VIETNAM ELECTRIC CABLE CORPORATION

Financials Vietnam Electric Cable Corporation

Equities

CAV

VN000000CAV6

Electrical Components & Equipment

End-of-day quote Ho Chi Minh S.E. Other stock markets 03:30:00 15/05/2024 am IST			5-day change	1st Jan Change
75,700 ^VND	+3.27%		+5.14%	+11.00%

26/04	Vietnam Electric Cable Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
25/04	Vietnam Electric Cable Corporation Announces CEO Changes, Effective May 3, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	32,83,200	32,30,906	39,66,771	34,26,370	28,74,472	39,20,779
Enterprise Value (EV) ¹	34,59,049	46,13,139	51,45,874	60,36,873	47,34,046	54,84,406
P/E ratio	8.48 x	6.94 x	10.3 x	10.4 x	7.63 x	9.42 x
Yield	8.77%	8.9%	7.25%	8.39%	20%	-
Capitalization / Revenue	0.38 x	0.36 x	0.37 x	0.33 x	0.25 x	0.39 x
EV / Revenue	0.4 x	0.51 x	0.49 x	0.58 x	0.42 x	0.54 x
EV / EBITDA	5.48 x	5.47 x	6.5 x	8.04 x	4.97 x	6.09 x
EV / FCF	39.4 x	-5 x	26.6 x	-5.13 x	4.19 x	5.1 x
FCF Yield	2.54%	-20%	3.76%	-19.5%	23.9%	19.6%
Price to Book	2.23 x	2.02 x	2.26 x	1.9 x	1.57 x	2.72 x
Nbr of stocks (in thousands)	57,600	57,489	57,489	57,489	57,489	57,489
Reference price ²	57,000	56,200	69,000	59,600	50,000	68,200
Announcement Date	08/03/19	12/03/20	24/03/21	25/02/22	09/03/23	06/03/24

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	85,46,043	90,30,331	1,05,78,973	1,04,79,096	1,13,33,927	1,00,83,885
EBITDA ¹	6,31,784	8,43,067	7,91,881	7,50,732	9,51,651	8,99,898
EBIT ¹	5,31,148	7,34,911	6,45,541	6,01,570	7,98,694	7,53,681
Operating Margin	6.22%	8.14%	6.1%	5.74%	7.05%	7.47%
Earnings before Tax (EBT) ¹	5,30,566	6,27,247	5,01,003	4,22,625	4,82,311	5,28,898
Net income ¹	4,01,393	4,93,771	3,93,496	3,35,785	3,84,245	4,20,447
Net margin	4.7%	5.47%	3.72%	3.2%	3.39%	4.17%
EPS ²	6,719	8,103	6,708	5,724	6,550	7,240
Free Cash Flow ¹	87,805	-9,22,671	1,93,518	-11,75,983	11,30,461	10,74,433
FCF margin	1.03%	-10.22%	1.83%	-11.22%	9.97%	10.65%
FCF Conversion (EBITDA)	13.9%	-	24.44%	-	118.79%	119.39%
FCF Conversion (Net income)	21.87%	-	49.18%	-	294.2%	255.55%
Dividend per Share ²	5,000	5,000	5,000	5,000	10,000	-
Announcement Date	08/03/19	12/03/20	24/03/21	25/02/22	09/03/23	06/03/24

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	1,75,849	13,82,233	11,79,104	26,10,503	18,59,574	15,63,627
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2783 x	1.64 x	1.489 x	3.477 x	1.954 x	1.738 x
Free Cash Flow ¹	87,805	-9,22,671	1,93,518	-11,75,983	11,30,461	10,74,433
ROE (net income / shareholders' equity)	30.2%	32.2%	23.4%	18.9%	21.2%	25.7%
ROA (Net income/ Total Assets)	10.3%	12.2%	8.35%	6.13%	8.79%	11%
Assets ¹	38,98,196	40,52,751	47,12,473	54,73,351	43,71,642	38,35,036
Book Value Per Share ²	25,534	27,801	30,589	31,293	31,860	25,107
Cash Flow per Share ²	3,791	2,301	1,647	1,141	1,174	1,942
Capex ¹	2,36,223	3,93,594	2,12,052	1,15,304	78,484	1,35,498
Capex / Sales	2.76%	4.36%	2%	1.1%	0.69%	1.34%
Announcement Date	08/03/19	12/03/20	24/03/21	25/02/22	09/03/23	06/03/24

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Wires & Cables

	1st Jan change	Capi.
VIETNAM ELECTRIC CABLE CORPORATION	+11.00%	17Cr
NEXANS	+39.31%	523.55Cr
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+12.65%	458.61Cr
WALSIN LIHWA CORPORATION	-7.37%	449.08Cr
ENCORE WIRE CORPORATION	+32.02%	445.25Cr
KEI INDUSTRIES LIMITED	+24.61%	438.4Cr
RIYADH CABLES GROUP COMPANY	+13.39%	419.16Cr
LS CORP.	+61.80%	305.98Cr
TAIHAN CABLE & SOLUTION CO., LTD.	+71.03%	236.54Cr
R R KABEL LIMITED	+8.43%	230.38Cr

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Financials Vietnam Electric Cable Corporation

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