Financials Song Ba

Equities

SBA

VN000000SBA4

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
32,300 VND -0.31% Intraday chart for Song Ba 0.00% +24.71%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 856,093 904,324 931,406 1,172,547 1,376,108 1,566,646
Enterprise Value (EV) 1 1,359,557 1,344,328 1,348,498 1,501,643 1,557,070 1,721,500
P/E ratio 8.9 x 9.24 x 9.14 x 10 x 5.61 x 8.94 x
Yield 8.45% 8% 6.47% 7.71% 12.3% -
Capitalization / Revenue 3.37 x 3.57 x 3.12 x 3.72 x 2.78 x 4.17 x
EV / Revenue 5.35 x 5.3 x 4.52 x 4.77 x 3.14 x 4.58 x
EV / EBITDA 6.94 x 6.92 x 6.81 x 7 x 4.28 x 6.37 x
EV / FCF 27.6 x 12.3 x 18.7 x 14.6 x 7.17 x 18.5 x
FCF Yield 3.63% 8.11% 5.33% 6.84% 14% 5.42%
Price to Book 1.13 x 1.16 x 1.16 x 1.37 x 1.45 x 1.56 x
Nbr of stocks (in thousands) 60,288 60,288 60,285 60,285 60,488 60,488
Reference price 2 14,200 15,000 15,450 19,450 22,750 25,900
Announcement Date 3/22/19 2/25/20 3/11/21 3/30/22 2/24/23 3/5/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 254,007 253,483 298,215 314,881 495,631 375,995
EBITDA 1 196,026 194,385 198,140 214,538 363,418 270,290
EBIT 1 155,189 151,059 148,722 160,796 291,712 215,338
Operating Margin 61.1% 59.59% 49.87% 51.07% 58.86% 57.27%
Earnings before Tax (EBT) 1 103,101 104,871 108,929 123,942 259,644 196,274
Net income 1 96,342 97,999 101,876 117,159 244,548 175,331
Net margin 37.93% 38.66% 34.16% 37.21% 49.34% 46.63%
EPS 2 1,595 1,623 1,690 1,943 4,056 2,899
Free Cash Flow 1 49,314 108,985 71,932 102,729 217,270 93,295
FCF margin 19.41% 43% 24.12% 32.62% 43.84% 24.81%
FCF Conversion (EBITDA) 25.16% 56.07% 36.3% 47.88% 59.79% 34.52%
FCF Conversion (Net income) 51.19% 111.21% 70.61% 87.68% 88.85% 53.21%
Dividend per Share 2 1,200 1,200 1,000 1,500 2,800 -
Announcement Date 3/22/19 2/25/20 3/11/21 3/30/22 2/24/23 3/5/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 503,463 440,004 417,092 329,096 180,962 154,854
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.568 x 2.264 x 2.105 x 1.534 x 0.4979 x 0.5729 x
Free Cash Flow 1 49,314 108,985 71,932 102,729 217,270 93,295
ROE (net income / shareholders' equity) 13.1% 12.7% 12.9% 14.1% 27.1% 17.9%
ROA (Net income/ Total Assets) 7.17% 7.3% 7.19% 7.69% 13.9% 10.5%
Assets 1 1,343,911 1,342,881 1,416,328 1,523,128 1,758,402 1,667,053
Book Value Per Share 2 12,597 12,939 13,341 14,190 15,702 16,646
Cash Flow per Share 2 187.0 216.0 199.0 678.0 1,334 275.0
Capex 1 3,934 21,695 53,766 9,561 3,043 4,525
Capex / Sales 1.55% 8.56% 18.03% 3.04% 0.61% 1.2%
Announcement Date 3/22/19 2/25/20 3/11/21 3/30/22 2/24/23 3/5/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA