Company Valuation: Masan Group Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 20,18,72,240 13,24,06,405 9,58,66,508 10,06,84,613 11,13,35,490 9,74,54,702 - -
Change - -34.41% -27.6% 5.03% 10.58% -12.47% - -
Enterprise Value (EV) 1 23,74,12,310 13,24,06,405 14,85,19,293 14,09,43,541 16,41,10,818 14,79,26,343 14,24,85,520 13,30,16,422
Change - -44.23% 12.17% -5.1% 16.44% -9.86% -3.68% -6.65%
P/E 23.5x 37x 228x 52x 28.4x 12.1x 10.1x 8.46x
PBR 6.14x - 3.61x 3.33x 3.15x 2.2x 1.81x 1.61x
PEG - -0.6x -2.6x 0x 0x 0x 0.5x 0.4x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.86x 0.78x 0.75x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.3x 1.14x 1.03x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.24x 7.77x 6.64x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 11.8x 10.6x 9.38x
EV / FCF - - -85.9x 21.9x -337x 78.9x 14.2x 14x
FCF Yield - - -1.16% 4.56% -0.3% 1.27% 7.04% 7.15%
Dividend per Share 2 - - - - - 1,080 1,329 1,608
Rate of return - - - - - 1.6% 1.97% 2.39%
EPS 2 6,058 2,511 294 1,345 2,710 5,577 6,680 7,971
Distribution rate - - - - - 19.4% 19.9% 20.2%
Net sales 1 8,86,28,767 7,61,89,225 7,82,51,619 8,31,77,720 8,16,21,329 11,34,86,936 12,48,16,771 12,96,99,370
EBITDA 1 1,09,15,173 90,75,694 83,02,418 1,03,06,344 1,10,92,993 1,60,07,657 1,83,26,223 2,00,18,481
EBIT 1 62,83,494 46,69,171 41,78,755 61,73,389 76,64,287 1,25,44,388 1,34,71,729 1,41,79,043
Net income 1 85,62,882 35,66,996 4,18,695 19,99,059 41,08,306 81,38,594 96,16,882 1,13,25,563
Net Debt 1 3,55,40,070 - 5,26,52,785 4,02,58,928 5,27,75,328 5,04,71,641 4,50,30,818 3,55,61,721
Reference price 2 1,42,500.00 93,000.00 67,000.00 70,000.00 77,000.00 67,400.00 67,400.00 67,400.00
Nbr of stocks (in thousands) 14,16,647 14,23,725 14,30,843 14,38,352 14,45,915 14,45,915 - -
Announcement Date 27/01/22 28/01/23 30/01/24 24/01/25 24/01/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.09x1.3x9.24x1.6% 375.39Cr
20.51x2.8x13.96x4.03% 24TCr
19.77x2.49x14.82x3.31% 7.93TCr
16.37x1.72x9.7x3.82% 4.57TCr
16.04x0.57x10.2x2.41% 4.17TCr
20.63x3.14x12.75x3.39% 3.42TCr
33.38x2.91x16.87x1.11% 3TCr
-8.72x1.88x9.37x6.49% 2.93TCr
62.86x9.64x39.99x1.21% 2.73TCr
Average 21.44x 2.94x 15.21x 3.04% 5.95TCr
Weighted average by Cap. 20.92x 2.80x 14.56x 3.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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