Financials Mobile World Investment Corporation

Equities

MWG

VN000000MWG0

Computer & Electronics Retailers

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
54,900 ^VND	+2.04%		+12.96%	+28.27%

Apr. 29	Mobile World Investment Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 16	Mobile World Investment Corporation Announces Plans to Approve Cash Dividend	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,461,399	53,806,058	96,864,251	62,771,347	62,590,651	81,300,776	-	-
Enterprise Value (EV) ¹	58,362,314	55,152,639	103,133,083	64,230,466	63,401,730	92,110,120	85,832,696	81,300,776
P/E ratio	13.2 x	13.7 x	21.9 x	15.3 x	372 x	31.3 x	19.7 x	15.5 x
Yield	1.32%	0.42%	0.74%	-	-	0.75%	0.9%	1.71%
Capitalization / Revenue	0.49 x	0.5 x	0.79 x	0.47 x	0.53 x	0.64 x	0.58 x	0.52 x
EV / Revenue	0.57 x	0.51 x	0.84 x	0.48 x	0.54 x	0.73 x	0.61 x	0.52 x
EV / EBITDA	9.09 x	7.44 x	11.7 x	6.28 x	16.7 x	15.8 x	10.8 x	8.36 x
EV / FCF	-13.4 x	8.02 x	-20.9 x	18.3 x	21.8 x	14.9 x	23 x	17 x
FCF Yield	-7.46%	12.5%	-4.79%	5.47%	4.59%	6.69%	4.34%	5.89%
Price to Book	4.16 x	3.48 x	4.76 x	2.62 x	-	3.62 x	3.01 x	2.69 x
Nbr of stocks (in thousands)	1,327,932	1,357,596	1,425,522	1,463,202	1,462,398	1,462,244	-	-
Reference price ²	38,000	39,633	67,950	42,900	42,800	55,600	55,600	55,600
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	102,174,244	108,546,020	122,958,106	133,404,778	118,279,788	126,968,985	139,994,526	155,621,608
EBITDA ¹	6,419,561	7,411,850	8,808,913	10,226,602	3,787,565	5,847,724	7,949,117	9,725,305
EBIT ¹	4,976,734	5,216,267	5,888,199	6,644,177	407,034	3,296,983	5,224,113	6,713,594
Operating Margin	4.87%	4.81%	4.79%	4.98%	0.34%	2.6%	3.73%	4.31%
Earnings before Tax (EBT) ¹	5,053,447	5,409,735	6,471,584	6,056,355	689,692	3,098,333	5,222,250	6,878,000
Net income ¹	3,834,270	3,917,768	4,898,869	4,099,763	167,669	2,496,750	4,147,400	5,569,500
Net margin	3.75%	3.61%	3.98%	3.07%	0.14%	1.97%	2.96%	3.58%
EPS ²	2,886	2,885	3,106	2,810	115.0	1,776	2,829	3,593
Free Cash Flow ¹	-4,352,430	6,881,171	-4,943,209	3,510,939	2,912,557	6,162,300	3,724,800	4,790,500
FCF margin	-4.26%	6.34%	-4.02%	2.63%	2.46%	4.85%	2.66%	3.08%
FCF Conversion (EBITDA)	-	92.84%	-	34.33%	76.9%	105.38%	46.86%	49.26%
FCF Conversion (Net income)	-	175.64%	-	85.64%	1,737.08%	246.81%	89.81%	86.01%
Dividend per Share ²	500.0	166.7	500.0	-	-	416.8	498.6	952.7
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	36,138,330	36,466,677	34,337,740	32,011,980	30,588,381	-	29,464,830	30,287,657	31,421,489	31,486,492	30,942,312	31,806,399	29,975,596	-	-
EBITDA ¹	2,653,449	2,698,899	2,889,690	2,825,778	1,541,902	-	842,256	983,843	980,234	1,742,048	1,233,548	1,453,721	857,397	-	-
EBIT ¹	1,855,922	1,848,791	1,765,596	1,733,197	1,033,977	-	877.7	22,630	278,405	1,022,817	660,139	748,867	570,899	-	-
Operating Margin	5.14%	5.07%	5.14%	5.41%	3.38%	-	0%	0.07%	0.89%	3.25%	2.13%	2.35%	1.9%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	1,562,486	-	-	-	-	-	-	-	90,258	-	-	-	-	-	-
Net margin	4.32%	-	-	-	-	-	-	-	0.29%	-	-	-	-	-	-
EPS ²	653.0	1,013	700.0	618.0	422.0	-	11.00	26.00	62.00	617.0	485.8	496.6	357.0	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	349.0	-	-	-	-
Announcement Date	1/28/22	4/29/22	7/30/22	10/31/22	1/30/23	4/30/23	7/30/23	10/30/23	1/30/24	4/29/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,900,915	1,346,581	6,268,832	1,459,118	811,079	10,809,344	4,531,920	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.231 x	0.1817 x	0.7116 x	0.1427 x	0.2141 x	1.848 x	0.5701 x	-
Free Cash Flow ¹	-4,352,430	6,881,171	-4,943,209	3,510,939	2,912,557	6,162,300	3,724,800	4,790,500
ROE (net income / shareholders' equity)	36.3%	28.4%	27.3%	18.5%	0.71%	13.6%	16%	19.1%
ROA (Net income/ Total Assets)	11%	8.92%	8.99%	6.9%	0.29%	6.2%	6.7%	8.25%
Assets ¹	34,915,304	43,923,626	54,504,554	59,402,737	57,970,955	40,270,161	61,901,493	67,509,091
Book Value Per Share ²	9,138	11,395	14,284	16,344	-	15,348	18,467	20,695
Cash Flow per Share ²	-	7,947	13.10	5,466	2,357	2,625	5,191	6,689
Capex ¹	3,066,921	3,911,358	4,963,883	4,465,360	523,383	1,572,566	1,962,773	2,194,988
Capex / Sales	3%	3.6%	4.04%	3.35%	0.44%	1.24%	1.4%	1.41%
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

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

Ratings for Mobile World Investment Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

55,600 VND

Average target price

59,821 VND

Spread / Average Target

+7.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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MOBILE WORLD INVESTMENT CORPORATION	+28.27%	3.17B
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UNITED ELECTRONICS COMPANY	+10.70%	2.01B
BIC CAMERA INC.	+12.13%	1.64B
ARLO TECHNOLOGIES, INC.	+35.19%	1.18B
NOJIMA CORPORATION	+5.42%	1.15B
CECONOMY AG	-13.17%	1.12B
EDION CORPORATION	+3.63%	1.03B
ELECTRONICS MART INDIA LIMITED	+4.84%	968M

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