SAO VANG RUBBER |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 31,800 VND | -6.47% |
|
+2.58% | +6.00% |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Capitalization 1 | 3,78,855 | 5,10,753 | 5,86,524 | 6,03,362 | 5,10,753 | 8,41,901 |
| Enterprise Value (EV) 1 | 6,07,509 | 5,98,369 | 7,91,017 | 9,85,317 | 8,86,682 | 13,58,208 |
| P/E ratio | 31 x | 12.3 x | 7.98 x | 15.1 x | 18.4 x | 28.6 x |
| Yield | - | 4.4% | 4.78% | 2.79% | 4.4% | - |
| Capitalization / Revenue | 0.41 x | 0.55 x | 0.43 x | 0.63 x | 0.56 x | 0.7 x |
| EV / Revenue | 0.66 x | 0.65 x | 0.59 x | 1.03 x | 0.97 x | 1.13 x |
| EV / EBITDA | 12.4 x | 7.09 x | 7.03 x | 13 x | 13.9 x | 19.8 x |
| EV / FCF | 44.2 x | 4.76 x | -6.47 x | 2.39 x | 55 x | -11.3 x |
| FCF Yield | 2.26% | 21% | -15.5% | 41.8% | 1.82% | -8.83% |
| Price to Book | 1.11 x | 1.34 x | 1.37 x | 1.39 x | 1.16 x | 1.9 x |
| Nbr of stocks (in thousands) | 28,063 | 28,063 | 28,063 | 28,063 | 28,063 | 28,063 |
| Reference price 2 | 13,500 | 18,200 | 20,900 | 21,500 | 18,200 | 30,000 |
| Announcement Date | 26/02/19 | 21/02/20 | 05/03/21 | 02/03/22 | 02/03/23 | 01/03/24 |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net sales 1 | 9,25,244 | 9,26,217 | 13,49,273 | 9,55,715 | 9,15,281 | 11,97,750 |
| EBITDA 1 | 49,008 | 84,354 | 1,12,499 | 75,543 | 63,720 | 68,629 |
| EBIT 1 | 25,754 | 59,520 | 91,537 | 54,879 | 49,577 | 56,961 |
| Operating Margin | 2.78% | 6.43% | 6.78% | 5.74% | 5.42% | 4.76% |
| Earnings before Tax (EBT) 1 | 15,253 | 51,711 | 96,470 | 52,401 | 38,193 | 39,055 |
| Net income 1 | 12,203 | 41,368 | 73,516 | 40,045 | 27,741 | 29,401 |
| Net margin | 1.32% | 4.47% | 5.45% | 4.19% | 3.03% | 2.45% |
| EPS 2 | 434.8 | 1,474 | 2,620 | 1,427 | 988.5 | 1,048 |
| Free Cash Flow 1 | 13,754 | 1,25,693 | -1,22,337 | 4,12,212 | 16,122 | -1,19,897 |
| FCF margin | 1.49% | 13.57% | -9.07% | 43.13% | 1.76% | -10.01% |
| FCF Conversion (EBITDA) | 28.07% | 149.01% | - | 545.67% | 25.3% | - |
| FCF Conversion (Net income) | 112.71% | 303.84% | - | 1,029.38% | 58.12% | - |
| Dividend per Share | - | 800.0 | 1,000 | 600.0 | 800.0 | - |
| Announcement Date | 26/02/19 | 21/02/20 | 05/03/21 | 02/03/22 | 02/03/23 | 01/03/24 |
1VND in Million2VND
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Net Debt 1 | 2,28,654 | 87,616 | 2,04,492 | 3,81,955 | 3,75,929 | 5,16,307 |
| Net Cash position 1 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.666 x | 1.039 x | 1.818 x | 5.056 x | 5.9 x | 7.523 x |
| Free Cash Flow 1 | 13,754 | 1,25,693 | -1,22,337 | 4,12,212 | 16,122 | -1,19,897 |
| ROE (net income / shareholders' equity) | 3.57% | 11.4% | 18.2% | 9.3% | 6.36% | 6.66% |
| ROA (Net income/ Total Assets) | 1.89% | 4.5% | 5.17% | 2.6% | 2.5% | 2.75% |
| Assets 1 | 6,45,951 | 9,19,871 | 14,21,310 | 15,41,549 | 11,10,361 | 10,70,282 |
| Book Value Per Share 2 | 12,145 | 13,588 | 15,258 | 15,415 | 15,655 | 15,798 |
| Cash Flow per Share 2 | 1,296 | 3,718 | 2,540 | 1,668 | 1,297 | 1,178 |
| Capex 1 | 13,599 | 8,300 | 1,720 | 4,450 | 6,652 | 13,550 |
| Capex / Sales | 1.47% | 0.9% | 0.13% | 0.47% | 0.73% | 1.13% |
| Announcement Date | 26/02/19 | 21/02/20 | 05/03/21 | 02/03/22 | 02/03/23 | 01/03/24 |
1VND in Million2VND
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Change in Enterprise Value/EBITDA
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +6.00% | 3.51Cr | |
| +18.76% | 706.46Cr | |
| +23.32% | 658.93Cr | |
| +35.41% | 605.97Cr | |
| +7.85% | 419.12Cr | |
| -3.41% | 386.8Cr | |
| +2.08% | 352.72Cr | |
| +20.40% | 349.69Cr | |
| +39.11% | 299.58Cr | |
| +12.70% | 179.4Cr |
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