Financials Petrovietnam Drilling and Well Services Corporation

Equities

PVD

VN000000PVD2

Oil & Gas Drilling

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
29,750 VND -0.50% Intraday chart for Petrovietnam Drilling and Well Services Corporation +1.54% +5.12%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,338,003 6,822,303 12,486,498 9,922,458 15,731,404 16,537,430 - -
Enterprise Value (EV) 1 7,169,512 8,429,196 14,169,204 11,371,519 15,538,167 16,838,430 14,981,330 11,883,430
P/E ratio 46.3 x 58.3 x 801 x -73.8 x 35.2 x 18 x 11 x 7.21 x
Yield - - - - - 2.35% 2.02% 2.35%
Capitalization / Revenue 1.45 x 1.3 x 3.13 x 1.83 x 2.71 x 2.3 x 1.86 x 1.53 x
EV / Revenue 1.64 x 1.61 x 3.55 x 2.09 x 2.67 x 2.34 x 1.69 x 1.1 x
EV / EBITDA 11.5 x 17.3 x 28 x 13.4 x 9.63 x 8.01 x 5.3 x 3.01 x
EV / FCF -59 x -35.1 x -14.5 x -35 x 10.9 x 18.9 x 8.64 x 5.11 x
FCF Yield -1.69% -2.85% -6.9% -2.85% 9.18% 5.29% 11.6% 19.6%
Price to Book 0.46 x 0.49 x 0.9 x 0.71 x 1.06 x 1.09 x - -
Nbr of stocks (in thousands) 555,891 555,891 555,891 555,880 555,880 555,880 - -
Reference price 2 11,402 12,273 22,462 17,850 28,300 29,750 29,750 29,750
Announcement Date 1/22/20 1/29/21 1/27/22 1/30/23 1/29/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,377,717 5,227,841 3,988,143 5,431,548 5,811,685 7,202,929 8,886,806 10,839,448
EBITDA 1 625,914 486,632 506,768 850,429 1,613,090 2,102,325 2,826,621 3,952,294
EBIT 1 35,284 -3,168 -27,640 68,043 756,346 1,200,363 1,964,035 2,826,871
Operating Margin 0.81% -0.06% -0.69% 1.25% 13.01% 16.66% 22.1% 26.08%
Earnings before Tax (EBT) 1 195,464 199,906 62,154 -134,542 655,896 1,210,805 1,960,808 3,030,747
Net income 1 189,567 184,268 19,243 -98,549 579,356 1,002,678 1,621,990 2,472,690
Net margin 4.33% 3.52% 0.48% -1.81% 9.97% 13.92% 18.25% 22.81%
EPS 2 246.3 210.6 28.03 -242.0 803.0 1,655 2,696 4,126
Free Cash Flow 1 -121,481 -239,873 -977,770 -324,550 1,427,107 890,627 1,733,476 2,325,238
FCF margin -2.77% -4.59% -24.52% -5.98% 24.56% 12.36% 19.51% 21.45%
FCF Conversion (EBITDA) - - - - 88.47% 42.36% 61.33% 58.83%
FCF Conversion (Net income) - - - - 246.33% 88.82% 106.87% 94.04%
Dividend per Share 2 - - - - - 700.0 600.0 700.0
Announcement Date 1/22/20 1/29/21 1/27/22 1/30/23 1/29/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 S1
Net sales - - -
EBITDA - - -
EBIT - - -
Operating Margin - - -
Earnings before Tax (EBT) - - -
Net income 1 66,634 49,575 -119,415
Net margin - - -
EPS 103.5 - -233.4
Dividend per Share - - -
Announcement Date 11/1/21 1/27/22 7/29/22
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 831,508 1,606,893 1,682,706 1,449,061 - 301,000 - -
Net Cash position 1 - - - - 193,237 - 1,556,100 4,654,000
Leverage (Debt/EBITDA) 1.328 x 3.302 x 3.32 x 1.704 x - 0.1432 x - -
Free Cash Flow 1 -121,481 -239,873 -977,770 -324,550 1,427,107 890,627 1,733,476 2,325,238
ROE (net income / shareholders' equity) 1.38% 1.34% 0.14% -0.71% 4% 6.64% 10.4% 14.3%
ROA (Net income/ Total Assets) 0.9% 0.88% 0.09% -0.48% 2.74% 4.52% 6.98% 9.45%
Assets 1 21,018,649 20,938,620 20,691,407 20,721,009 21,176,842 22,183,138 23,254,340 26,166,037
Book Value Per Share 2 24,909 24,946 24,881 25,315 26,794 27,333 - -
Cash Flow per Share - - - - - - - -
Capex 1 41,005 553,379 604,776 136,419 146,263 1,988,350 553,900 379,050
Capex / Sales 0.94% 10.59% 15.16% 2.51% 2.52% 27.6% 6.23% 3.5%
Announcement Date 1/22/20 1/29/21 1/27/22 1/30/23 1/29/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
29,750 VND
Average target price
35,460 VND
Spread / Average Target
+19.19%
Consensus

Annual profits - Rate of surprise

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