Financials Binh Duong Water - Environment

Equities

BWE

VN000000BWE8

Water Utilities

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
42,050 VND -1.29% Intraday chart for Binh Duong Water - Environment -0.12% +2.06%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,450,000 6,337,500 8,276,268 9,549,540 7,948,304 8,112,286 - -
Enterprise Value (EV) 1 3,450,000 6,337,500 8,276,268 9,549,540 7,948,304 8,112,286 8,112,286 8,112,286
P/E ratio 9.06 x 12.2 x 13.3 x 15.5 x 14.3 x 13.4 x 7.96 x 7.03 x
Yield - 3.55% 2.8% 2.63% - 3.33% 3.57% 3.57%
Capitalization / Revenue 1.36 x 2.09 x 2.66 x 2.74 x 2.25 x 2 x 1.73 x 1.66 x
EV / Revenue 1.36 x 2.09 x 2.66 x 2.74 x 2.25 x 2 x 1.73 x 1.66 x
EV / EBITDA - 5.22 x 6.23 x 6.83 x 5.21 x 4.86 x 4.13 x 3.52 x
EV / FCF - -10.8 x 26.8 x 14.3 x 69.6 x 8.24 x 43.4 x 5.26 x
FCF Yield - -9.25% 3.74% 6.98% 1.44% 12.1% 2.31% 19%
Price to Book - - - 2.13 x - 1.37 x - -
Nbr of stocks (in thousands) 150,000 187,500 192,920 192,920 192,920 192,920 - -
Reference price 2 23,000 33,800 42,900 49,500 41,200 42,050 42,050 42,050
Announcement Date 2/25/20 1/26/21 1/21/22 1/27/23 1/26/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,545,961 3,025,337 3,115,574 3,483,747 3,525,886 4,053,000 4,681,000 4,894,000
EBITDA 1 - 1,213,057 1,328,676 1,398,168 1,526,091 1,670,000 1,966,000 2,304,000
EBIT 1 - 747,019 844,514 918,912 979,008 1,036,000 1,260,000 1,654,000
Operating Margin - 24.69% 27.11% 26.38% 27.77% 25.56% 26.92% 33.8%
Earnings before Tax (EBT) 1 - 599,838 858,954 838,002 758,882 813,000 1,159,000 1,557,000
Net income 1 - 538,985 743,843 742,723 671,559 729,000 1,036,000 1,389,000
Net margin - 17.82% 23.87% 21.32% 19.05% 17.99% 22.13% 28.38%
EPS 2 2,540 2,767 3,233 3,195 2,889 3,138 5,280 5,979
Free Cash Flow 1 - -586,188 309,332 666,207 114,122 985,000 187,000 1,541,000
FCF margin - -19.38% 9.93% 19.12% 3.24% 24.3% 3.99% 31.49%
FCF Conversion (EBITDA) - - 23.28% 47.65% 7.48% 58.98% 9.51% 66.88%
FCF Conversion (Net income) - - 41.59% 89.7% 16.99% 135.12% 18.05% 110.94%
Dividend per Share 2 - 1,200 1,200 1,300 - 1,400 1,500 1,500
Announcement Date 2/25/20 1/26/21 1/21/22 1/27/23 1/26/24 - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - -586,188 309,332 666,207 114,122 985,000 187,000 1,541,000
ROE (net income / shareholders' equity) - 18.6% 20.5% 17.7% 14.5% 17.4% 18.8% 21.1%
ROA (Net income/ Total Assets) - 7.46% 8.59% 7.79% 6.08% 5.8% 7.9% 10.6%
Assets 1 - 7,226,555 8,657,489 9,530,520 11,047,741 12,568,966 13,113,924 13,103,774
Book Value Per Share 2 - - - 23,293 - 30,758 - -
Cash Flow per Share - - - - - - - -
Capex 1 - 1,732,294 770,140 874,349 947,888 396,000 1,560,000 465,000
Capex / Sales - 57.26% 24.72% 25.1% 26.88% 9.77% 33.33% 9.5%
Announcement Date 2/25/20 1/26/21 1/21/22 1/27/23 1/26/24 - - -
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
OUTPERFORM
Number of Analysts
3
Last Close Price
42,050 VND
Average target price
54,367 VND
Spread / Average Target
+29.29%
Consensus

Annual profits - Rate of surprise

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