Financials Hoa Binh Rubber

Equities

HRC

VN000000HRC9

Tires & Rubber Products

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-23 pm EDT 5-day change 1st Jan Change
50,000 VND +1.52% Intraday chart for Hoa Binh Rubber +16.14% -9.09%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 1,027,025 921,302 1,138,790 1,540,538 1,600,951 1,661,364
Enterprise Value (EV) 1 1,255,394 1,168,558 1,168,680 1,574,664 1,848,628 1,886,186
P/E ratio 120 x 116 x 147 x 172 x 72.5 x 164 x
Yield - - - - - 0.55%
Capitalization / Revenue 6.05 x 5.17 x 7.05 x 8.17 x 8.66 x 9.27 x
EV / Revenue 7.4 x 6.56 x 7.24 x 8.35 x 10 x 10.5 x
EV / EBITDA 58.1 x 64 x 215 x 233 x 75.6 x 112 x
EV / FCF -51.3 x -31.4 x 6.6 x -43.4 x -8.33 x 123 x
FCF Yield -1.95% -3.18% 15.2% -2.3% -12% 0.81%
Price to Book 1.92 x 1.72 x 2.13 x 2.87 x 2.91 x 3.03 x
Nbr of stocks (in thousands) 30,207 30,207 30,207 30,207 30,207 30,207
Reference price 2 34,000 30,500 37,700 51,000 53,000 55,000
Announcement Date 2/12/18 2/18/19 2/12/20 2/4/21 2/23/22 3/8/23
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 169,664 178,260 161,494 188,514 184,909 179,203
EBITDA 1 21,598 18,253 5,424 6,752 24,444 16,808
EBIT 1 13,630 8,807 -6,487 -6,611 8,954 -690.7
Operating Margin 8.03% 4.94% -4.02% -3.51% 4.84% -0.39%
Earnings before Tax (EBT) 1 9,662 8,913 7,842 10,123 22,209 10,159
Net income 1 8,561 7,965 7,729 8,970 22,072 10,159
Net margin 5.05% 4.47% 4.79% 4.76% 11.94% 5.67%
EPS 2 283.0 263.7 255.9 297.0 730.7 336.0
Free Cash Flow 1 -24,490 -37,161 177,116 -36,253 -221,823 15,310
FCF margin -14.43% -20.85% 109.67% -19.23% -119.96% 8.54%
FCF Conversion (EBITDA) - - 3,265.36% - - 91.09%
FCF Conversion (Net income) - - 2,291.57% - - 150.7%
Dividend per Share - - - - - 300.0
Announcement Date 2/12/18 2/18/19 2/12/20 2/4/21 2/23/22 3/8/23
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 228,369 247,256 29,891 34,127 247,677 224,822
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 10.57 x 13.55 x 5.511 x 5.054 x 10.13 x 13.38 x
Free Cash Flow 1 -24,490 -37,161 177,116 -36,253 -221,823 15,310
ROE (net income / shareholders' equity) 1.6% 1.49% 1.44% 1.67% 4.06% 1.85%
ROA (Net income/ Total Assets) 1.09% 0.67% -0.43% -0.39% 0.59% -0.05%
Assets 1 784,656 1,190,228 -1,810,499 -2,303,578 3,769,061 -19,536,248
Book Value Per Share 2 17,744 17,739 17,740 17,788 18,242 18,147
Cash Flow per Share 2 642.0 1,066 8,213 983.0 829.0 438.0
Capex 1 29,270 37,220 26,175 26,722 13,027 12,539
Capex / Sales 17.25% 20.88% 16.21% 14.17% 7.05% 7%
Announcement Date 2/12/18 2/18/19 2/12/20 2/4/21 2/23/22 3/8/23
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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