Financials PetroVietnam Power NhonTrach 2

Equities

NT2

VN000000NT22

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
21,950 ^VND	-0.68%		-2.01%	-10.41%

22/04	PetroVietnam Power Nhon Trach 2 Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/03	Petrovietnam Power Nhon Trach 2 Joint Stock Company Approves Plan to Pay First Cash Dividend in 2023, Payable on March 29, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,32,516	70,81,750	75,71,140	83,05,223	70,52,963	63,18,879	-	-
Enterprise Value (EV) ¹	74,23,173	77,94,913	77,80,152	83,05,223	82,51,810	63,18,879	63,18,879	63,18,879
P/E ratio	8.46 x	11.7 x	14.8 x	11.7 x	15.1 x	54.7 x	13.8 x	6.96 x
Yield	11.5%	8.13%	7.6%	-	-	7.74%	7.52%	13.7%
Capitalization / Revenue	0.81 x	1.16 x	1.23 x	0.95 x	1.11 x	1.38 x	0.95 x	0.71 x
EV / Revenue	0.81 x	1.16 x	1.23 x	0.95 x	1.11 x	1.38 x	0.95 x	0.71 x
EV / EBITDA	3.95 x	4.71 x	5.9 x	5.66 x	6.13 x	9.39 x	6.44 x	5.33 x
EV / FCF	3.26 x	5.12 x	7.06 x	6.01 x	8.27 x	5.55 x	4.85 x	6.5 x
FCF Yield	30.7%	19.5%	14.2%	16.6%	12.1%	18%	20.6%	15.4%
Price to Book	-	1.65 x	1.79 x	1.8 x	1.62 x	1.56 x	1.66 x	-
Nbr of stocks (in thousands)	2,87,876	2,87,876	2,87,876	2,87,876	2,87,876	2,87,876	-	-
Reference price ²	21,650	24,600	26,300	28,850	24,500	21,950	21,950	21,950
Announcement Date	20/01/20	19/01/21	20/01/22	19/01/23	19/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	76,53,692	60,82,248	61,49,584	87,85,955	63,82,599	45,71,800	66,57,571	89,59,500
EBITDA ¹	15,77,877	15,02,401	12,83,348	14,67,348	11,51,130	6,73,000	9,81,250	11,85,000
EBIT ¹	8,87,599	8,09,755	5,92,883	7,78,510	4,63,916	1,01,000	5,52,000	10,35,000
Operating Margin	11.6%	13.31%	9.64%	8.86%	7.27%	2.21%	8.29%	11.55%
Earnings before Tax (EBT) ¹	8,00,225	6,63,276	5,65,839	7,78,892	5,36,228	1,23,667	3,53,750	11,77,000
Net income ¹	7,59,283	6,25,244	5,33,789	7,29,324	4,95,788	10,750	5,81,000	8,96,500
Net margin	9.92%	10.28%	8.68%	8.3%	7.77%	0.24%	8.73%	10.01%
EPS ²	2,558	2,095	1,778	2,457	1,624	401.3	1,592	3,156
Free Cash Flow ¹	19,12,284	13,83,501	10,71,820	13,81,952	8,53,101	11,39,333	13,03,000	9,72,500
FCF margin	24.99%	22.75%	17.43%	15.73%	13.37%	24.92%	19.57%	10.85%
FCF Conversion (EBITDA)	121.19%	92.09%	83.52%	94.18%	74.11%	169.29%	132.79%	82.07%
FCF Conversion (Net income)	251.85%	221.27%	200.79%	189.48%	172.07%	10,598.45%	224.27%	108.48%
Dividend per Share ²	2,500	2,000	1,999	-	-	1,700	1,650	3,000
Announcement Date	20/01/20	19/01/21	20/01/22	19/01/23	19/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2024 Q1
Net sales ¹	26,87,969	-	21,68,333	-	-	2,61,907
EBITDA	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	-2,28,643
Operating Margin	-	-	-	-	-	-87.3%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-1,58,159
Net income	3,65,034	5,24,618	1,98,979	5,757	2,33,821	-
Net margin	13.58%	-	9.18%	-	-	-
EPS	-	-	-	-	788.0	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	18/07/22	18/07/22	19/10/22	19/01/23	20/04/23	22/04/24

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	11,90,657	7,13,163	2,09,012	-	11,98,847	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7546 x	0.4747 x	0.1629 x	-	1.041 x	-	-	-
Free Cash Flow ¹	19,12,284	13,83,501	10,71,820	13,81,952	8,53,101	11,39,333	13,03,000	9,72,500
ROE (net income / shareholders' equity)	19.4%	14.8%	12.5%	16.8%	11.1%	0.14%	13.6%	22.3%
ROA (Net income/ Total Assets)	9.25%	8.97%	8.21%	10.5%	6.23%	0%	7.55%	11%
Assets ¹	82,08,286	69,72,724	65,02,692	69,54,683	79,57,940	43,00,00,000	76,95,364	81,50,000
Book Value Per Share ²	-	14,928	14,706	16,027	15,140	14,084	13,236	-
Cash Flow per Share ²	-	4,246	3,732	-	2,975	4,607	4,411	-
Capex ¹	5,195	1,199	2,525	1,459	3,408	2,333	2,333	3,000
Capex / Sales	0.07%	0.02%	0.04%	0.02%	0.05%	0.05%	0.04%	0.03%
Announcement Date	20/01/20	19/01/21	20/01/22	19/01/23	19/01/24	-	-	-

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 PetroVietnam Power NhonTrach 2

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

21,950 VND

Average target price

25,533 VND

Spread / Average Target

+16.32%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Fossil Fuel IPPs

	1st Jan change	Capi.
PETROVIETNAM POWER NHONTRACH 2	-10.41%	248M
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GULF ENERGY DEVELOPMENT	-6.74%	13.24B
JSW ENERGY LIMITED	+39.40%	11.9B
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+36.44%	11.67B
SHAANXI ENERGY INVESTMENT CO., LTD.	+24.44%	5.52B
ABOITIZ POWER CORPORATION	-5.29%	4.48B
JIANGSU GUOXIN CORP. LTD.	+29.83%	4.46B
GLOBAL POWER SYNERGY	+3.61%	3.85B
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+20.04%	3.83B

Fossil Fuel IPPs