Financials VietJet Aviation

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
1,04,000 ^VND	+0.48%		+0.68%	-3.70%

23/02	Post-pandemic recovery fuels robust attendance - and hopes - at Singapore Airshow	RE
22/02	Global markets live: Anglo American, Esty, Nvidia, Rivian, Boeing...

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,65,85,202	6,54,79,824	6,94,88,734	5,93,06,441	5,84,94,024	5,63,27,579	-	-
Enterprise Value (EV) ¹	8,23,32,033	7,32,97,685	8,22,21,318	5,93,06,441	5,84,94,024	5,63,27,579	5,63,27,579	5,63,27,579
P/E ratio	18.5 x	933 x	923 x	-27.3 x	171 x	23.9 x	15 x	11.6 x
Yield	-	-	-	-	-	-	2.88%	5.58%
Capitalization / Revenue	1.47 x	3.6 x	5.4 x	1.51 x	0.94 x	0.61 x	0.49 x	0.48 x
EV / Revenue	1.47 x	3.6 x	5.4 x	1.51 x	0.94 x	0.61 x	0.49 x	0.48 x
EV / EBITDA	14.2 x	-25.2 x	-23.8 x	-16.7 x	-	10 x	7.3 x	6.01 x
EV / FCF	-	-1,24,69,724 x	-1,03,31,777 x	-	-	-	-	-
FCF Yield	-	-0%	-0%	-	-	-	-	-
Price to Book	5 x	4.37 x	-	-	-	-	-	-
Nbr of stocks (in thousands)	5,23,839	5,23,839	5,41,611	5,41,611	5,41,611	5,41,611	-	-
Reference price ²	1,46,200	1,25,000	1,28,300	1,09,500	1,08,000	1,04,000	1,04,000	1,04,000
Announcement Date	31/01/20	01/02/21	04/04/22	01/02/23	31/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,20,59,787	1,82,09,776	1,28,74,920	3,93,42,331	6,25,34,861	9,25,24,000	11,60,36,000	11,65,15,000
EBITDA ¹	53,92,580	-26,03,309	-29,14,212	-35,52,097	-	56,24,000	77,12,000	93,80,000
EBIT ¹	53,15,498	-27,34,050	-30,12,290	-36,31,708	-11,73,791	39,17,000	56,43,000	69,52,000
Operating Margin	10.21%	-15.01%	-23.4%	-9.23%	-1.88%	4.23%	4.86%	5.97%
Earnings before Tax (EBT) ¹	50,10,916	1,22,918	1,80,380	-18,18,619	7,22,110	27,38,000	44,39,000	58,86,000
Net income ¹	42,18,787	69,999	74,585	-21,71,856	3,43,041	24,28,000	39,16,000	50,53,000
Net margin	8.1%	0.38%	0.58%	-5.52%	0.55%	2.62%	3.37%	4.34%
EPS ²	7,889	134.0	139.0	-4,010	633.0	4,344	6,926	8,934
Free Cash Flow	-	-52,51,105	-67,25,731	-	-	-	-	-
FCF margin	-	-28.84%	-52.24%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	3,000	5,800
Announcement Date	31/01/20	01/02/21	04/04/22	01/02/23	31/01/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	57,46,831	78,17,860	1,27,32,583	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.066 x	-3.003 x	-4.369 x	-	-	-	-	-
Free Cash Flow	-	-52,51,105	-67,25,731	-	-	-	-	-
ROE (net income / shareholders' equity)	28.7%	0.47%	0.6%	-14%	2.25%	13.4%	18.1%	21.4%
ROA (Net income/ Total Assets)	9.73%	0.15%	0.2%	-3.66%	0.45%	2.7%	4.1%	5.2%
Assets ¹	4,33,47,411	4,79,77,074	3,80,01,176	5,93,40,340	7,63,67,145	8,99,25,926	9,55,12,195	9,71,73,077
Book Value Per Share	29,231	28,591	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	11,89,143	3,53,342	1,74,909	47,50,045	-	60,000	48,000	42,000
Capex / Sales	2.28%	1.94%	1.36%	12.07%	-	0.06%	0.04%	0.04%
Announcement Date	31/01/20	01/02/21	04/04/22	01/02/23	31/01/24	-	-	-

¹VND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,04,000 VND

Average target price

1,14,000 VND

Spread / Average Target

+9.62%

	1st Jan change	Capi.
VIETJET AVIATION	-3.70%	2.23B
DELTA AIR LINES, INC.	+24.46%	32.56B
RYANAIR HOLDINGS PLC	+5.37%	24.92B
SINGAPORE AIRLINES LIMITED	-0.30%	19.93B
INTERGLOBE AVIATION LIMITED	+34.22%	18.17B
UNITED AIRLINES HOLDINGS, INC.	+24.72%	17.42B
AIR CHINA LIMITED	-20.24%	14.43B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+42.61%	13.89B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-14.20%	12.22B
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.	+12.97%	10.94B