Financials FPT Digital Retail

Equities

FRT

VN000000FRT7

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
161,000 ^VND	+5.23%		+14.18%	+50.47%

2023	FPT Digital Retail Joint Stock Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI
2023	FPT Digital Retail Joint Stock Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,889,200	1,662,567	2,527,417	7,913,976	8,174,605	21,935,025	21,935,025	-
Enterprise Value (EV) ¹	4,889,200	1,662,567	2,527,417	7,913,976	11,673,380	21,935,025	27,240,025	26,509,025
P/E ratio	14.5 x	8.06 x	120 x	17.8 x	20.9 x	-95.7 x	72.2 x	40.7 x
Yield	1.39%	4.75%	3.13%	0.5%	-	-	-	0.62%
Capitalization / Revenue	0.32 x	0.1 x	0.17 x	0.35 x	0.27 x	0.67 x	0.54 x	0.46 x
EV / Revenue	0.32 x	0.1 x	0.17 x	0.35 x	0.27 x	0.67 x	0.54 x	0.46 x
EV / EBITDA	9.2 x	4.02 x	32.1 x	15.9 x	14.5 x	114 x	30 x	20.6 x
EV / FCF	-3.54 x	-14.8 x	-	-	-4.04 x	-51.7 x	-136 x	33.9 x
FCF Yield	-28.2%	-6.74%	-	-	-24.8%	-1.93%	-0.74%	2.95%
Price to Book	4.31 x	1.3 x	-	4.76 x	-	11.4 x	13.2 x	9.03 x
Nbr of stocks (in thousands)	134,895	136,244	136,244	136,244	136,243	136,242	136,242	-
Reference price ²	36,244	12,203	18,551	58,087	60,000	161,000	161,000	161,000
Announcement Date	1/21/19	5/7/20	4/20/21	2/7/22	2/9/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	15,298,358	16,633,960	14,661,417	22,619,505	30,165,801	32,588,000	40,357,400	47,830,000
EBITDA ¹	531,271	414,023	78,754	498,671	564,265	192,000	732,000	1,063,333
EBIT ¹	402,853	342,737	77,382	494,860	556,541	-2,667	555,500	973,333
Operating Margin	2.63%	2.06%	0.53%	2.19%	1.84%	-0.01%	1.38%	2.03%
Earnings before Tax (EBT) ¹	434,840	278,003	28,427	554,140	485,623	-193,667	350,000	825,000
Net income ¹	347,812	213,015	24,719	443,732	390,361	-191,250	349,333	739,667
Net margin	2.27%	1.28%	0.17%	1.96%	1.29%	-0.59%	0.87%	1.55%
EPS ²	2,501	1,514	154.2	3,257	2,865	-1,683	2,229	3,960
Free Cash Flow ¹	-1,379,967	-112,013	-	-	-2,025,860	-424,000	-161,500	647,000
FCF margin	-9.02%	-0.67%	-	-	-6.72%	-1.3%	-0.4%	1.35%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	60.85%
FCF Conversion (Net income)	-	-	-	-	-	-	-	87.47%
Dividend per Share ²	504.1	579.7	579.7	289.9	-	-	-	1,000
Announcement Date	1/21/19	5/7/20	4/20/21	2/7/22	2/9/23	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q4
Net sales ¹	7,752,868	7,199,810	8,761,000
EBITDA	-	-	-
EBIT ¹	-	-135,440	50,000
Operating Margin	-	-1.88%	0.57%
Earnings before Tax (EBT)	-	-	-
Net income ¹	-5,074	-218,606	24,000
Net margin	-0.07%	-3.04%	0.27%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	4/28/23	7/28/23	-

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	3,498,775	-	5,305,000	4,574,000
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	6.201 x	-	7.247 x	4.302 x
Free Cash Flow ¹	-1,379,967	-112,013	-	-	-2,025,860	-424,000	-161,500	647,000
ROE (net income / shareholders' equity)	36%	17.7%	1.99%	30.9%	21.3%	-8.75%	12%	22.2%
ROA (Net income/ Total Assets)	7.72%	3.62%	0.41%	5.5%	3.67%	-1.7%	1.4%	3.6%
Assets ¹	4,504,521	5,880,669	5,990,644	8,064,192	10,625,244	11,250,000	24,952,381	20,546,296
Book Value Per Share ²	8,405	9,380	-	12,200	-	14,102	12,201	17,833
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	74.4	3,816	3,429	2,179	93,116	509,000	287,667	283,000
Capex / Sales	0%	0.02%	0.02%	0.01%	0.31%	1.56%	0.71%	0.59%
Announcement Date	1/21/19	5/7/20	4/20/21	2/7/22	2/9/23	-	-	-

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 FPT Digital Retail

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

161,000 VND

Average target price

149,825 VND

Spread / Average Target

-6.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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