Financials Masan Group Corporation

Equities

MSN

VN000000MSN4

Food Processing

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
67,200 ^VND	-1.32%		+1.05%	+0.30%

Apr. 25	Masan Group Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 22	Masan Group Corporation announced that it has received VND 6375 billion in funding	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	66,045,738	104,429,758	201,872,240	132,406,405	95,866,508	96,152,677	-	-
Enterprise Value (EV) ¹	88,476,738	158,272,155	237,412,310	132,406,405	148,519,293	157,757,430	152,948,617	153,757,731
P/E ratio	11.9 x	84.3 x	23.5 x	37 x	228 x	56.5 x	28.1 x	20.4 x
Yield	-	-	-	-	-	1.19%	1.59%	2.08%
Capitalization / Revenue	1.77 x	1.35 x	2.28 x	1.74 x	1.23 x	1.12 x	0.99 x	0.89 x
EV / Revenue	2.37 x	2.05 x	2.68 x	1.74 x	1.9 x	1.83 x	1.57 x	1.43 x
EV / EBITDA	11.7 x	15.3 x	21.8 x	14.6 x	17.9 x	10.3 x	8.85 x	8.04 x
EV / FCF	90.3 x	-68 x	-	-	-85.9 x	43.2 x	30.1 x	35.2 x
FCF Yield	1.11%	-1.47%	-	-	-1.16%	2.31%	3.32%	2.84%
Price to Book	1.54 x	6.55 x	6.14 x	-	3.61 x	3.41 x	3.06 x	2.59 x
Nbr of stocks (in thousands)	1,402,741	1,409,626	1,416,647	1,423,725	1,430,843	1,430,843	-	-
Reference price ²	47,083	74,083	142,500	93,000	67,000	67,200	67,200	67,200
Announcement Date	1/22/20	1/29/21	1/27/22	1/28/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,354,000	77,218,000	88,628,767	76,189,225	78,251,619	86,085,862	97,147,570	107,466,146
EBITDA ¹	7,591,429	10,346,000	10,915,173	9,075,694	8,302,418	15,323,620	17,281,369	19,116,801
EBIT ¹	4,842,845	7,294,000	6,283,494	4,669,171	4,178,755	5,600,800	9,451,656	11,045,082
Operating Margin	12.96%	9.45%	7.09%	6.13%	5.34%	6.51%	9.73%	10.28%
Earnings before Tax (EBT) ¹	7,105,090	1,395,000	11,488,784	5,147,150	2,562,974	4,332,250	6,350,867	8,924,000
Net income ¹	5,557,000	1,234,000	8,562,882	3,566,996	418,695	1,771,892	3,139,466	4,725,552
Net margin	14.88%	1.6%	9.66%	4.68%	0.54%	2.06%	3.23%	4.4%
EPS ²	3,972	878.3	6,058	2,511	294.0	1,189	2,391	3,290
Free Cash Flow ¹	980,063	-2,326,863	-	-	-1,728,334	3,651,000	5,084,000	4,364,000
FCF margin	2.62%	-3.01%	-	-	-2.21%	4.24%	5.23%	4.06%
FCF Conversion (EBITDA)	12.91%	-	-	-	-	23.83%	29.42%	22.83%
FCF Conversion (Net income)	17.64%	-	-	-	-	206.05%	161.94%	92.35%
Dividend per Share ²	-	-	-	-	-	798.9	1,070	1,394
Announcement Date	1/22/20	1/29/21	1/27/22	1/28/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	23,827,803	18,189,336	17,834,053	19,523,055	20,642,781	18,706,227	18,608,561	20,154,911	20,781,920	18,942,352
EBITDA ¹	3,605,224	3,655,000	1,875,377	2,223,380	2,515,149	1,994,645	1,939,146	-	-	1,747,192
EBIT ¹	2,487,080	1,123,788	1,008,981	1,154,991	1,381,411	909,684	992,460	1,359,217	917,394	703,424
Operating Margin	10.44%	6.18%	5.66%	5.92%	6.69%	4.86%	5.33%	6.74%	4.41%	3.71%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	6,436,813	1,595,880	980,911	543,155	447,050	214,915	105,294	48,376	50,110	-
Net margin	27.01%	8.77%	5.5%	2.78%	2.17%	1.15%	0.57%	0.24%	0.24%	-
EPS	4,543	1,352	692.0	383.0	315.0	151.0	74.00	34.00	35.00	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/27/22	4/28/22	7/29/22	10/31/22	1/28/23	5/4/23	7/28/23	10/31/23	1/30/24	4/25/24

¹VND in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	22,431,000	53,842,397	35,540,070	-	52,652,785	61,604,753	56,795,940	57,605,054
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.955 x	5.204 x	3.256 x	-	6.342 x	4.02 x	3.287 x	3.013 x
Free Cash Flow ¹	980,063	-2,326,863	-	-	-1,728,334	3,651,000	5,084,000	4,364,000
ROE (net income / shareholders' equity)	18%	4%	26.4%	-	1.59%	6.88%	10.5%	14.8%
ROA (Net income/ Total Assets)	9%	1%	5.32%	-	1.3%	1.43%	2.05%	2.74%
Assets ¹	61,744,444	123,400,000	160,853,023	-	32,324,172	123,977,863	152,865,069	172,433,932
Book Value Per Share ²	30,498	11,306	23,211	-	18,562	19,731	21,986	25,928
Cash Flow per Share ²	3,647	962.0	809.0	-	351.0	3,615	4,974	7,110
Capex ¹	4,124,062	3,678,000	2,805,427	-	2,228,795	3,546,000	4,348,500	4,367,333
Capex / Sales	11.04%	4.76%	3.17%	-	2.85%	4.12%	4.48%	4.06%
Announcement Date	1/22/20	1/29/21	1/27/22	1/28/23	1/30/24	-	-	-

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 Masan Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

67,200 VND

Average target price

85,116 VND

Spread / Average Target

+26.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
MASAN GROUP CORPORATION	+0.30%	3.8B
NESTLÉ S.A.	-4.93%	266B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
DANONE	-0.65%	39.95B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-5.57%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B

Other Food Processing