Financials Central Hydropower

Equities

CHP

VN000000CHP3

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. 03:30:00 17/05/2024 am IST 5-day change 1st Jan Change
33,200 VND +0.61% Intraday chart for Central Hydropower +7.27% +31.23%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 29,24,428 27,85,830 29,08,871 33,42,263 33,20,226 37,16,891
Enterprise Value (EV) 1 38,96,033 42,17,358 41,50,689 45,13,205 40,62,154 43,78,027
P/E ratio 30.5 x 12.9 x 10.4 x 13.8 x 6.51 x 11 x
Yield 7.11% 4.98% 8.08% 6.59% 13.3% -
Capitalization / Revenue 6.22 x 3.9 x 3.5 x 4.24 x 3.02 x 4.22 x
EV / Revenue 8.29 x 5.91 x 5 x 5.73 x 3.69 x 4.97 x
EV / EBITDA 11.9 x 7.72 x 6.55 x 7.62 x 4.82 x 6.69 x
EV / FCF -17.8 x -20.5 x 35 x 18.6 x 6.47 x 13 x
FCF Yield -5.61% -4.87% 2.85% 5.39% 15.5% 7.72%
Price to Book 1.66 x 1.58 x 1.54 x 1.76 x 1.66 x 1.92 x
Nbr of stocks (in thousands) 1,46,914 1,46,914 1,46,913 1,46,913 1,46,913 1,46,913
Reference price 2 19,906 18,962 19,800 22,750 22,600 25,300
Announcement Date 01/04/19 13/03/20 25/03/21 17/03/22 20/02/23 08/03/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 4,70,018 7,13,536 8,30,525 7,87,447 11,00,534 8,81,378
EBITDA 1 3,28,405 5,46,052 6,34,009 5,91,949 8,43,199 6,54,603
EBIT 1 1,75,170 3,50,804 4,20,263 3,66,452 6,17,605 4,29,936
Operating Margin 37.27% 49.16% 50.6% 46.54% 56.12% 48.78%
Earnings before Tax (EBT) 1 1,00,993 2,26,714 2,90,833 2,54,492 5,35,957 3,55,432
Net income 1 95,892 2,16,055 2,78,372 2,42,075 5,10,295 3,36,955
Net margin 20.4% 30.28% 33.52% 30.74% 46.37% 38.23%
EPS 2 652.7 1,471 1,895 1,648 3,473 2,294
Free Cash Flow 1 -2,18,465 -2,05,487 1,18,462 2,43,160 6,28,078 3,37,820
FCF margin -46.48% -28.8% 14.26% 30.88% 57.07% 38.33%
FCF Conversion (EBITDA) - - 18.68% 41.08% 74.49% 51.61%
FCF Conversion (Net income) - - 42.56% 100.45% 123.08% 100.26%
Dividend per Share 2 1,415 943.4 1,600 1,500 3,000 -
Announcement Date 01/04/19 13/03/20 25/03/21 17/03/22 20/02/23 08/03/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 9,71,605 14,31,528 12,41,819 11,70,942 7,41,928 6,61,137
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.959 x 2.622 x 1.959 x 1.978 x 0.8799 x 1.01 x
Free Cash Flow 1 -2,18,465 -2,05,487 1,18,462 2,43,160 6,28,078 3,37,820
ROE (net income / shareholders' equity) 5.27% 12.3% 15.2% 12.8% 26.2% 17.1%
ROA (Net income/ Total Assets) 3.68% 6.79% 7.35% 6.73% 11.8% 8.63%
Assets 1 26,07,754 31,83,222 37,85,881 35,96,521 43,17,911 39,04,233
Book Value Per Share 2 11,986 12,009 12,891 12,893 13,594 13,195
Cash Flow per Share 2 6.260 1,220 1,836 620.0 1,710 771.0
Capex 1 2,14,933 8,39,638 1,52,137 8,651 2,897 4,851
Capex / Sales 45.73% 117.67% 18.32% 1.1% 0.26% 0.55%
Announcement Date 01/04/19 13/03/20 25/03/21 17/03/22 20/02/23 08/03/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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