Financials Sesan4A Hydropower

Equities

S4A

VN000000S4A5

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. 03:30:00 14/06/2024 am IST 5-day change 1st Jan Change
43,000 VND 0.00% Intraday chart for Sesan4A Hydropower 0.00% +27.98%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 11,60,500 12,02,700 11,60,500 12,23,800 14,55,900 14,17,920
Enterprise Value (EV) 1 17,57,344 17,01,460 15,95,705 15,02,732 16,16,210 15,82,759
P/E ratio 8.84 x 10.6 x 13.5 x 8.7 x 8.4 x 10.3 x
Yield 10.9% 9.12% - 10.7% 5.8% 8.93%
Capitalization / Revenue 3.77 x 4.67 x 4.98 x 4.29 x 4.72 x 4.95 x
EV / Revenue 5.72 x 6.61 x 6.84 x 5.27 x 5.24 x 5.53 x
EV / EBITDA 7.17 x 8.84 x 8.95 x 6.78 x 6.76 x 7.36 x
EV / FCF 15.2 x 14.7 x 13.6 x 7.81 x 9.9 x 11.1 x
FCF Yield 6.59% 6.81% 7.33% 12.8% 10.1% 8.99%
Price to Book 2.42 x 2.3 x 2.21 x 2.11 x 2.28 x 2.4 x
Nbr of stocks (in thousands) 42,200 42,200 42,200 42,200 42,200 42,200
Reference price 2 27,500 28,500 27,500 29,000 34,500 33,600
Announcement Date 27/03/19 09/03/20 11/03/21 23/03/22 07/03/23 28/02/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,07,492 2,57,412 2,33,264 2,85,017 3,08,145 2,86,397
EBITDA 1 2,45,242 1,92,488 1,78,326 2,21,508 2,39,132 2,15,010
EBIT 1 1,93,219 1,40,199 1,26,135 1,69,613 1,87,529 1,64,613
Operating Margin 62.84% 54.46% 54.07% 59.51% 60.86% 57.48%
Earnings before Tax (EBT) 1 1,38,390 1,23,375 90,611 1,48,980 1,86,785 1,45,234
Net income 1 1,31,299 1,13,462 85,928 1,40,614 1,73,374 1,37,405
Net margin 42.7% 44.08% 36.84% 49.34% 56.26% 47.98%
EPS 2 3,111 2,689 2,036 3,332 4,108 3,256
Free Cash Flow 1 1,15,772 1,15,953 1,17,015 1,92,293 1,63,182 1,42,252
FCF margin 37.65% 45.05% 50.16% 67.47% 52.96% 49.67%
FCF Conversion (EBITDA) 47.21% 60.24% 65.62% 86.81% 68.24% 66.16%
FCF Conversion (Net income) 88.17% 102.2% 136.18% 136.75% 94.12% 103.53%
Dividend per Share 2 3,000 2,600 - 3,100 2,000 3,000
Announcement Date 27/03/19 09/03/20 11/03/21 23/03/22 07/03/23 28/02/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 5,96,844 4,98,760 4,35,205 2,78,932 1,60,310 1,64,839
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.434 x 2.591 x 2.441 x 1.259 x 0.6704 x 0.7667 x
Free Cash Flow 1 1,15,772 1,15,953 1,17,015 1,92,293 1,63,182 1,42,252
ROE (net income / shareholders' equity) 26.1% 22.6% 16.4% 25.4% 28.4% 22.4%
ROA (Net income/ Total Assets) 10.2% 7.93% 7.49% 10.5% 11.7% 10.2%
Assets 1 12,82,505 14,30,163 11,46,804 13,33,175 14,81,435 13,43,173
Book Value Per Share 2 11,367 12,416 12,463 13,759 15,136 13,992
Cash Flow per Share 2 737.0 1,212 853.0 1,443 2,468 2,335
Capex 1 2,533 105 1,793 4,429 100 3,568
Capex / Sales 0.82% 0.04% 0.77% 1.55% 0.03% 1.25%
Announcement Date 27/03/19 09/03/20 11/03/21 23/03/22 07/03/23 28/02/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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