Financials FECON Corporation

Equities

FCN

VN000000FCN2

Construction & Engineering

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-05-01 pm EDT 5-day change 1st Jan Change
14,850 VND -0.67% Intraday chart for FECON Corporation +5.69% +3.48%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,405,734 1,183,435 1,673,047 3,449,573 1,479,927 2,259,250
Enterprise Value (EV) 1 2,370,945 2,024,616 2,873,493 5,560,249 3,984,737 4,478,499
P/E ratio 5.04 x 5.31 x 14.4 x 51.5 x 37.4 x -70.4 x
Yield 3.36% 5.05% 2.22% 1.09% - -
Capitalization / Revenue 0.49 x 0.38 x 0.53 x 0.99 x 0.49 x 0.78 x
EV / Revenue 0.83 x 0.65 x 0.91 x 1.6 x 1.31 x 1.56 x
EV / EBITDA 6.67 x 6.27 x 8.62 x 16.5 x 15 x 10.6 x
EV / FCF -4.6 x -8.96 x -5.12 x -4.49 x -3.89 x 8.49 x
FCF Yield -21.8% -11.2% -19.5% -22.3% -25.7% 11.8%
Price to Book 0.78 x 0.54 x 0.76 x 1.63 x 0.56 x 0.9 x
Nbr of stocks (in thousands) 104,015 125,516 123,929 125,439 157,439 157,439
Reference price 2 13,515 9,429 13,500 27,500 9,400 14,350
Announcement Date 4/11/19 4/3/20 4/12/21 3/31/22 4/3/23 3/30/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,845,546 3,091,191 3,154,194 3,484,219 3,045,530 2,879,567
EBITDA 1 355,635 322,802 333,357 337,328 265,633 420,745
EBIT 1 284,898 249,921 259,199 244,374 114,756 255,183
Operating Margin 10.01% 8.08% 8.22% 7.01% 3.77% 8.86%
Earnings before Tax (EBT) 1 306,282 276,591 168,189 109,818 78,306 -18,175
Net income 1 246,237 200,579 118,696 68,374 39,609 -32,096
Net margin 8.65% 6.49% 3.76% 1.96% 1.3% -1.11%
EPS 2 2,682 1,774 939.7 534.4 251.6 -203.9
Free Cash Flow 1 -515,790 -226,034 -560,782 -1,239,488 -1,024,731 527,700
FCF margin -18.13% -7.31% -17.78% -35.57% -33.65% 18.33%
FCF Conversion (EBITDA) - - - - - 125.42%
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 453.5 476.2 300.0 300.0 - -
Announcement Date 4/11/19 4/3/20 4/12/21 3/31/22 4/3/23 3/30/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 965,211 841,181 1,200,445 2,110,677 2,504,810 2,219,250
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.714 x 2.606 x 3.601 x 6.257 x 9.43 x 5.275 x
Free Cash Flow 1 -515,790 -226,034 -560,782 -1,239,488 -1,024,731 527,700
ROE (net income / shareholders' equity) 15% 9.65% 5.39% 2.61% 1.61% -1.23%
ROA (Net income/ Total Assets) 4.16% 3.01% 2.61% 2.14% 0.95% 1.97%
Assets 1 5,919,587 6,658,681 4,552,990 3,195,514 4,163,237 -1,626,365
Book Value Per Share 2 17,346 17,469 17,859 16,860 16,811 15,884
Cash Flow per Share 2 1,851 1,884 2,889 1,984 1,109 4,457
Capex 1 231,792 80,336 404,275 1,215,794 138,392 127,444
Capex / Sales 8.15% 2.6% 12.82% 34.89% 4.54% 4.43%
Announcement Date 4/11/19 4/3/20 4/12/21 3/31/22 4/3/23 3/30/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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