Financials Sao Ta Foods

Equities

FMC

VN000000FMC4

Food Processing

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-05-02 pm EDT 5-day change 1st Jan Change
49,400 VND +1.44% Intraday chart for Sao Ta Foods +1.75% +9.78%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,299,666 1,760,680 3,400,222 2,105,522 2,942,500 3,230,211 - -
Enterprise Value (EV) 1 1,299,666 1,760,680 3,400,222 2,105,522 2,942,500 3,260,511 3,230,211 3,230,211
P/E ratio 5.83 x - 10.3 x 6.85 x 10.7 x 10 x - -
Yield - - 3.85% - - 4.05% - -
Capitalization / Revenue 0.35 x 0.4 x 0.65 x 0.37 x 0.58 x 0.55 x 0.49 x 0.45 x
EV / Revenue 0.35 x 0.4 x 0.65 x 0.37 x 0.58 x 0.56 x 0.49 x 0.45 x
EV / EBITDA - - 9.77 x 4.64 x 6.59 x 7.07 x 5.48 x -
EV / FCF 3,245,149 x 7,312,859 x - - - - - -
FCF Yield 0% 0% - - - - - -
Price to Book 1.28 x 1.63 x 1.91 x 1.1 x 1.32 x 1.43 x 1.29 x 1.15 x
Nbr of stocks (in thousands) 49,044 49,044 65,389 65,389 65,389 65,389 - -
Reference price 2 26,500 35,900 52,000 32,200 45,000 49,400 49,400 49,400
Announcement Date 1/21/20 1/19/21 1/24/22 1/16/23 1/18/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,709,591 4,415,217 5,199,105 5,701,958 5,089,081 5,825,000 6,529,500 7,129,000
EBITDA 1 - - 347,988 453,666 446,439 461,000 589,000 -
EBIT 1 237,508 225,441 264,787 306,857 292,160 339,000 413,000 442,000
Operating Margin 6.4% 5.11% 5.09% 5.38% 5.74% 5.82% 6.33% 6.2%
Earnings before Tax (EBT) 1 - - 288,822 328,414 304,600 363,000 447,000 -
Net income 1 - 225,963 266,797 307,508 275,982 334,500 407,000 442,000
Net margin - 5.12% 5.13% 5.39% 5.42% 5.74% 6.23% 6.2%
EPS 2 4,549 - 5,025 4,703 4,221 4,918 - -
Free Cash Flow 400,495 240,765 - - - - - -
FCF margin 10.8% 5.45% - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - 106.55% - - - - - -
Dividend per Share 2 - - 2,000 - - 2,000 - -
Announcement Date 1/21/20 1/19/21 1/24/22 1/16/23 1/18/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2022 S1 2024 Q2
Net sales 1 - - 1,214,000
EBITDA - - -
EBIT - - -
Operating Margin - - -
Earnings before Tax (EBT) - - -
Net income 105,487 154,677 -
Net margin - - -
EPS - 2,365 -
Dividend per Share - - -
Announcement Date 7/21/21 7/19/22 -
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 30,300 - -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 0.0657 x - -
Free Cash Flow 400,495 240,765 - - - - - -
ROE (net income / shareholders' equity) 27% 22.4% 18.6% 16.6% 13.3% 15.4% 17.2% 15.8%
ROA (Net income/ Total Assets) 9.85% 14% 12.1% 10.8% 8.72% 10.1% 11.3% -
Assets 1 - 1,615,995 2,200,874 2,844,133 3,166,601 3,311,881 3,601,770 -
Book Value Per Share 2 20,638 22,044 27,248 29,400 34,166 34,647 38,436 42,774
Cash Flow per Share - - - - - - - -
Capex 1 151,277 72,307 - 515,733 212,910 131,000 70,000 -
Capex / Sales 4.08% 1.64% - 9.04% 4.18% 2.25% 1.07% -
Announcement Date 1/21/20 1/19/21 1/24/22 1/16/23 1/18/24 - - -
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
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
49,400 VND
Average target price
53,900 VND
Spread / Average Target
+9.11%
Consensus

Annual profits - Rate of surprise

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