Financials Central Hydropower

Equities

CHP

VN000000CHP3

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
29,600 VND +0.17% Intraday chart for Central Hydropower -0.34% +17.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,924,428 2,785,830 2,908,871 3,342,263 3,320,226 3,716,891
Enterprise Value (EV) 1 3,896,033 4,217,358 4,150,689 4,513,205 4,062,154 4,378,027
P/E ratio 30.5 x 12.9 x 10.4 x 13.8 x 6.51 x 11 x
Yield 7.11% 4.98% 8.08% 6.59% 13.3% -
Capitalization / Revenue 6.22 x 3.9 x 3.5 x 4.24 x 3.02 x 4.22 x
EV / Revenue 8.29 x 5.91 x 5 x 5.73 x 3.69 x 4.97 x
EV / EBITDA 11.9 x 7.72 x 6.55 x 7.62 x 4.82 x 6.69 x
EV / FCF -17.8 x -20.5 x 35 x 18.6 x 6.47 x 13 x
FCF Yield -5.61% -4.87% 2.85% 5.39% 15.5% 7.72%
Price to Book 1.66 x 1.58 x 1.54 x 1.76 x 1.66 x 1.92 x
Nbr of stocks (in thousands) 146,914 146,914 146,913 146,913 146,913 146,913
Reference price 2 19,906 18,962 19,800 22,750 22,600 25,300
Announcement Date 4/1/19 3/13/20 3/25/21 3/17/22 2/20/23 3/8/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 470,018 713,536 830,525 787,447 1,100,534 881,378
EBITDA 1 328,405 546,052 634,009 591,949 843,199 654,603
EBIT 1 175,170 350,804 420,263 366,452 617,605 429,936
Operating Margin 37.27% 49.16% 50.6% 46.54% 56.12% 48.78%
Earnings before Tax (EBT) 1 100,993 226,714 290,833 254,492 535,957 355,432
Net income 1 95,892 216,055 278,372 242,075 510,295 336,955
Net margin 20.4% 30.28% 33.52% 30.74% 46.37% 38.23%
EPS 2 652.7 1,471 1,895 1,648 3,473 2,294
Free Cash Flow 1 -218,465 -205,487 118,462 243,160 628,078 337,820
FCF margin -46.48% -28.8% 14.26% 30.88% 57.07% 38.33%
FCF Conversion (EBITDA) - - 18.68% 41.08% 74.49% 51.61%
FCF Conversion (Net income) - - 42.56% 100.45% 123.08% 100.26%
Dividend per Share 2 1,415 943.4 1,600 1,500 3,000 -
Announcement Date 4/1/19 3/13/20 3/25/21 3/17/22 2/20/23 3/8/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 971,605 1,431,528 1,241,819 1,170,942 741,928 661,137
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.959 x 2.622 x 1.959 x 1.978 x 0.8799 x 1.01 x
Free Cash Flow 1 -218,465 -205,487 118,462 243,160 628,078 337,820
ROE (net income / shareholders' equity) 5.27% 12.3% 15.2% 12.8% 26.2% 17.1%
ROA (Net income/ Total Assets) 3.68% 6.79% 7.35% 6.73% 11.8% 8.63%
Assets 1 2,607,754 3,183,222 3,785,881 3,596,521 4,317,911 3,904,233
Book Value Per Share 2 11,986 12,009 12,891 12,893 13,594 13,195
Cash Flow per Share 2 6.260 1,220 1,836 620.0 1,710 771.0
Capex 1 214,933 839,638 152,137 8,651 2,897 4,851
Capex / Sales 45.73% 117.67% 18.32% 1.1% 0.26% 0.55%
Announcement Date 4/1/19 3/13/20 3/25/21 3/17/22 2/20/23 3/8/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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