Financials Hanoi Beer Alcohol and BeverageCorporation

Equities

BHN

VN000000BHN0

Brewers

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
38,100 VND 0.00% Intraday chart for Hanoi Beer Alcohol and BeverageCorporation -1.42% -4.75%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 18,775,800 17,524,080 17,894,960 14,023,900 10,662,800 9,272,000
Enterprise Value (EV) 1 15,600,662 15,125,411 15,011,108 11,103,767 7,274,918 5,500,644
P/E ratio 39.3 x 33.1 x 27.6 x 46.6 x 24.3 x 28.1 x
Yield - 0.79% 3.08% 3.93% 2.61% -
Capitalization / Revenue 2.06 x 1.88 x 2.4 x 2.02 x 1.27 x 1.2 x
EV / Revenue 1.71 x 1.62 x 2.01 x 1.6 x 0.87 x 0.71 x
EV / EBITDA 16.5 x 15.4 x 17.7 x 15.5 x 8.11 x 9.05 x
EV / FCF 50.8 x -24.4 x 129 x 10.7 x 25.9 x 11.6 x
FCF Yield 1.97% -4.09% 0.78% 9.37% 3.86% 8.59%
Price to Book 4.42 x 3.87 x 3.51 x 3.34 x 2.3 x 2 x
Nbr of stocks (in thousands) 231,800 231,800 231,800 231,800 231,800 231,800
Reference price 2 81,000 75,600 77,200 60,500 46,000 40,000
Announcement Date 4/1/19 4/9/20 4/9/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 9,100,267 9,335,205 7,452,592 6,950,539 8,398,343 7,754,353
EBITDA 1 945,060 982,842 848,123 717,873 897,175 607,671
EBIT 1 473,346 514,899 389,548 265,336 469,283 206,088
Operating Margin 5.2% 5.52% 5.23% 3.82% 5.59% 2.66%
Earnings before Tax (EBT) 1 626,452 669,523 767,247 411,569 632,398 464,336
Net income 1 498,994 540,139 656,348 304,452 462,849 336,126
Net margin 5.48% 5.79% 8.81% 4.38% 5.51% 4.33%
EPS 2 2,059 2,281 2,793 1,299 1,895 1,426
Free Cash Flow 1 307,272 -619,112 116,377 1,040,894 280,660 472,522
FCF margin 3.38% -6.63% 1.56% 14.98% 3.34% 6.09%
FCF Conversion (EBITDA) 32.51% - 13.72% 145% 31.28% 77.76%
FCF Conversion (Net income) 61.58% - 17.73% 341.89% 60.64% 140.58%
Dividend per Share - 600.0 2,380 2,380 1,200 -
Announcement Date 4/1/19 4/9/20 4/9/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 3,175,138 2,398,669 2,883,852 2,920,133 3,387,882 3,771,356
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 307,272 -619,112 116,377 1,040,894 280,660 472,522
ROE (net income / shareholders' equity) 10.2% 10.3% 12.1% 6.13% 9.92% 6.67%
ROA (Net income/ Total Assets) 3.14% 3.79% 3.15% 2.25% 4.1% 1.79%
Assets 1 15,867,783 14,246,062 20,833,805 13,560,139 11,299,760 18,796,888
Book Value Per Share 2 18,329 19,544 21,990 18,092 19,992 19,995
Cash Flow per Share 2 7,479 5,595 3,532 3,119 2,208 5,024
Capex 1 76,551 151,102 144,241 82,914 78,247 99,015
Capex / Sales 0.84% 1.62% 1.94% 1.19% 0.93% 1.28%
Announcement Date 4/1/19 4/9/20 4/9/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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