Financials Lix Detergent

Equities

LIX

VN000000LIX6

Household Products

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
72,800 ^VND	+2.54%		+7.06%	+41.36%

19/04	Lix Detergent Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
28/02	Lix Detergent Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	15,55,200	13,93,200	17,49,600	16,29,720	13,30,020	16,68,600
Enterprise Value (EV) ¹	15,25,545	13,20,359	17,90,586	15,43,743	11,91,150	14,53,995
P/E ratio	11.7 x	8.67 x	8.46 x	10.8 x	6.94 x	9.78 x
Yield	6.25%	8.14%	7.41%	-	8.53%	-
Capitalization / Revenue	0.67 x	0.55 x	0.6 x	0.62 x	0.47 x	0.6 x
EV / Revenue	0.66 x	0.52 x	0.62 x	0.59 x	0.42 x	0.52 x
EV / EBITDA	7.01 x	5.17 x	5.29 x	5.89 x	4.17 x	4.83 x
EV / FCF	23.3 x	14.3 x	-151 x	10.3 x	10.8 x	8.51 x
FCF Yield	4.28%	7.02%	-0.66%	9.73%	9.22%	11.8%
Price to Book	3.29 x	2.51 x	2.74 x	2.18 x	1.57 x	1.89 x
Nbr of stocks (in thousands)	32,400	32,400	32,400	32,400	32,400	32,400
Reference price ²	48,000	43,000	54,000	50,300	41,050	51,500
Announcement Date	22/02/19	02/03/20	22/02/21	01/03/22	24/02/23	28/02/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	23,08,931	25,26,485	29,02,193	26,13,003	28,15,142	28,00,559
EBITDA ¹	2,17,591	2,55,229	3,38,237	2,62,193	2,85,330	3,00,768
EBIT ¹	1,86,043	2,20,315	2,94,754	2,10,850	2,34,031	2,43,900
Operating Margin	8.06%	8.72%	10.16%	8.07%	8.31%	8.71%
Earnings before Tax (EBT) ¹	1,87,046	2,24,804	2,92,401	2,11,022	2,62,787	2,46,043
Net income ¹	1,47,603	1,78,796	2,30,108	1,67,366	2,13,200	1,90,041
Net margin	6.39%	7.08%	7.93%	6.41%	7.57%	6.79%
EPS ²	4,096	4,957	6,381	4,640	5,913	5,268
Free Cash Flow ¹	65,336	92,653	-11,873	1,50,275	1,09,785	1,70,894
FCF margin	2.83%	3.67%	-0.41%	5.75%	3.9%	6.1%
FCF Conversion (EBITDA)	30.03%	36.3%	-	57.31%	38.48%	56.82%
FCF Conversion (Net income)	44.26%	51.82%	-	89.79%	51.49%	89.92%
Dividend per Share ²	3,000	3,500	4,000	-	3,500	-
Announcement Date	22/02/19	02/03/20	22/02/21	01/03/22	24/02/23	28/02/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q3
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	52,992
Net margin	-
EPS ²	1,497
Dividend per Share	-
Announcement Date	18/10/22

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	40,986	-	-	-
Net Cash position ¹	29,655	72,841	-	85,977	1,38,870	2,14,605
Leverage (Debt/EBITDA)	-	-	0.1212 x	-	-	-
Free Cash Flow ¹	65,336	92,653	-11,873	1,50,275	1,09,785	1,70,894
ROE (net income / shareholders' equity)	31.2%	34.8%	38.6%	24.1%	26.7%	22.2%
ROA (Net income/ Total Assets)	14.9%	16.4%	19.2%	12.1%	12.2%	12%
Assets ¹	9,88,174	10,88,720	11,95,610	13,87,710	17,49,002	15,82,291
Book Value Per Share ²	14,577	17,136	19,676	23,120	26,177	27,233
Cash Flow per Share ²	2,613	3,945	432.0	4,350	5,983	8,321
Capex ¹	39,660	48,758	1,16,576	54,158	41,805	66,511
Capex / Sales	1.72%	1.93%	4.02%	2.07%	1.49%	2.37%
Announcement Date	22/02/19	02/03/20	22/02/21	01/03/22	24/02/23	28/02/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Household Products

	1st Jan change	Capi.
LIX DETERGENT	+41.36%	90.36M
RECKITT BENCKISER GROUP PLC	-15.13%	40.62B
THE CLOROX COMPANY	-2.83%	17.55B
PT UNILEVER INDONESIA TBK	-23.51%	6.27B
REYNOLDS CONSUMER PRODUCTS INC.	+8.61%	6.1B
WD-40 COMPANY	+0.43%	3.16B
LION CORPORATION	+2.14%	2.35B
JYOTHY LABS LIMITED	-3.92%	2B
SANO BRUNO'S ENTERPRISES LTD	+26.67%	954M
EARTH CORPORATION	+0.11%	645M

Other Household Products

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