Financials Southern Hydropower

Equities

SHP

VN000000SHP9

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
33,650 VND +0.60% Intraday chart for Southern Hydropower +1.97% +8.03%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,070,995 2,014,769 2,155,335 2,436,465 2,676,908 3,152,578
Enterprise Value (EV) 1 2,960,848 2,701,503 2,745,549 2,701,302 2,666,778 3,212,690
P/E ratio 11.7 x 9.69 x 35.5 x 9.47 x 8.6 x 11.8 x
Yield 9.05% 9.3% 2.17% 8.31% 13.2% -
Capitalization / Revenue 3.34 x 3.13 x 5.02 x 3.7 x 3.59 x 4.77 x
EV / Revenue 4.78 x 4.2 x 6.39 x 4.11 x 3.57 x 4.86 x
EV / EBITDA 6.29 x 5.54 x 9.35 x 5.66 x 4.86 x 6.75 x
EV / FCF 10.2 x 8.42 x 10.3 x 9.55 x 6.72 x 15.3 x
FCF Yield 9.8% 11.9% 9.74% 10.5% 14.9% 6.55%
Price to Book 1.68 x 1.61 x 1.92 x 1.82 x 1.85 x 2.32 x
Nbr of stocks (in thousands) 101,207 101,207 101,207 101,207 101,206 101,206
Reference price 2 20,463 19,907 21,296 24,074 26,450 31,150
Announcement Date 3/27/19 3/18/20 3/22/21 3/16/22 3/3/23 3/6/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 619,287 643,027 429,384 657,816 746,102 661,183
EBITDA 1 470,805 487,625 293,698 477,009 549,180 476,031
EBIT 1 286,099 301,569 120,502 320,650 392,877 320,006
Operating Margin 46.2% 46.9% 28.06% 48.74% 52.66% 48.4%
Earnings before Tax (EBT) 1 197,449 227,877 66,810 279,177 366,986 305,976
Net income 1 187,515 216,428 63,418 265,133 321,032 275,281
Net margin 30.28% 33.66% 14.77% 40.31% 43.03% 41.63%
EPS 2 1,744 2,054 599.7 2,543 3,077 2,629
Free Cash Flow 1 290,210 320,836 267,519 282,866 397,035 210,576
FCF margin 46.86% 49.89% 62.3% 43% 53.21% 31.85%
FCF Conversion (EBITDA) 61.64% 65.8% 91.09% 59.3% 72.3% 44.24%
FCF Conversion (Net income) 154.77% 148.24% 421.84% 106.69% 123.67% 76.49%
Dividend per Share 2 1,852 1,852 463.0 2,000 3,500 -
Announcement Date 3/27/19 3/18/20 3/22/21 3/16/22 3/3/23 3/6/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 889,852 686,734 590,215 264,836 - 60,112
Net Cash position 1 - - - - 10,130 -
Leverage (Debt/EBITDA) 1.89 x 1.408 x 2.01 x 0.5552 x - 0.1263 x
Free Cash Flow 1 290,210 320,836 267,519 282,866 397,035 210,576
ROE (net income / shareholders' equity) 15.3% 17.4% 5.34% 21.6% 23.1% 19.6%
ROA (Net income/ Total Assets) 7.47% 8.57% 3.85% 11% 13.6% 12.1%
Assets 1 2,509,133 2,524,764 1,646,357 2,419,475 2,354,331 2,281,214
Book Value Per Share 2 12,195 12,384 11,075 13,207 14,300 13,402
Cash Flow per Share 2 1,380 915.0 140.0 1,508 2,165 582.0
Capex 1 13,729 2,092 1,455 957 2,411 1,936
Capex / Sales 2.22% 0.33% 0.34% 0.15% 0.32% 0.29%
Announcement Date 3/27/19 3/18/20 3/22/21 3/16/22 3/3/23 3/6/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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