Financials Vietnam Dairy Products

Equities

VNM

VN000000VNM8

Food Processing

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
65,800 ^VND	-1.05%		+0.30%	-2.66%

Apr. 30	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Jan. 30	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	202,871,313	227,346,666	180,572,150	159,045,609	141,280,988	137,519,068	-	-
Enterprise Value (EV) ¹	193,244,828	215,405,662	166,655,853	144,265,239	126,688,321	125,198,552	124,699,758	123,430,876
P/E ratio	21.3 x	22.8 x	19.1 x	21 x	17.8 x	15.9 x	14.4 x	13 x
Yield	3.86%	3.77%	4.46%	3.81%	-	5.7%	5.99%	6.63%
Capitalization / Revenue	3.6 x	3.81 x	2.96 x	2.65 x	2.34 x	2.19 x	2.1 x	1.97 x
EV / Revenue	3.43 x	3.61 x	2.74 x	2.41 x	2.1 x	1.99 x	1.91 x	1.77 x
EV / EBITDA	13.1 x	14.9 x	12 x	12.2 x	10.7 x	9.22 x	8.68 x	8.07 x
EV / FCF	20.6 x	24.2 x	20.7 x	19.2 x	19.8 x	16.4 x	12.3 x	11.1 x
FCF Yield	4.85%	4.14%	4.82%	5.2%	5.06%	6.08%	8.12%	9.03%
Price to Book	7.38 x	7.26 x	5.46 x	5.33 x	4.46 x	4.31 x	4.14 x	4.09 x
Nbr of stocks (in thousands)	2,089,662	2,089,583	2,089,955	2,089,955	2,089,955	2,089,955	-	-
Reference price ²	97,083	108,800	86,400	76,100	67,600	65,800	65,800	65,800
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	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	56,318,123	59,636,286	60,919,165	59,956,247	60,368,916	62,796,944	65,434,802	69,676,754
EBITDA ¹	14,745,163	14,471,842	13,881,656	11,848,623	11,825,606	13,581,677	14,358,425	15,295,326
EBIT ¹	12,182,460	12,262,975	11,760,319	9,753,174	9,771,019	11,019,309	11,813,748	12,765,313
Operating Margin	21.63%	20.56%	19.3%	16.27%	16.19%	17.55%	18.05%	18.32%
Earnings before Tax (EBT) ¹	12,795,710	13,518,536	12,922,235	10,495,535	10,967,899	11,710,414	12,247,225	13,693,300
Net income ¹	10,581,176	11,098,937	10,532,477	8,516,024	8,873,812	9,568,451	10,290,010	10,659,333
Net margin	18.79%	18.61%	17.29%	14.2%	14.7%	15.24%	15.73%	15.3%
EPS ²	4,565	4,770	4,517	3,632	3,796	4,142	4,572	5,073
Free Cash Flow ¹	9,365,769	8,915,352	8,034,853	7,507,485	6,412,667	7,617,500	10,126,800	11,147,100
FCF margin	16.63%	14.95%	13.19%	12.52%	10.62%	12.13%	15.48%	16%
FCF Conversion (EBITDA)	63.52%	61.6%	57.88%	63.36%	54.23%	56.09%	70.53%	72.88%
FCF Conversion (Net income)	88.51%	80.33%	76.29%	88.16%	72.27%	79.61%	98.41%	104.58%
Dividend per Share ²	3,750	4,100	3,850	2,900	-	3,750	3,943	4,361
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	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 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	15,819,037	13,877,826	14,930,275	16,079,491	15,068,655	-	15,194,825	15,636,988	15,618,711	15,868,013	16,329,764	16,310,684	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,437,647	2,619,580	2,383,520	2,688,416	2,061,657	-	2,519,939	2,248,000	2,443,777	2,572,826	2,750,228	2,497,689	-	-
Operating Margin	15.41%	18.88%	15.96%	16.72%	13.68%	-	16.58%	14.38%	15.65%	16.21%	16.84%	15.31%	-	-
Earnings before Tax (EBT)	-	-	2,576,058	-	-	-	-	3,075,790	-	-	-	-	-	-
Net income	2,196,004	-	2,082,981	-	-	1,856,733	2,198,811	2,533,000	-	-	-	-	-	-
Net margin	13.88%	-	13.95%	-	-	-	14.47%	16.2%	-	-	-	-	-	-
EPS	-	-	-	-	-	796.0	-	-	-	-	-	-	-	-
Dividend per Share ²	950.0	-	-	1,400	2,900	-	-	-	-	-	-	3,932	-	-
Announcement Date	1/28/22	5/6/22	7/29/22	10/28/22	2/1/23	4/28/23	7/28/23	10/30/23	1/30/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	9,626,485	11,941,004	13,916,298	14,780,371	14,592,668	12,320,516	12,819,310	14,088,192
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,365,769	8,915,352	8,034,853	7,507,485	6,412,667	7,617,500	10,126,800	11,147,100
ROE (net income / shareholders' equity)	39.7%	37.8%	32.7%	27.1%	28.8%	28.1%	29.2%	31.6%
ROA (Net income/ Total Assets)	25.7%	23.8%	20.7%	16.7%	17.5%	18.3%	19.9%	20.3%
Assets ¹	41,137,347	46,566,178	50,883,990	50,907,580	50,578,020	52,429,868	51,812,740	52,509,031
Book Value Per Share ²	13,162	14,977	15,830	14,282	15,166	15,276	15,896	16,083
Cash Flow per Share ²	-	4,872	4,513	4,224	3,774	6,240	6,401	7,043
Capex ¹	2,044,159	1,264,817	1,397,120	1,319,788	1,474,756	2,375,949	1,823,883	1,890,777
Capex / Sales	3.63%	2.12%	2.29%	2.2%	2.44%	3.78%	2.79%	2.71%
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	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 Vietnam Dairy Products

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65,800 VND

Average target price

79,850 VND

Spread / Average Target

+21.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
VIETNAM DAIRY PRODUCTS	-2.66%	5.46B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.67%	24.54B
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.05%	8.54B
WANT WANT CHINA HOLDINGS LIMITED	-0.21%	6.94B
NESTLÉ (MALAYSIA)	+9.69%	6.38B
EMMI AG	+1.87%	5.52B
CHINA FEIHE LIMITED	+5.85%	5.22B
GLANBIA PLC	+22.07%	5.13B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+26.25%	4.71B
THE A2 MILK COMPANY LIMITED	+48.70%	2.97B

Dairy Products