Financials Mien Trung Power Investment and Development

Equities

SEB

VN000000SEB6

Independent Power Producers

End-of-day quote HANOI S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
45,500 VND -6.76% Intraday chart for Mien Trung Power Investment and Development -6.76% +2.25%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,036,799 1,279,999 1,343,999 1,759,998 1,756,798 1,423,999
Enterprise Value (EV) 1 1,287,353 1,499,351 1,519,239 1,831,471 1,703,435 1,335,187
P/E ratio 10.3 x 12.2 x 11.9 x 12.5 x 9.85 x 9.72 x
Yield 9.07% 8.25% 7.86% 6% 6.92% -
Capitalization / Revenue 4.27 x 5.54 x 5.17 x 5.76 x 4.66 x 4.57 x
EV / Revenue 5.3 x 6.49 x 5.84 x 6 x 4.52 x 4.29 x
EV / EBITDA 7.1 x 8.42 x 7.88 x 7.81 x 5.8 x 5.65 x
EV / FCF 14.9 x 16 x 14.2 x 11.1 x 9.17 x 8.01 x
FCF Yield 6.7% 6.27% 7.04% 9.03% 10.9% 12.5%
Price to Book 2.66 x 3.21 x 3.45 x 4.15 x 3.55 x 2.92 x
Nbr of stocks (in thousands) 32,000 32,000 32,000 32,000 32,000 32,000
Reference price 2 32,400 40,000 42,000 55,000 54,900 44,500
Announcement Date 3/4/19 3/10/20 4/1/21 3/22/22 2/28/23 3/4/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 242,975 231,181 260,098 305,427 376,924 311,283
EBITDA 1 181,215 178,017 192,827 234,380 293,499 236,420
EBIT 1 140,956 137,736 148,909 190,912 254,434 200,595
Operating Margin 58.01% 59.58% 57.25% 62.51% 67.5% 64.44%
Earnings before Tax (EBT) 1 118,186 117,710 130,488 179,800 251,122 207,941
Net income 1 106,490 110,573 118,295 148,559 187,791 155,978
Net margin 43.83% 47.83% 45.48% 48.64% 49.82% 50.11%
EPS 2 3,156 3,281 3,524 4,409 5,575 4,577
Free Cash Flow 1 86,230 93,968 106,885 165,424 185,787 166,673
FCF margin 35.49% 40.65% 41.09% 54.16% 49.29% 53.54%
FCF Conversion (EBITDA) 47.58% 52.79% 55.43% 70.58% 63.3% 70.5%
FCF Conversion (Net income) 80.98% 84.98% 90.35% 111.35% 98.93% 106.86%
Dividend per Share 2 2,938 3,300 3,300 3,300 3,800 -
Announcement Date 3/4/19 3/10/20 4/1/21 3/22/22 2/28/23 3/4/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 250,554 219,352 175,241 71,473 - -
Net Cash position 1 - - - - 53,363 88,812
Leverage (Debt/EBITDA) 1.383 x 1.232 x 0.9088 x 0.3049 x - -
Free Cash Flow 1 86,230 93,968 106,885 165,424 185,787 166,673
ROE (net income / shareholders' equity) 23.4% 21.8% 24% 30.9% 35.5% 27.1%
ROA (Net income/ Total Assets) 10.3% 10.3% 11.7% 15.7% 21.4% 17.3%
Assets 1 1,038,045 1,070,169 1,010,628 946,740 877,834 899,256
Book Value Per Share 2 12,196 12,478 12,167 13,242 15,460 15,238
Cash Flow per Share 2 439.0 1,207 956.0 2,240 823.0 1,424
Capex 1 15,490 3,895 105 - 1,554 437
Capex / Sales 6.38% 1.68% 0.04% - 0.41% 0.14%
Announcement Date 3/4/19 3/10/20 4/1/21 3/22/22 2/28/23 3/4/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

  1. Stock Market
  2. Equities
  3. SEB Stock
  4. Financials Mien Trung Power Investment and Development