Financials FPT Digital Retail

Equities

FRT

VN000000FRT7

Computer & Electronics Retailers

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
1,61,000 ^VND	+5.23%		+11.03%	+50.47%

2023	FPT Digital Retail Joint Stock Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI
2023	FPT Digital Retail Joint Stock Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	48,89,200	16,62,567	25,27,417	79,13,976	81,74,605	2,19,35,025	2,19,35,025	-
Enterprise Value (EV) ¹	48,89,200	16,62,567	25,27,417	79,13,976	1,16,73,380	2,19,35,025	2,72,40,025	2,65,09,025
P/E ratio	14.5 x	8.06 x	120 x	17.8 x	20.9 x	-95.7 x	72.2 x	40.7 x
Yield	1.39%	4.75%	3.13%	0.5%	-	-	-	0.62%
Capitalization / Revenue	0.32 x	0.1 x	0.17 x	0.35 x	0.27 x	0.67 x	0.54 x	0.46 x
EV / Revenue	0.32 x	0.1 x	0.17 x	0.35 x	0.27 x	0.67 x	0.54 x	0.46 x
EV / EBITDA	9.2 x	4.02 x	32.1 x	15.9 x	14.5 x	114 x	30 x	20.6 x
EV / FCF	-3.54 x	-14.8 x	-	-	-4.04 x	-51.7 x	-136 x	33.9 x
FCF Yield	-28.2%	-6.74%	-	-	-24.8%	-1.93%	-0.74%	2.95%
Price to Book	4.31 x	1.3 x	-	4.76 x	-	11.4 x	13.2 x	9.03 x
Nbr of stocks (in thousands)	1,34,895	1,36,244	1,36,244	1,36,244	1,36,243	1,36,242	1,36,242	-
Reference price ²	36,244	12,203	18,551	58,087	60,000	1,61,000	1,61,000	1,61,000
Announcement Date	21/01/19	07/05/20	20/04/21	07/02/22	09/02/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,52,98,358	1,66,33,960	1,46,61,417	2,26,19,505	3,01,65,801	3,25,88,000	4,03,57,400	4,78,30,000
EBITDA ¹	5,31,271	4,14,023	78,754	4,98,671	5,64,265	1,92,000	7,32,000	10,63,333
EBIT ¹	4,02,853	3,42,737	77,382	4,94,860	5,56,541	-2,667	5,55,500	9,73,333
Operating Margin	2.63%	2.06%	0.53%	2.19%	1.84%	-0.01%	1.38%	2.03%
Earnings before Tax (EBT) ¹	4,34,840	2,78,003	28,427	5,54,140	4,85,623	-1,93,667	3,50,000	8,25,000
Net income ¹	3,47,812	2,13,015	24,719	4,43,732	3,90,361	-1,91,250	3,49,333	7,39,667
Net margin	2.27%	1.28%	0.17%	1.96%	1.29%	-0.59%	0.87%	1.55%
EPS ²	2,501	1,514	154.2	3,257	2,865	-1,683	2,229	3,960
Free Cash Flow ¹	-13,79,967	-1,12,013	-	-	-20,25,860	-4,24,000	-1,61,500	6,47,000
FCF margin	-9.02%	-0.67%	-	-	-6.72%	-1.3%	-0.4%	1.35%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	60.85%
FCF Conversion (Net income)	-	-	-	-	-	-	-	87.47%
Dividend per Share ²	504.1	579.7	579.7	289.9	-	-	-	1,000
Announcement Date	21/01/19	07/05/20	20/04/21	07/02/22	09/02/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q4
Net sales ¹	77,52,868	71,99,810	87,61,000
EBITDA	-	-	-
EBIT ¹	-	-1,35,440	50,000
Operating Margin	-	-1.88%	0.57%
Earnings before Tax (EBT)	-	-	-
Net income ¹	-5,074	-2,18,606	24,000
Net margin	-0.07%	-3.04%	0.27%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	28/04/23	28/07/23	-

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	34,98,775	-	53,05,000	45,74,000
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	6.201 x	-	7.247 x	4.302 x
Free Cash Flow ¹	-13,79,967	-1,12,013	-	-	-20,25,860	-4,24,000	-1,61,500	6,47,000
ROE (net income / shareholders' equity)	36%	17.7%	1.99%	30.9%	21.3%	-8.75%	12%	22.2%
ROA (Net income/ Total Assets)	7.72%	3.62%	0.41%	5.5%	3.67%	-1.7%	1.4%	3.6%
Assets ¹	45,04,521	58,80,669	59,90,644	80,64,192	1,06,25,244	1,12,50,000	2,49,52,381	2,05,46,296
Book Value Per Share ²	8,405	9,380	-	12,200	-	14,102	12,201	17,833
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	74.4	3,816	3,429	2,179	93,116	5,09,000	2,87,667	2,83,000
Capex / Sales	0%	0.02%	0.02%	0.01%	0.31%	1.56%	0.71%	0.59%
Announcement Date	21/01/19	07/05/20	20/04/21	07/02/22	09/02/23	-	-	-

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 Digital Retail

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,61,000 VND

Average target price

1,49,825 VND

Spread / Average Target

-6.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Computer & Electronics Retailers

	1st Jan change	Capi.
FPT DIGITAL RETAIL	+50.47%	868M
BEST BUY CO., INC.	-5.24%	16.15B
JB HI-FI LIMITED	+15.12%	4.42B
MOBILE WORLD INVESTMENT CORPORATION	+28.27%	3.18B
UNITED ELECTRONICS COMPANY	+9.03%	1.99B
BIC CAMERA INC.	+13.91%	1.62B
ARLO TECHNOLOGIES, INC.	+29.99%	1.18B
NOJIMA CORPORATION	+7.53%	1.16B
CECONOMY AG	-12.20%	1.14B
EDION CORPORATION	+3.69%	1.03B

Other Computer & Electronics Retailers