Financials Vietnam Airlines

Equities

HVN

VN000000HVN8

Airlines

End-of-day quote Ho Chi Minh S.E. 03:30:00 03/05/2024 am IST 5-day change 1st Jan Change
18,500 VND +6.94% Intraday chart for Vietnam Airlines +7.25% +51.02%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,78,67,316 4,01,37,631 5,12,63,225 3,07,80,079 2,71,26,329 4,09,66,292 - -
Enterprise Value (EV) 1 4,78,67,316 4,01,37,631 5,12,63,225 3,07,80,079 2,71,26,329 4,09,66,292 4,09,66,292 4,09,66,292
P/E ratio 20.6 x -3.7 x -2.91 x -2.94 x -4.67 x -30.9 x 122 x 46 x
Yield 2.96% - - - - - - -
Capitalization / Revenue 0.49 x 0.99 x 1.84 x 0.44 x 0.3 x 0.36 x - -
EV / Revenue 0.49 x 0.99 x 1.84 x 0.44 x 0.3 x 0.36 x - -
EV / EBITDA 5.46 x -5.08 x -4.52 x -7.9 x 7.84 x 6.82 x 5.22 x 4.8 x
EV / FCF 63,41,307 x -58,01,841 x - - - - - -
FCF Yield 0% -0% - - - - - -
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 14,18,291 14,18,291 22,14,394 22,14,394 22,14,394 22,14,394 - -
Reference price 2 33,750 28,300 23,150 13,900 12,250 18,500 18,500 18,500
Announcement Date 21/01/20 29/01/21 04/04/22 19/01/23 31/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,81,77,551 4,06,12,899 2,79,11,340 7,05,78,565 9,14,58,545 11,48,30,000 - -
EBITDA 1 87,72,288 -78,97,762 -1,13,34,190 -38,98,493 34,60,806 60,11,000 78,50,000 85,34,000
EBIT 1 36,26,988 -1,08,58,911 -1,33,82,865 -74,33,693 -25,24,686 9,29,000 25,58,000 30,43,000
Operating Margin 3.69% -26.74% -47.95% -10.53% -2.76% 0.81% - -
Earnings before Tax (EBT) 1 33,69,746 -1,08,81,430 -1,30,23,785 -1,00,91,298 -52,49,029 -13,63,000 3,35,000 8,84,000
Net income 1 23,25,398 -1,08,44,628 -1,29,65,679 -1,04,52,635 -58,07,112 -13,25,000 3,36,000 8,91,000
Net margin 2.37% -26.7% -46.45% -14.81% -6.35% -1.15% - -
EPS 2 1,640 -7,646 -7,955 -4,720 -2,622 -598.0 152.0 402.0
Free Cash Flow 75,48,494 -69,18,085 - - - - - -
FCF margin 7.69% -17.03% - - - - - -
FCF Conversion (EBITDA) 86.05% - - - - - - -
FCF Conversion (Net income) 324.61% - - - - - - -
Dividend per Share 1,000 - - - - - - -
Announcement Date 21/01/20 29/01/21 04/04/22 19/01/23 31/01/24 - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 75,48,494 -69,18,085 - - - - - -
ROE (net income / shareholders' equity) 12.8% -88.4% -330% - - - - -
ROA (Net income/ Total Assets) 2.93% -15.6% -20.6% - -9.82% - 0.5% 1.4%
Assets 1 7,93,75,947 6,96,95,555 6,28,54,453 - 5,91,26,407 - 6,72,00,000 6,36,42,857
Book Value Per Share - - - - - - - -
Cash Flow per Share - - - - - - - -
Capex 1 11,54,083 5,38,595 - 9,56,987 - 4,97,000 13,51,000 13,81,000
Capex / Sales 1.18% 1.33% - 1.36% - 0.43% - -
Announcement Date 21/01/20 29/01/21 04/04/22 19/01/23 31/01/24 - - -
1VND in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
18,500 VND
Average target price
14,700 VND
Spread / Average Target
-20.54%
Consensus

Annual profits - Rate of surprise

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