Stock BIC BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM INSURANCECORPORATION
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Financials Bank for Investment and Development of Vietnam InsuranceCorporation

Equities

BIC

VN000000BIC1

Property & Casualty Insurance

End-of-day quote Ho Chi Minh S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
28,750 VND +1.05% Intraday chart for Bank for Investment and Development of Vietnam InsuranceCorporation +2.68% +13.86%
Jan. 30 Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI
Jan. 30 Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,049,199 2,990,561 2,720,824 3,500,715 3,137,157 2,961,242
Enterprise Value (EV) 1 2,949,271 2,889,131 2,622,776 3,477,513 3,108,295 2,939,877
P/E ratio 25.9 x 16.1 x 10.5 x 10.8 x 14.7 x 8.2 x
Yield 2.69% 3.14% 5.17% 5.03% 4.86% -
Capitalization / Revenue 1.77 x 1.55 x 1.25 x 1.42 x 1.05 x 0.74 x
EV / Revenue 1.71 x 1.5 x 1.2 x 1.41 x 1.04 x 0.73 x
EV / EBITDA 14.2 x 10.5 x 6.6 x 6.95 x 8.16 x 5.15 x
EV / FCF 101 x 3.24 x -12.3 x -43.6 x 24.3 x 37.5 x
FCF Yield 0.99% 30.8% -8.16% -2.29% 4.11% 2.67%
Price to Book 1.45 x 1.35 x 1.14 x 1.37 x 1.22 x 1.07 x
Nbr of stocks (in thousands) 117,277 117,277 117,277 117,277 117,277 117,277
Reference price 2 26,000 25,500 23,200 29,850 26,750 25,250
Announcement Date 3/8/19 2/12/20 2/18/21 3/4/22 3/6/23 3/18/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,724,891 1,926,384 2,183,362 2,468,874 2,987,975 4,012,617
EBITDA 1 207,444 274,709 397,450 500,406 380,932 570,996
EBIT 1 199,766 267,842 392,180 493,942 373,094 562,551
Operating Margin 11.58% 13.9% 17.96% 20.01% 12.49% 14.02%
Earnings before Tax (EBT) 1 202,478 270,212 375,349 502,165 393,797 574,059
Net income 1 140,820 211,088 294,276 395,384 311,517 449,794
Net margin 8.16% 10.96% 13.48% 16.01% 10.43% 11.21%
EPS 2 1,005 1,587 2,214 2,764 1,814 3,080
Free Cash Flow 1 29,226 890,730 -213,901 -79,740 127,815 78,462
FCF margin 1.69% 46.24% -9.8% -3.23% 4.28% 1.96%
FCF Conversion (EBITDA) 14.09% 324.24% - - 33.55% 13.74%
FCF Conversion (Net income) 20.75% 421.97% - - 41.03% 17.44%
Dividend per Share 2 700.0 800.0 1,200 1,500 1,300 -
Announcement Date 3/8/19 2/12/20 2/18/21 3/4/22 3/6/23 3/18/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 99,929 101,430 98,048 23,203 28,862 21,364
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 29,226 890,730 -213,901 -79,740 127,815 78,462
ROE (net income / shareholders' equity) 6.82% 9.64% 12.8% 16% 12.3% 16.9%
ROA (Net income/ Total Assets) 2.54% 3.15% 4.34% 5.21% 3.67% 4.95%
Assets 1 5,554,829 6,704,599 6,787,430 7,592,006 8,483,800 9,095,933
Book Value Per Share 2 17,900 18,897 20,386 21,730 21,923 23,542
Cash Flow per Share 2 852.0 1,018 836.0 260.0 246.0 182.0
Capex 1 946 1,243 502 16,259 10,685 28,290
Capex / Sales 0.05% 0.06% 0.02% 0.66% 0.36% 0.71%
Announcement Date 3/8/19 2/12/20 2/18/21 3/4/22 3/6/23 3/18/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Property & Casualty Insurance

1st Jan change Capi.
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