VINCOM RETAIL |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 22,450 VND | -0.44% |
|
+0.22% | -3.65% |
| 12/04 | Vietnam EV maker VinFast's challenges escalate risk for parent Vingroup | RE |
| 19/03 | Vincom Retail Joint Stock Company Announces CEO Changes | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 7,72,58,826 | 7,13,50,798 | 6,83,96,784 | 5,97,61,974 | 5,10,13,548 | - | - |
| Enterprise Value (EV) 1 | 7,86,55,203 | 7,24,89,998 | 6,82,57,535 | 5,59,28,997 | 4,42,85,948 | 4,17,76,448 | 3,22,78,148 |
| P/E ratio | 27.7 x | 30 x | 52 x | 21.5 x | 12.4 x | 11 x | 9.79 x |
| Yield | - | - | - | - | - | - | - |
| Capitalization / Revenue | 8.34 x | 8.57 x | 11.6 x | 8.18 x | 5.26 x | 4.79 x | 5.06 x |
| EV / Revenue | 8.49 x | 8.7 x | 11.6 x | 7.65 x | 4.57 x | 3.92 x | 3.2 x |
| EV / EBITDA | 15.6 x | 15.6 x | 21.1 x | 12 x | 6.82 x | 5.95 x | 4.41 x |
| EV / FCF | - | -193 x | 585 x | 22.1 x | 14.4 x | 13.9 x | 3.23 x |
| FCF Yield | - | -0.52% | 0.17% | 4.53% | 6.94% | 7.2% | 31% |
| Price to Book | 2.87 x | 2.44 x | 2.23 x | 1.79 x | 1.23 x | 1.16 x | - |
| Nbr of stocks (in thousands) | 22,72,318 | 22,72,318 | 22,72,318 | 22,72,318 | 22,72,318 | - | - |
| Reference price 2 | 34,000 | 31,400 | 30,100 | 26,300 | 22,450 | 22,450 | 22,450 |
| Announcement Date | 31/01/20 | 28/01/21 | 28/01/22 | 30/01/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 92,59,257 | 83,29,000 | 58,91,141 | 73,08,593 | 96,92,801 | 1,06,60,929 | 1,00,75,200 |
| EBITDA 1 | 50,32,336 | 46,60,422 | 32,38,728 | 46,72,367 | 64,89,475 | 70,21,668 | 73,20,333 |
| EBIT 1 | 35,85,012 | 31,84,000 | 17,57,174 | 32,20,437 | 50,07,498 | 55,09,671 | 53,27,900 |
| Operating Margin | 38.72% | 38.23% | 29.83% | 44.06% | 51.66% | 51.68% | 52.88% |
| Earnings before Tax (EBT) 1 | 35,77,952 | 29,93,000 | 16,92,277 | 34,72,622 | 52,39,117 | 58,73,320 | 66,49,400 |
| Net income 1 | 28,48,058 | 23,82,000 | 13,14,510 | 27,34,795 | 41,82,583 | 46,86,820 | 52,96,367 |
| Net margin | 30.76% | 28.6% | 22.31% | 37.42% | 43.15% | 43.96% | 52.57% |
| EPS 2 | 1,226 | 1,048 | 578.5 | 1,222 | 1,810 | 2,039 | 2,294 |
| Free Cash Flow 1 | - | -3,75,647 | 1,16,659 | 25,33,533 | 30,72,500 | 30,09,500 | 99,98,300 |
| FCF margin | - | -4.51% | 1.98% | 34.67% | 31.7% | 28.23% | 99.24% |
| FCF Conversion (EBITDA) | - | - | 3.6% | 54.22% | 47.35% | 42.86% | 136.58% |
| FCF Conversion (Net income) | - | - | 8.87% | 92.64% | 73.46% | 64.21% | 188.78% |
| Dividend per Share 2 | - | - | - | - | - | - | - |
| Announcement Date | 31/01/20 | 28/01/21 | 28/01/22 | 30/01/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 7,87,355 | 13,67,010 | 13,69,460 | 18,49,532 | 20,05,196 | 20,84,406 | 19,43,276 | 21,72,827 | 22,54,643 | - | - | - | - |
| EBITDA 1 | 4,15,142 | 5,63,907 | 8,71,447 | 13,11,699 | 14,49,000 | 12,64,763 | 14,51,848 | 14,33,603 | 13,79,788 | 15,55,351 | 15,55,351 | 15,55,351 | 17,21,530 |
| EBIT 1 | 46,376 | 2,01,268 | 5,23,556 | 9,56,443 | 9,43,404 | 8,85,224 | 10,80,627 | 10,71,548 | 10,72,734 | 11,83,497 | 11,83,497 | 11,83,497 | 13,53,714 |
| Operating Margin | 5.89% | 14.72% | 38.23% | 51.71% | 47.05% | 42.47% | 55.61% | 49.32% | 47.58% | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 10.67 | 53.61 | 166.1 | 340.2 | 349.2 | 366.6 | - | - | 476.4 | 441.0 | 441.0 | 441.0 | 517.1 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 29/10/21 | 28/01/22 | 28/04/22 | 28/07/22 | 27/10/22 | 30/01/23 | 24/04/23 | 28/07/23 | 26/04/24 | - | - | - | - |
1VND in Million2VND
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 13,96,377 | 11,39,200 | - | - | - | - | - |
| Net Cash position 1 | - | - | 1,39,249 | 38,32,977 | 67,27,600 | 92,37,100 | 1,87,35,400 |
| Leverage (Debt/EBITDA) | 0.2775 x | 0.2444 x | - | - | - | - | - |
| Free Cash Flow 1 | - | -3,75,647 | 1,16,659 | 25,33,533 | 30,72,500 | 30,09,500 | 99,98,300 |
| ROE (net income / shareholders' equity) | 10.3% | 8.47% | 4.39% | 8.55% | 11.2% | 11.6% | 10.6% |
| ROA (Net income/ Total Assets) | 7.65% | 6.3% | 3.38% | 6.79% | 8.48% | 8.78% | 9.57% |
| Assets 1 | 3,72,53,086 | 3,78,04,123 | 3,88,44,858 | 4,02,87,306 | 4,93,22,917 | 5,34,11,054 | 5,53,62,698 |
| Book Value Per Share 2 | 11,845 | 12,895 | 13,473 | 14,695 | 18,215 | 19,398 | - |
| Cash Flow per Share | - | - | - | - | - | - | - |
| Capex 1 | 39,29,424 | 42,79,804 | 15,67,282 | 25,38,150 | 17,90,829 | 27,58,518 | 39,33,100 |
| Capex / Sales | 42.44% | 51.38% | 26.6% | 34.73% | 18.48% | 25.88% | 39.04% |
| Announcement Date | 31/01/20 | 28/01/21 | 28/01/22 | 30/01/23 | - | - | - |
1VND in Million2VND
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
22,450
VND
Average target price
34,866
VND
Spread / Average Target
+55.30%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.65% | 2.02B | |
| +5.02% | 10.72B | |
| +40.55% | 6.75B | |
| +20.79% | 3.18B | |
| +13.28% | 2.86B | |
| -7.27% | 2.65B | |
| +2.20% | 2.61B | |
| -19.46% | 2.57B | |
| -15.48% | 2.24B | |
| -21.36% | 2.23B |
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