Stock VSH VINH SON - SONG HINH HYDROPOWER
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Financials Vinh Son - Song Hinh Hydropower

Equities

VSH

VN000000VSH7

Independent Power Producers

End-of-day quote Ho Chi Minh S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
44,150 VND -2.00% Intraday chart for Vinh Son - Song Hinh Hydropower -7.92% -1.45%
Apr. 23 Vinh Son - Song Hinh Hydropower Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 10 Vinh Son - Song Hinh Hydropower Joint Stock Company Approves Cash Dividend for 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,454,541 4,537,307 3,877,335 6,780,124 7,465,223 10,583,608
Enterprise Value (EV) 1 7,872,721 9,802,436 9,594,972 11,797,102 11,383,525 14,189,234
P/E ratio 11.6 x 29.5 x 20.6 x 17.3 x 5.9 x 10.6 x
Yield - - - 3.48% 9.49% -
Capitalization / Revenue 6.13 x 11.3 x 11.4 x 4.21 x 2.42 x 4.11 x
EV / Revenue 14 x 24.5 x 28.2 x 7.32 x 3.69 x 5.52 x
EV / EBITDA 19.4 x 38.2 x 48.7 x 9.52 x 4.49 x 6.8 x
EV / FCF -6.63 x -24.9 x -16.1 x 41.2 x 14.5 x 10.1 x
FCF Yield -15.1% -4.01% -6.22% 2.43% 6.92% 9.94%
Price to Book 1.15 x 1.44 x 1.16 x 1.69 x 1.49 x 2.3 x
Nbr of stocks (in thousands) 206,241 206,241 206,241 236,241 236,241 236,241
Reference price 2 16,750 22,000 18,800 28,700 31,600 44,800
Announcement Date 4/19/19 3/27/20 4/1/21 3/28/22 3/7/23 3/6/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 563,578 400,284 340,618 1,611,301 3,084,637 2,572,042
EBITDA 1 404,853 256,543 197,112 1,239,609 2,536,837 2,085,617
EBIT 1 323,651 174,350 113,680 769,548 1,945,100 1,498,350
Operating Margin 57.43% 43.56% 33.37% 47.76% 63.06% 58.26%
Earnings before Tax (EBT) 1 342,496 178,088 235,702 451,034 1,379,834 1,092,433
Net income 1 306,207 159,018 188,297 387,273 1,264,845 993,990
Net margin 54.33% 39.73% 55.28% 24.03% 41% 38.65%
EPS 2 1,445 744.7 913.0 1,660 5,354 4,208
Free Cash Flow 1 -1,186,735 -393,115 -597,041 286,441 787,178 1,410,714
FCF margin -210.57% -98.21% -175.28% 17.78% 25.52% 54.85%
FCF Conversion (EBITDA) - - - 23.11% 31.03% 67.64%
FCF Conversion (Net income) - - - 73.96% 62.24% 141.92%
Dividend per Share - - - 1,000 3,000 -
Announcement Date 4/19/19 3/27/20 4/1/21 3/28/22 3/7/23 3/6/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 4,418,180 5,265,129 5,717,637 5,016,978 3,918,302 3,605,626
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 10.91 x 20.52 x 29.01 x 4.047 x 1.545 x 1.729 x
Free Cash Flow 1 -1,186,735 -393,115 -597,041 286,441 787,178 1,410,714
ROE (net income / shareholders' equity) 10.4% 5.18% 5.81% 10.6% 28% 20.7%
ROA (Net income/ Total Assets) 2.75% 1.28% 0.76% 4.88% 12.3% 9.73%
Assets 1 11,136,426 12,411,661 24,815,123 7,928,282 10,262,350 10,212,785
Book Value Per Share 2 14,520 15,269 16,147 16,976 21,276 19,450
Cash Flow per Share 2 763.0 345.0 73.30 222.0 557.0 565.0
Capex 1 1,558,628 1,043,128 821,660 328,165 158,817 46,766
Capex / Sales 276.56% 260.6% 241.23% 20.37% 5.15% 1.82%
Announcement Date 4/19/19 3/27/20 4/1/21 3/28/22 3/7/23 3/6/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Renewable IPPs

1st Jan change Capi.
VINH SON - SONG HINH HYDROPOWER Stock Vinh Son - Song Hinh Hydropower
-1.45% 412M
ADANI GREEN ENERGY LIMITED Stock Adani Green Energy Limited
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HUANENG LANCANG RIVER HYDROPOWER INC. Stock Huaneng Lancang River Hydropower Inc.
+12.05% 24.02B
EDP RENOVÁVEIS, S.A. Stock EDP Renováveis, S.A.
-30.63% 14.05B
ENGIE BRASIL ENERGIA S.A. Stock Engie Brasil Energia S.A.
-12.22% 6.33B
NEOEN Stock Neoen
-1.85% 4.82B
ERG S.P.A. Stock ERG S.p.A.
-13.37% 3.89B
NORTHLAND POWER INC. Stock Northland Power Inc.
-14.83% 3.83B
ENCAVIS AG Stock Encavis AG
+8.47% 2.91B
RENANTIS S.P.A Stock Renantis S.p.A
-.--% 2.89B
Renewable IPPs
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