DRY CELL AND STORAGE BATTERY

Financials Dry Cell and Storage Battery

Equities

PAC

VN000000PAC8

Electrical Components & Equipment

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 16/05/2024 am IST			5-day change	1st Jan Change
33,200 ^VND	+2.31%		+3.75%	+36.91%

25/04	Dry Cell and Storage Battery Joint Stock Company Provides Business Plan for the Second Quarter and First Six Month of 2024	CI
19/04	Dry Cell and Storage Battery Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	18,00,779	11,61,793	12,77,972	17,19,453	15,47,508	11,26,939
Enterprise Value (EV) ¹	23,73,365	17,46,077	17,49,363	20,16,490	20,85,342	15,50,572
P/E ratio	12.4 x	7.74 x	9.56 x	11 x	10.9 x	10.9 x
Yield	5.16%	8%	5.45%	4.05%	5.11%	-
Capitalization / Revenue	0.61 x	0.38 x	0.43 x	0.56 x	0.46 x	0.35 x
EV / Revenue	0.8 x	0.57 x	0.59 x	0.66 x	0.61 x	0.49 x
EV / EBITDA	8.24 x	5.84 x	6.2 x	7.48 x	6.5 x	6.05 x
EV / FCF	117 x	-31.7 x	19 x	19 x	-9.06 x	12.7 x
FCF Yield	0.85%	-3.16%	5.27%	5.27%	-11%	7.86%
Price to Book	3 x	1.74 x	1.75 x	1.98 x	1.67 x	1.19 x
Nbr of stocks (in thousands)	46,472	46,472	46,472	46,472	46,472	46,472
Reference price ²	38,750	25,000	27,500	37,000	33,300	24,250
Announcement Date	19/03/19	24/03/20	18/03/21	10/03/22	13/03/23	10/03/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	29,65,438	30,78,987	29,54,018	30,48,518	33,98,698	31,84,947
EBITDA ¹	2,88,052	2,99,031	2,82,139	2,69,576	3,20,892	2,56,465
EBIT ¹	2,01,386	2,14,234	2,02,380	1,88,167	2,29,784	1,71,029
Operating Margin	6.79%	6.96%	6.85%	6.17%	6.76%	5.37%
Earnings before Tax (EBT) ¹	1,97,334	2,11,981	1,89,507	2,22,412	2,01,040	1,54,325
Net income ¹	1,57,903	1,66,695	1,48,583	1,73,827	1,57,931	1,15,202
Net margin	5.32%	5.41%	5.03%	5.7%	4.65%	3.62%
EPS ²	3,126	3,228	2,878	3,366	3,059	2,231
Free Cash Flow ¹	20,217	-55,142	92,161	1,06,295	-2,30,069	1,21,870
FCF margin	0.68%	-1.79%	3.12%	3.49%	-6.77%	3.83%
FCF Conversion (EBITDA)	7.02%	-	32.67%	39.43%	-	47.52%
FCF Conversion (Net income)	12.8%	-	62.03%	61.15%	-	105.79%
Dividend per Share ²	2,000	2,000	1,500	1,500	1,700	-
Announcement Date	19/03/19	24/03/20	18/03/21	10/03/22	13/03/23	10/03/24

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	5,72,586	5,84,284	4,71,391	2,97,037	5,37,834	4,23,633
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.988 x	1.954 x	1.671 x	1.102 x	1.676 x	1.652 x
Free Cash Flow ¹	20,217	-55,142	92,161	1,06,295	-2,30,069	1,21,870
ROE (net income / shareholders' equity)	24.9%	26.1%	21.2%	21.8%	17.8%	12.3%
ROA (Net income/ Total Assets)	6.21%	5.61%	5.18%	4.82%	5.88%	4.41%
Assets ¹	25,42,602	29,70,860	28,68,005	36,06,443	26,85,770	26,13,602
Book Value Per Share ²	12,906	14,384	15,715	18,664	19,896	20,324
Cash Flow per Share ²	2,301	4,013	3,214	2,564	2,446	3,485
Capex ¹	1,78,884	1,64,626	96,062	99,525	2,02,538	80,293
Capex / Sales	6.03%	5.35%	3.25%	3.26%	5.96%	2.52%
Announcement Date	19/03/19	24/03/20	18/03/21	10/03/22	13/03/23	10/03/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
DRY CELL AND STORAGE BATTERY	+36.91%	6.07Cr
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED	+22.30%	12TCr
SAMSUNG SDI CO., LTD.	-6.46%	2.17TCr
TDK CORPORATION	+8.11%	1.78TCr
ECOPRO BM. CO., LTD.	-25.00%	1.57TCr
EVE ENERGY CO., LTD.	-10.90%	1.06TCr
VOLTRONIC POWER TECHNOLOGY CORP.	-1.75%	458.29Cr
GOTION HIGH-TECH CO.,LTD.	-13.67%	458.28Cr
ENERSYS	-2.72%	396.93Cr
TIANNENG BATTERY GROUP CO., LTD.	+1.90%	383.08Cr

Batteries & Uninterruptable Power Supplies

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