Financials FPT Corporation

Equities

FPT

VN000000FPT1

Consumer Goods Conglomerates

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,23,200 ^VND	0.00%		+13.03%	+28.20%

05:50pm	Stock markets mixed, eyes on Middle East and Fed	AN
12:10pm	Business Square still up; Eurozone confidence falls	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,95,43,509	4,63,28,792	8,43,94,642	8,43,61,343	12,20,44,009	15,64,60,165	-	-
Enterprise Value (EV) ¹	3,71,73,682	4,19,48,213	7,83,41,826	7,72,67,269	11,17,06,616	14,34,24,104	13,83,73,847	13,77,79,272
P/E ratio	13.8 x	14.3 x	21.4 x	17.4 x	20.6 x	20.8 x	16.8 x	13.6 x
Yield	3.43%	3.16%	2.15%	-	-	1.98%	2.33%	2.77%
Capitalization / Revenue	1.43 x	1.55 x	2.37 x	1.92 x	2.32 x	2.5 x	2.06 x	1.78 x
EV / Revenue	1.34 x	1.41 x	2.2 x	1.76 x	2.12 x	2.29 x	1.82 x	1.56 x
EV / EBITDA	6.81 x	6.88 x	11.1 x	8.99 x	10.4 x	10.7 x	8.62 x	7.27 x
EV / FCF	25.7 x	12.7 x	26.8 x	42.3 x	20.2 x	17.6 x	15.3 x	13.8 x
FCF Yield	3.9%	7.87%	3.74%	2.37%	4.96%	5.68%	6.52%	7.25%
Price to Book	2.82 x	2.94 x	3.94 x	3.33 x	4.08 x	4.77 x	4.16 x	3.47 x
Nbr of stocks (in thousands)	12,37,888	12,44,057	12,52,308	12,61,581	12,69,969	12,69,969	-	-
Reference price ²	31,944	37,240	67,391	66,870	96,100	1,23,200	1,23,200	1,23,200
Announcement Date	23/01/20	27/01/21	25/01/22	19/01/23	25/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,77,16,960	2,98,30,401	3,56,57,263	4,40,17,299	5,26,17,901	6,25,06,114	7,59,80,126	8,81,42,606
EBITDA ¹	54,61,870	60,93,439	70,57,008	85,94,276	1,07,04,486	1,33,85,241	1,60,48,081	1,89,40,234
EBIT ¹	41,17,881	46,02,255	54,13,099	67,61,142	84,17,937	1,06,36,311	1,25,04,931	1,49,39,331
Operating Margin	14.86%	15.43%	15.18%	15.36%	16%	17.02%	16.46%	16.95%
Earnings before Tax (EBT) ¹	46,64,531	52,60,982	63,35,191	76,53,946	92,03,020	1,12,52,157	1,36,10,672	1,67,90,961
Net income ¹	31,35,350	35,37,547	43,32,535	52,95,017	64,70,522	76,17,880	97,48,015	1,20,67,824
Net margin	11.31%	11.86%	12.15%	12.03%	12.3%	12.19%	12.83%	13.69%
EPS ²	2,312	2,595	3,149	3,844	4,666	5,926	7,312	9,034
Free Cash Flow ¹	14,48,585	33,02,960	29,28,656	18,27,482	55,41,553	81,46,250	90,19,967	99,87,050
FCF margin	5.23%	11.07%	8.21%	4.15%	10.53%	13.03%	11.87%	11.33%
FCF Conversion (EBITDA)	26.52%	54.21%	41.5%	21.26%	51.77%	60.86%	56.21%	52.73%
FCF Conversion (Net income)	46.2%	93.37%	67.6%	34.51%	85.64%	106.94%	92.53%	82.76%
Dividend per Share ²	1,096	1,178	1,449	-	-	2,440	2,865	3,413
Announcement Date	23/01/20	27/01/21	25/01/22	19/01/23	25/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,07,04,056	-	1,00,96,060	1,98,26,314	-	1,30,42,426	1,16,81,379	1,24,84,364	1,37,61,745	1,46,90,413	1,40,92,928	1,49,83,181	1,65,15,002	1,75,57,187	-	-
EBITDA ¹	-	-	-	-	-	24,98,146	23,83,531	23,96,581	28,46,184	30,12,441	29,35,420	29,09,197	34,51,082	36,50,506	-	-
EBIT ¹	-	-	-	-	-	19,98,116	18,73,515	18,54,221	22,88,690	23,35,763	23,18,045	22,89,661	28,14,258	29,12,287	-	-
Operating Margin	-	-	-	-	-	15.32%	16.04%	14.85%	16.63%	15.9%	16.45%	15.28%	17.04%	16.59%	-	-
Earnings before Tax (EBT) ¹	-	-	18,57,845	36,36,892	-	-	21,20,644	22,18,133	24,29,150	24,35,093	25,33,582	28,84,677	30,08,918	30,95,064	-	-
Net income ¹	13,01,522	12,38,879	-	-	14,53,716	-	14,93,563	15,09,220	17,39,340	17,28,400	17,98,031	19,97,107	21,45,266	14,56,250	-	-
Net margin	12.16%	-	-	-	-	-	12.79%	12.09%	12.64%	11.77%	12.76%	13.33%	12.99%	8.29%	-	-
EPS ²	-	989.1	-	-	1,156	1,074	1,183	1,373	1,373	925.0	1,416	1,569	1,685	1,144	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	2,765	-	-
Announcement Date	25/01/22	22/04/22	22/07/22	22/07/22	25/10/22	19/01/23	21/04/23	19/07/23	19/10/23	25/01/24	22/04/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	23,69,827	43,80,579	60,52,816	70,94,074	1,03,37,393	1,30,36,062	1,80,86,318	1,86,81,059
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,48,585	33,02,960	29,28,656	18,27,482	55,41,553	81,46,250	90,19,967	99,87,050
ROE (net income / shareholders' equity)	23.7%	23.8%	21.7%	22.7%	28.1%	27.8%	28.6%	29.1%
ROA (Net income/ Total Assets)	9.89%	9.42%	9.08%	10.1%	11.6%	12.9%	13.4%	13.9%
Assets ¹	3,17,07,999	3,75,71,926	4,77,15,664	5,26,76,256	5,59,87,907	5,91,06,028	7,28,76,904	8,66,65,065
Book Value Per Share ²	11,342	12,655	17,104	20,086	23,582	25,849	29,638	35,537
Cash Flow per Share ²	-	5,087	4,672	3,641	7,511	8,807	10,757	12,835
Capex ¹	27,12,946	30,18,397	29,13,390	31,86,832	39,78,558	46,45,161	56,21,449	63,98,410
Capex / Sales	9.79%	10.12%	8.17%	7.24%	7.56%	7.43%	7.4%	7.26%
Announcement Date	23/01/20	27/01/21	25/01/22	19/01/23	25/01/24	-	-	-

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for FPT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,23,200 VND

Average target price

1,21,584 VND

Spread / Average Target

-1.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Goods Conglomerates

	1st Jan change	Capi.
FPT CORPORATION	+28.20%	6.18B
INTERNATIONAL HOLDING COMPANY	0.00%	239B
GE AEROSPACE	+28.23%	178B
HONEYWELL INTERNATIONAL INC.	-7.98%	126B
HITACHI, LTD.	+32.50%	79.32B
ILLINOIS TOOL WORKS INC.	-4.80%	74.17B
3M COMPANY	-15.97%	50.82B
ALPHA DHABI HOLDING	-24.68%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B
DANUBE AG	+14.46%	29.82B

Consumer Goods Conglomerates