Financials Mobile World Investment Corporation

Equities

MWG

VN000000MWG0

Computer & Electronics Retailers

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
54,900 ^VND	+2.04%		+13.90%	+28.27%

Apr. 16	Mobile World Investment Corporation Announces Plans to Approve Cash Dividend	CI
Apr. 09	Deals of the day-Mergers and acquisitions	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,461,399	53,806,058	96,864,251	62,771,347	62,590,651	80,277,205	-	-
Enterprise Value (EV) ¹	58,362,314	55,152,639	103,133,083	64,230,466	63,401,730	91,086,549	84,809,125	80,436,892
P/E ratio	13.2 x	13.7 x	21.9 x	15.3 x	372 x	32.5 x	19.4 x	15.3 x
Yield	1.32%	0.42%	0.74%	-	-	0.76%	0.91%	1.74%
Capitalization / Revenue	0.49 x	0.5 x	0.79 x	0.47 x	0.53 x	0.63 x	0.57 x	0.52 x
EV / Revenue	0.57 x	0.51 x	0.84 x	0.48 x	0.54 x	0.72 x	0.61 x	0.52 x
EV / EBITDA	9.09 x	7.44 x	11.7 x	6.28 x	16.7 x	16.6 x	11.1 x	8.7 x
EV / FCF	-13.4 x	8.02 x	-20.9 x	18.3 x	21.8 x	60.2 x	74.5 x	28.3 x
FCF Yield	-7.46%	12.5%	-4.79%	5.47%	4.59%	1.66%	1.34%	3.53%
Price to Book	4.16 x	3.48 x	4.76 x	2.62 x	-	3.3 x	2.97 x	2.65 x
Nbr of stocks (in thousands)	1,327,932	1,357,596	1,425,522	1,463,202	1,462,398	1,462,244	-	-
Reference price ²	38,000	39,633	67,950	42,900	42,800	54,900	54,900	54,900
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	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	102,174,244	108,546,020	122,958,106	133,404,778	118,279,788	126,639,308	139,854,126	155,440,048
EBITDA ¹	6,419,561	7,411,850	8,808,913	10,226,602	3,787,565	5,476,474	7,627,577	9,250,230
EBIT ¹	4,976,734	5,216,267	5,888,199	6,644,177	407,034	3,048,283	4,953,630	6,234,344
Operating Margin	4.87%	4.81%	4.79%	4.98%	0.34%	2.41%	3.54%	4.01%
Earnings before Tax (EBT) ¹	5,053,447	5,409,735	6,471,584	6,056,355	689,692	3,098,100	4,992,980	5,776,550
Net income ¹	3,834,270	3,917,768	4,898,869	4,099,763	167,669	2,474,400	3,992,833	4,944,100
Net margin	3.75%	3.61%	3.98%	3.07%	0.14%	1.95%	2.85%	3.18%
EPS ²	2,886	2,885	3,106	2,810	115.0	1,689	2,829	3,593
Free Cash Flow ¹	-4,352,430	6,881,171	-4,943,209	3,510,939	2,912,557	1,514,200	1,137,800	2,842,200
FCF margin	-4.26%	6.34%	-4.02%	2.63%	2.46%	1.2%	0.81%	1.83%
FCF Conversion (EBITDA)	-	92.84%	-	34.33%	76.9%	27.65%	14.92%	30.73%
FCF Conversion (Net income)	-	175.64%	-	85.64%	1,737.08%	61.19%	28.5%	57.49%
Dividend per Share ²	500.0	166.7	500.0	-	-	416.8	498.6	952.7
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	24,333,214	36,138,330	36,466,677	34,337,740	32,011,980	30,588,381	-	29,464,830	30,287,657	31,421,489	28,465,003	30,942,312	31,806,399	-	-
EBITDA ¹	1,591,262	2,653,449	2,698,899	2,889,690	2,825,778	1,541,902	-	842,256	983,843	980,234	1,358,592	1,233,548	1,453,721	-	-
EBIT ¹	843,099	1,855,922	1,848,791	1,765,596	1,733,197	1,033,977	-	877.7	22,630	278,405	761,512	660,139	748,867	-	-
Operating Margin	3.46%	5.14%	5.07%	5.14%	5.41%	3.38%	-	0%	0.07%	0.89%	2.68%	2.13%	2.35%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	785,385	1,562,486	-	-	-	-	-	-	-	90,258	-	-	-	-	-
Net margin	3.23%	4.32%	-	-	-	-	-	-	-	0.29%	-	-	-	-	-
EPS ²	649.0	653.0	1,013	700.0	618.0	422.0	-	11.00	26.00	62.00	411.8	485.3	496.1	561.7	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	349.0	-	-	-
Announcement Date	10/29/21	1/28/22	4/29/22	7/30/22	10/31/22	1/30/23	4/30/23	7/30/23	10/30/23	1/30/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,900,915	1,346,581	6,268,832	1,459,118	811,079	10,809,344	4,531,920	159,687
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.231 x	0.1817 x	0.7116 x	0.1427 x	0.2141 x	1.974 x	0.5941 x	0.0173 x
Free Cash Flow ¹	-4,352,430	6,881,171	-4,943,209	3,510,939	2,912,557	1,514,200	1,137,800	2,842,200
ROE (net income / shareholders' equity)	36.3%	28.4%	27.3%	18.5%	0.71%	10.9%	15.6%	18.7%
ROA (Net income/ Total Assets)	11%	8.92%	8.99%	6.9%	0.29%	4%	6.25%	7.15%
Assets ¹	34,915,304	43,923,626	54,504,554	59,402,737	57,970,955	61,860,000	63,885,333	69,148,252
Book Value Per Share ²	9,138	11,395	14,284	16,344	-	16,634	18,467	20,695
Cash Flow per Share ²	-	7,947	13.10	5,466	2,357	2,625	5,191	6,689
Capex ¹	3,066,921	3,911,358	4,963,883	4,465,360	523,383	1,572,566	1,962,773	2,194,988
Capex / Sales	3%	3.6%	4.04%	3.35%	0.44%	1.24%	1.4%	1.41%
Announcement Date	1/22/20	2/1/21	1/28/22	1/30/23	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 Mobile World Investment Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

54,900 VND

Average target price

58,840 VND

Spread / Average Target

+7.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Computer & Electronics Retailers

	1st Jan change	Capi.
MOBILE WORLD INVESTMENT CORPORATION	+28.27%	3.17B
BEST BUY CO., INC.	-4.13%	16.16B
JB HI-FI LIMITED	+14.12%	4.32B
UNITED ELECTRONICS COMPANY	+7.02%	1.95B
BIC CAMERA INC.	+10.04%	1.61B
NOJIMA CORPORATION	+6.62%	1.16B
CECONOMY AG	-12.84%	1.12B
ARLO TECHNOLOGIES, INC.	+23.95%	1.13B
EDION CORPORATION	+2.10%	1.03B
ELECTRONICS MART INDIA LIMITED	+1.69%	959M

Other Computer & Electronics Retailers