Financials Investment and Trading of Real Estate

Equities

ITC

VN000000ITC3

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
9,850 VND -1.01% Intraday chart for Investment and Trading of Real Estate +3.14% -8.80%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 823,756 1,166,988 1,216,363 2,039,779 663,566 1,036,099
Enterprise Value (EV) 1 1,576,073 1,942,710 2,001,958 2,687,218 1,227,610 1,453,701
P/E ratio 10.1 x 10 x 8.6 x 15.9 x 4.38 x 13.3 x
Yield 4.17% 2.94% - - - -
Capitalization / Revenue 1.33 x 2.59 x 1.32 x 2.84 x 0.81 x 1.96 x
EV / Revenue 2.54 x 4.31 x 2.17 x 3.74 x 1.5 x 2.75 x
EV / EBITDA 20.1 x 15.9 x 7.37 x 11.6 x 3.84 x 7.05 x
EV / FCF -5.07 x 1.11 x 6.66 x 79.7 x 15.9 x 19.4 x
FCF Yield -19.7% 90.5% 15% 1.26% 6.3% 5.15%
Price to Book 0.52 x 0.7 x 0.68 x 1.06 x 0.32 x 0.48 x
Nbr of stocks (in thousands) 95,937 95,937 95,883 95,887 95,891 95,935
Reference price 2 8,586 12,164 12,686 21,273 6,920 10,800
Announcement Date 3/28/19 4/15/20 3/31/21 4/1/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 621,621 451,076 921,533 718,039 815,913 529,016
EBITDA 1 78,235 121,905 271,757 232,087 319,607 206,339
EBIT 1 72,801 116,506 243,219 189,203 259,669 160,367
Operating Margin 11.71% 25.83% 26.39% 26.35% 31.83% 30.31%
Earnings before Tax (EBT) 1 84,772 117,899 179,747 176,187 210,136 124,773
Net income 1 81,718 116,722 141,458 136,068 151,585 78,013
Net margin 13.15% 25.88% 15.35% 18.95% 18.58% 14.75%
EPS 2 851.5 1,216 1,475 1,341 1,580 813.0
Free Cash Flow 1 -310,804 1,757,395 300,800 33,737 77,401 74,834
FCF margin -50% 389.6% 32.64% 4.7% 9.49% 14.15%
FCF Conversion (EBITDA) - 1,441.61% 110.69% 14.54% 24.22% 36.27%
FCF Conversion (Net income) - 1,505.62% 212.64% 24.79% 51.06% 95.92%
Dividend per Share 2 357.8 357.8 - - - -
Announcement Date 3/28/19 4/15/20 3/31/21 4/1/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 752,317 775,722 785,595 647,440 564,045 417,602
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.616 x 6.363 x 2.891 x 2.79 x 1.765 x 2.024 x
Free Cash Flow 1 -310,804 1,757,395 300,800 33,737 77,401 74,834
ROE (net income / shareholders' equity) 5.2% 6.68% 7.25% 6.9% 7.25% 3.89%
ROA (Net income/ Total Assets) 1.3% 1.91% 3.56% 2.73% 3.87% 2.41%
Assets 1 6,309,807 6,115,604 3,972,856 4,989,277 3,913,689 3,240,030
Book Value Per Share 2 16,489 17,255 18,694 20,003 21,534 22,292
Cash Flow per Share 2 812.0 528.0 445.0 679.0 1,155 1,553
Capex 1 177 4,295 70,880 67,404 112,791 14,848
Capex / Sales 0.03% 0.95% 7.69% 9.39% 13.82% 2.81%
Announcement Date 3/28/19 4/15/20 3/31/21 4/1/22 3/31/23 4/1/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

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