PHU NHUAN JEWELRY |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 95,000 VND | +0.85% |
|
+3.83% | +10.47% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 19,366,183 | 18,414,329 | 21,872,663 | 29,478,308 | 31,783,164 | - | - |
| Enterprise Value (EV) 1 | 21,885,561 | 19,831,369 | 24,236,923 | 31,081,806 | 31,876,169 | 31,405,234 | 30,732,758 |
| P/E ratio | 16.3 x | 17.2 x | 23.1 x | 17.2 x | 15.1 x | 13.2 x | 10.7 x |
| Yield | 2.09% | 2.47% | 1.25% | - | 2.49% | 2.63% | 3.64% |
| Capitalization / Revenue | 1.14 x | 1.05 x | 1.12 x | 0.87 x | 0.85 x | 0.78 x | 0.68 x |
| EV / Revenue | 1.29 x | 1.13 x | 1.24 x | 0.92 x | 0.85 x | 0.77 x | 0.65 x |
| EV / EBITDA | 14 x | 12.6 x | 16.4 x | 12.4 x | 11 x | 9.38 x | 7.67 x |
| EV / FCF | -24.7 x | 14 x | -31.1 x | 645 x | 19.8 x | 19.7 x | 12.5 x |
| FCF Yield | -4.04% | 7.12% | -3.22% | 0.16% | 5.04% | 5.08% | 8.02% |
| Price to Book | 4.23 x | 3.51 x | 3.64 x | 2.62 x | 2.89 x | 2.52 x | 2.23 x |
| Nbr of stocks (in thousands) | 300,251 | 303,117 | 303,155 | 327,901 | 334,560 | - | - |
| Reference price 2 | 64,500 | 60,750 | 72,150 | 89,900 | 95,000 | 95,000 | 95,000 |
| Announcement Date | 1/17/20 | 1/20/21 | 1/20/22 | 3/29/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 17,000,681 | 17,511,018 | 19,613,052 | 33,876,455 | 37,423,893 | 40,987,910 | 47,083,636 |
| EBITDA 1 | 1,558,338 | 1,578,417 | 1,481,828 | 2,504,417 | 2,889,693 | 3,346,562 | 4,007,401 |
| EBIT 1 | 1,502,178 | 1,508,272 | 1,406,844 | 2,424,901 | 2,832,825 | 3,224,445 | 3,941,691 |
| Operating Margin | 8.84% | 8.61% | 7.17% | 7.16% | 7.57% | 7.87% | 8.37% |
| Earnings before Tax (EBT) 1 | 1,502,674 | 1,345,980 | 1,287,350 | 2,312,328 | 2,739,467 | 3,112,560 | 3,895,900 |
| Net income 1 | 1,190,694 | 1,069,310 | 1,032,918 | 1,810,692 | 2,192,100 | 2,501,033 | 3,106,067 |
| Net margin | 7% | 6.11% | 5.27% | 5.34% | 5.86% | 6.1% | 6.6% |
| EPS 2 | 3,964 | 3,524 | 3,121 | 5,223 | 6,282 | 7,192 | 8,842 |
| Free Cash Flow 1 | -884,804 | 1,412,227 | -780,560 | 48,197 | 1,607,000 | 1,594,550 | 2,464,133 |
| FCF margin | -5.2% | 8.06% | -3.98% | 0.14% | 4.29% | 3.89% | 5.23% |
| FCF Conversion (EBITDA) | - | 89.47% | - | 1.92% | 55.61% | 47.65% | 61.49% |
| FCF Conversion (Net income) | - | 132.07% | - | 2.66% | 73.31% | 63.76% | 79.33% |
| Dividend per Share 2 | 1,350 | 1,500 | 900.0 | - | 2,368 | 2,500 | 3,456 |
| Announcement Date | 1/17/20 | 1/20/21 | 1/20/22 | 3/29/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q4 | 2022 Q2 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 7,098,905 | - | 9,795,686 | 6,663,315 | 6,917,546 | 7,542,315 | 7,830,085 | 9,542,035 | - | - |
| EBITDA 1 | - | - | - | - | 455,394 | 344,898 | 486,384 | 349,596 | 1,019,632 | - | - |
| EBIT 1 | - | - | - | 965,413 | 437,484 | 325,274 | 468,474 | 331,686 | 994,670 | - | - |
| Operating Margin | - | - | - | 9.86% | 6.57% | 4.7% | 6.21% | 4.24% | 10.42% | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - |
| Net income | 736,288 | 457,177 | 367,034 | - | - | 253,335 | - | - | - | - | - |
| Net margin | - | 6.44% | - | - | - | 3.66% | - | - | - | - | - |
| EPS 2 | 2,426 | - | 633.8 | 2,215 | 965.0 | 724.0 | 1,088 | 813.0 | 2,472 | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | 2,368 | - | - |
| Announcement Date | 7/23/21 | 1/20/22 | 7/22/22 | 4/26/23 | 7/28/23 | 10/20/23 | - | - | - | - | - |
1VND in Million2VND
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,519,378 | 1,417,040 | 2,364,260 | 1,603,498 | 93,005 | - | - |
| Net Cash position 1 | - | - | - | - | - | 377,930 | 1,050,406 |
| Leverage (Debt/EBITDA) | 1.617 x | 0.8978 x | 1.596 x | 0.6403 x | 0.0322 x | - | - |
| Free Cash Flow 1 | -884,804 | 1,412,227 | -780,560 | 48,197 | 1,607,000 | 1,594,550 | 2,464,133 |
| ROE (net income / shareholders' equity) | 28.6% | 21.8% | 18.3% | 25% | 20.5% | 20.7% | 21.8% |
| ROA (Net income/ Total Assets) | 15.8% | 12.5% | 10.9% | 15.1% | 14.7% | 15% | 17.4% |
| Assets 1 | 7,521,759 | 8,542,863 | 9,514,890 | 11,978,089 | 14,871,777 | 16,673,556 | 17,850,958 |
| Book Value Per Share 2 | 15,237 | 17,285 | 19,834 | 34,325 | 32,869 | 37,627 | 42,575 |
| Cash Flow per Share 2 | - | 4,931 | -2,167 | 310.0 | 5,898 | 4,973 | 5,819 |
| Capex 1 | 208,155 | 84,157 | 63,365 | 52,385 | 60,333 | 354,618 | 384,314 |
| Capex / Sales | 1.22% | 0.48% | 0.32% | 0.15% | 0.16% | 0.87% | 0.82% |
| Announcement Date | 1/17/20 | 1/20/21 | 1/20/22 | 3/29/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
95,000
VND
Average target price
105,290
VND
Spread / Average Target
+10.83%
EPS Revisions
- Stock Market
- Equities
- PNJ Stock
- Financials Phu Nhuan Jewelry
