67 22000 22500 0,708 155,760 159,300 68 22500 23000 0,706 158,850 162,380 iệ p 3000 69 23000 23500 0,704 161,920 165,440 gh 2800 tn 23 20,74 22,34 70 23500 24000 0,702 164,970 168,480 Tố 0,798 65 21000 21500 0,712 149,520 153,080 p 2800 71 24000 24500 0,700 168,000 171,500 tậ 2600 ực 22 19,20 20,80 72 24500 25000 0,698 171,010 174,500 th 0,800 73 25000 25500 0,696 174,000 177,480 ên 2600 33,62 35,97 uy 2400 Ch 21 đề 35,88 38,22 0 38,12 40,45 40,35 42,68 42,57 44,89 74 25500 26000 0,694 176,970 180,440 75 26000 26500 0,692 179,920 183,380 76 26500 27000 0,690 182,850 186,300 77 27000 27500 0,688 185,760 189,200 78 27500 28000 0,686 188,650 192,080 90 38 7000 7500 0,766 39 7500 8000 0,764 40 8000 8500 0,762 41 8500 9000 0,760 42 9000 9500 0,758 43 9500 10000 0,756 44 10000 10500 0,754 49,92 53,76 0 53,62 57,45 0 57,30 61,12 0 60,96 64,77 0 64,60 68,40 0 68,22 72,01 0 71,82 75,60 0 75,40 79,17 81 29000 29500 0,680 197,200 200,600 82 29500 30000 0,678 200,010 203,400 iệ p 0,768 80 28500 29000 0,682 194,370 197,780 83 30000 30500 0,676 202,800 206,180 gh 7000 84 30500 31000 0,674 205,570 208,940 tn 6500 Tố 37 46,97 50,05 85 31000 31500 0,672 208,320 211,680 p 0,770 79 28000 28500 0,684 191,520 194,940 tậ 6500 86 31500 32000 0,670 211,050 214,400 ực 6100 th 36 44,77 47,09 87 32000 32500 0,668 220,160 223,600 đề 0,772 ên 6100 88 32500 33000 0,666 222,300 225,720 uy 5800 Ch 35 91 Appendix 2: List of competitors No Name Name in short Công ty CP Đầu tư Định giá AIC - Việt Nam AIC Công ty CP Đầu tư Thẩm định giá Châu Á ASIAN VNI.,JSC Công ty CP Đầu tư Thẩm định giá PIV PIV Công ty CP Đầu tư Thẩm định giá Việt Nam TDG VIETNAM Công ty CP Dịch vụ Thẩm định giá Hà Nội Trung tâm Thẩm định giá Đấu giá- Chi nhánh Công ty CP Định giá Dịch vụ Tài Việt Nam Cơng ty CP Giám định Thẩm định giá Quốc tế Công ty CP Thẩm định ASIAN ASIAN Công ty CP Thẩm định giá AVALUE Việt Nam AVALUE 10 Công ty CP Thẩm định giá BTCVALUE BTCVALUE.,JSC p Công ty CP Thẩm định giá IVC Việt Nam IVC VIET NAM 13 Công ty CP Thẩm định giá Thăng Long 14 Công ty CP Thẩm định giá Thế Kỷ 15 Công ty CP Thẩm định giá Bán đấu giá tài sản Nước NVAA.,CORP Việt 16 Công ty CP Thẩm định giá Đầu tư Tài Bưu điện PTFV 17 Cơng ty CP Thẩm định giá Đầu tư Tài Việt Nam VFIA 18 Công ty CP Thẩm định giá Đầu tư VIC VIC 19 Công ty CP Thẩm định giá Dịch vụ Tài Hà Nội VFS.,JSC uy ên đề th ực tậ 12 Ch  11 Chi nhánh Công ty CP Thẩm định giá Đông Á Hà Nội Tố tn gh iệ p TL VALUATION CENTURY VALUATION.,JS C  20 Chi nhánh Công ty CP Thông tin Thẩm định giá Miền Nam Hà Nội  SIVC 21 Công ty TNHH Định giá CIMEICO CIMEICO 22 Công ty TNHH Định giá Hà Nội HA NOI VALUE CO.,LTD 23 Cơng ty TNHH Định giá Kiểm tốn SPT SPT CO.,LTD 92 Công ty TNHH Giám định Thẩm định giá Thương Tín THUONGTIN I&A CO.,LTD 25 Cơng ty TNHH Kiểm toán Tư vấn Định giá ACV ACV 26 Cơng ty TNHH Kiểm tốn Định giá Việt Nam VAE 27 Công ty TNHH Thẩm định giá Nam Việt NAMVIET VALUATION 28 Công ty TNHH Thẩm định giá SHC Việt Nam SHC VIET NAM APPRAISAL CO.,LTD 29 Công ty TNHH Thẩm định giá Giám định Việt Nam VAI CO.,LTD 30 Công ty TNHH Thẩm định giá Tư vấn Tài Việt Nam VFA VIETNAM 31 Cơng ty TNHH Thẩm định giá Vinacontrol VINACONTROL PV 32 Công ty TNHH Thẩm định Thương mại Oscar Việt Nam OSCAR CO.,LTD 33 Công ty TNHH Tư vấn Thẩm định giá Thăng Long T.D.K THANG LONG T.D.K CO.,LTD 34 Công ty CP Tư vấn - Dịch vụ Tài sản - Bất động sản DATC DCSC 35 Công ty TNHH Dịch vụ Kiểm toán Tư vấn UHY UHY.CO.,LTD 36 Cơng ty TNHH Dịch vụ Tư vấn Tài Kế tốn Kiểm tốn AASC.,LTD 37 Cơng ty TNHH Grant Thornton (Việt Nam) GT 38 Cơng ty TNHH Kiểm tốn - Tư vấn Thuế 39 Cơng ty TNHH Kiểm tốn APEC APEC AUDIT CO.,LTD 40 Cơng ty TNHH Kiểm tốn ASCO ASACO., LTD 41 Cơng ty TNHH Kiểm tốn Kreston ACA Việt Nam KRESTON - ACA CO.,LTD 42 Công ty TNHH Kiểm toán Quốc gia VIA VIA AUDIT CO.,LTD 43 Cơng ty TNHH Kiểm tốn Tư vấn Thủ Đơ CACC 44 Cơng ty TNHH Kiểm tốn Kế tốn Hà Nội CPA HANOI Ch uy ên đề th ực tậ p Tố tn gh iệ p 24 ATC  45 Chi nhánh Thanh Xn- Cơng ty TNHH Kiểm tốn Kế tốn Hà Nội 93 Cơng ty TNHH Kiểm tốn Tư vấn ASEAN ASEAN - AC CO.,LTD 47 Công ty TNHH Kiểm tốn Tư vấn Tài Châu Á FADACOM CO.,LTD 48 Cơng ty TNHH Kiểm tốn Việt VIETCPA 49 Cơng ty TNHH Kiểm tốn Việt Anh VIETANH AUDIT CO.,LTD 50 Công ty TNHH Tư vấn GNT Việt Nam GNT VIET NAM CO,.LTD 51 Công ty TNHH Tư vấn Kế tốn Kiểm tốn Việt Nam AVA 52 Cơng ty TNHH Tư vấn Tài Kế tốn Kiểm tốn Việt Nam AAFC CO.,LTD 53 Cơng ty TNHH Tư vấn Kiểm toán Quốc tế AC Ch uy ên đề th ực tậ p Tố tn gh iệ p 46 94 Appendix 3: DCF checklist Ch uy ên đề th ực tậ p Tố tn gh iệ p Historic and strategic analysis of the company and industry A Financial analysis - Evolution of income statements and balance sheets, cash flow generated by the company, company’s investments, and company’s financing - Analysis of the financial health and risk of the business B Strategic and competitive analysis - Evolution of the industry and company’s competitive position - Identification of the value chain - Competitive position of the main competitors - Identification of the value drivers Projections of future flows A Financial forecast - Income statements and balance sheets - Cash flows generated by the company - Investments - Financing - Terminal value - Forecast of various scenarios B Strategic and competitive forecasts - Forecast of the industry’s evolution and the company’s competitive position - Competitive position of the main competitors C Consistency of the cash flow forecasts - Financial consistency between forecasts - Comparison of forecasts with historic figures - Consistency of cash flows with the strategic analysis Determination of the cost (required return) of capital - For each business unit and for the company as a whole - Cost of debt, required return to equity, and weighted cost of capital Net present value of future flows - NPV of the flows at their corresponding rate - Present value of the terminal value - Value of the equity Interpretation of results - Benchmarking of the value obtained: comparison with similar companies - Identification of the value creation and its sustainability (time horizon) - Analysis of the value’s sensitivity to changes in the fundamental parameters - Strategic and competitive justification of the value creation Source: Baker, H Kent (2013) 95