Financials Vinh Hoan Corporation

Equities

VHC

VN000000VHC1

Food Processing

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
74,000 VND -.--% Intraday chart for Vinh Hoan Corporation +3.64% +19.35%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,214,160 7,532,565 11,426,210 12,799,712 13,916,110 16,609,534 - -
Enterprise Value (EV) 1 7,214,160 7,532,565 11,426,210 12,799,712 13,869,294 14,740,534 16,609,534 16,609,534
P/E ratio 3.15 x 10.7 x 10.4 x 6.45 x 12.7 x 12 x 8.86 x 8.38 x
Yield - 5.58% 3.18% - 3.23% 2.7% 2.76% -
Capitalization / Revenue 0.92 x 1.07 x 1.26 x 0.97 x 1.39 x 1.42 x 1.26 x 1.29 x
EV / Revenue 0.92 x 1.07 x 1.26 x 0.97 x 1.38 x 1.26 x 1.26 x 1.29 x
EV / EBITDA 5.56 x 8.53 x 7.71 x 4.96 x 10.4 x 7.39 x 6.53 x -
EV / FCF 6.49 x -40.6 x 333 x 151 x -145 x 6.17 x 5.75 x 7.18 x
FCF Yield 15.4% -2.46% 0.3% 0.66% -0.69% 16.2% 17.4% 13.9%
Price to Book 1.48 x 1.46 x 1.94 x 1.66 x 1.39 x 1.69 x 1.48 x 1.4 x
Nbr of stocks (in thousands) 218,335 218,335 218,335 220,052 224,453 224,453 - -
Reference price 2 33,042 34,500 52,333 58,167 62,000 74,000 74,000 74,000
Announcement Date 1/21/20 1/20/21 1/21/22 2/9/23 1/23/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,867,144 7,037,180 9,054,249 13,239,424 10,038,577 11,707,000 13,211,750 12,918,000
EBITDA 1 1,297,668 883,211 1,481,561 2,580,520 1,330,024 1,994,667 2,545,000 -
EBIT 1 1,132,464 682,683 1,196,183 2,253,062 927,591 1,546,000 2,038,250 2,395,000
Operating Margin 14.39% 9.7% 13.21% 17.02% 9.24% 13.21% 15.43% 18.54%
Earnings before Tax (EBT) 1 1,309,371 791,080 1,287,803 2,320,313 1,107,933 1,668,750 2,184,000 -
Net income 1 1,180,405 704,825 1,101,226 1,976,842 896,516 1,411,750 1,858,250 2,080,000
Net margin 15% 10.02% 12.16% 14.93% 8.93% 12.06% 14.07% 16.1%
EPS 2 10,478 3,228 5,043 9,012 4,880 6,188 8,355 8,829
Free Cash Flow 1 1,111,605 -185,307 34,311 84,756 -95,608 2,388,000 2,891,000 2,314,000
FCF margin 14.13% -2.63% 0.38% 0.64% -0.95% 20.4% 21.88% 17.91%
FCF Conversion (EBITDA) 85.66% - 2.32% 3.28% - 119.72% 113.6% -
FCF Conversion (Net income) 94.17% - 3.12% 4.29% - 169.15% 155.58% 111.25%
Dividend per Share 2 - 1,926 1,667 - 2,000 2,000 2,042 -
Announcement Date 1/21/20 1/20/21 1/21/22 2/9/23 1/23/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 1 - - 2,692,921 - - 4,327,183 - 2,395,669 2,718,000
EBITDA - - - - - - - - -
EBIT 1 - - - 780,202 - 886,061 - - 231,000
Operating Margin - - - - - 20.48% - - 8.5%
Earnings before Tax (EBT) 1 - - - - - - - - 283,000
Net income 1 391,548 255,442 454,636 709,678 547,751 784,112 190,625 47,645 227,000
Net margin - - 16.88% - - 18.12% - 1.99% 8.35%
EPS 1,793 1,170 - - 2,509 - 865.8 - -
Dividend per Share - - - - - - - - -
Announcement Date 7/20/21 10/20/21 1/21/22 1/21/22 4/20/22 7/21/22 11/16/23 1/23/24 -
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - - - 46,816 1,869,000 - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,111,605 -185,307 34,311 84,756 -95,608 2,388,000 2,891,000 2,314,000
ROE (net income / shareholders' equity) 26.6% 14% 19.9% 29.1% 11.3% 16.1% 18.3% 18.5%
ROA (Net income/ Total Assets) 18.3% 10.2% 13.8% 19.5% 7.67% 11.5% 13.1% -
Assets 1 6,455,450 6,907,133 7,967,771 10,159,011 11,694,547 12,297,474 14,185,115 -
Book Value Per Share 2 22,329 23,687 26,940 34,974 44,510 43,912 49,840 52,867
Cash Flow per Share - - - - - - - -
Capex 1 377,607 605,801 605,697 1,114,388 559,628 597,000 830,000 940,000
Capex / Sales 4.8% 8.61% 6.69% 8.42% 5.57% 5.1% 6.28% 7.28%
Announcement Date 1/21/20 1/20/21 1/21/22 2/9/23 1/23/24 - - -
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
HOLD
Number of Analysts
6
Last Close Price
74,000 VND
Average target price
77,549 VND
Spread / Average Target
+4.80%
Consensus
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