Financials Binh Duong Mineral and Construction

Equities

KSB

VN000000KSB3

Construction Materials

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
21,450 VND -0.23% Intraday chart for Binh Duong Mineral and Construction +6.45% -19.81%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,371,387 910,295 2,102,821 3,320,300 1,426,731 2,040,913
Enterprise Value (EV) 1 1,858,919 405,257 2,592,952 4,016,076 2,402,499 3,139,699
P/E ratio 4.68 x 3.22 x 7.25 x 15.5 x 10.9 x 33.4 x
Yield - - - - - -
Capitalization / Revenue 1.17 x 0.69 x 1.59 x 3.75 x 1.66 x 3.86 x
EV / Revenue 1.59 x 0.31 x 1.96 x 4.54 x 2.8 x 5.94 x
EV / EBITDA 4.03 x 0.77 x 3.83 x 8.95 x 5.98 x 8.39 x
EV / FCF -1.4 x 0.77 x 6.61 x 64.4 x -6.18 x -25.9 x
FCF Yield -71.5% 130% 15.1% 1.55% -16.2% -3.86%
Price to Book 1.35 x 0.71 x 1.34 x 1.86 x 0.74 x 1.02 x
Nbr of stocks (in thousands) 70,989 70,682 72,854 73,296 76,296 76,296
Reference price 2 19,318 12,879 28,864 45,300 18,700 26,750
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,168,993 1,313,990 1,322,455 884,273 859,106 528,624
EBITDA 1 461,485 526,512 676,952 448,815 402,043 374,012
EBIT 1 412,106 463,809 441,163 295,449 223,743 256,431
Operating Margin 35.25% 35.3% 33.36% 33.41% 26.04% 48.51%
Earnings before Tax (EBT) 1 409,006 415,175 401,953 301,305 184,093 105,279
Net income 1 327,143 330,135 327,762 252,813 152,083 73,766
Net margin 27.99% 25.12% 24.78% 28.59% 17.7% 13.95%
EPS 2 4,132 4,004 3,981 2,920 1,717 802.0
Free Cash Flow 1 -1,329,819 528,825 392,087 62,408 -388,566 -121,176
FCF margin -113.76% 40.25% 29.65% 7.06% -45.23% -22.92%
FCF Conversion (EBITDA) - 100.44% 57.92% 13.91% - -
FCF Conversion (Net income) - 160.18% 119.63% 24.69% - -
Dividend per Share - - - - - -
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 487,532 - 490,130 695,776 975,768 1,098,786
Net Cash position 1 - 505,038 - - - -
Leverage (Debt/EBITDA) 1.056 x - 0.724 x 1.55 x 2.427 x 2.938 x
Free Cash Flow 1 -1,329,819 528,825 392,087 62,408 -388,566 -121,176
ROE (net income / shareholders' equity) 36.8% 28.6% 22.8% 15% 8.16% 3.75%
ROA (Net income/ Total Assets) 11.9% 8.46% 7.01% 4.67% 3.4% 3.76%
Assets 1 2,748,134 3,904,100 4,677,768 5,414,709 4,474,095 1,960,602
Book Value Per Share 2 14,348 18,242 21,610 24,392 25,439 26,184
Cash Flow per Share 2 1,765 1,975 2,068 1,285 1,603 1,360
Capex 1 791,594 244,717 105,651 172,978 509,000 217,904
Capex / Sales 67.72% 18.62% 7.99% 19.56% 59.25% 41.22%
Announcement Date 4/1/19 3/31/20 3/31/21 3/31/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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