Financials Refrigeration Electrical Engineering Corporation

Equities

REE

VN000000REE2

Independent Power Producers

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
61,600 VND +2.67% Intraday chart for Refrigeration Electrical Engineering Corporation +6.21% +8.45%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,254,849 15,176,993 21,355,419 25,400,474 23,214,520 25,176,311 - -
Enterprise Value (EV) 1 11,254,849 15,176,993 21,355,419 25,400,474 23,214,520 25,176,311 25,176,311 25,176,311
P/E ratio 6.87 x 9.33 x 11.5 x 9.44 x 10.6 x 9.56 x 8.04 x 7.17 x
Yield 4.41% - - 1.4% - 1.62% 2.44% 1.62%
Capitalization / Revenue 2.3 x 2.69 x 3.68 x 2.71 x 2.71 x 2.63 x 2.45 x 1.78 x
EV / Revenue 2.3 x 2.69 x 3.68 x 2.71 x 2.71 x 2.63 x 2.45 x 1.78 x
EV / EBITDA 10 x 9.73 x 6.5 x 4.87 x 5.39 x 5.75 x 5.19 x 4.02 x
EV / FCF 6,876,260 x -18,873,243 x - - - - - -
FCF Yield 0% -0% - - - - - -
Price to Book - 1.32 x 1.61 x 1.64 x - 1.23 x 1.13 x -
Nbr of stocks (in thousands) 410,042 410,042 408,720 408,539 408,706 408,706 - -
Reference price 2 27,448 37,013 52,250 62,174 56,800 61,600 61,600 61,600
Announcement Date 1/22/20 1/29/21 1/28/22 1/30/23 2/1/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,889,832 5,639,753 5,809,811 9,371,928 8,569,581 9,589,200 10,274,000 14,142,000
EBITDA 1 1,121,406 1,559,295 3,283,132 5,211,109 4,306,056 4,380,333 4,852,000 6,263,000
EBIT 1 945,657 1,901,321 2,388,050 3,985,852 3,042,150 3,099,750 3,522,000 4,352,000
Operating Margin 19.34% 33.71% 41.1% 42.53% 35.5% 32.33% 34.28% 30.77%
Earnings before Tax (EBT) 1 1,920,228 1,923,438 2,400,937 3,878,561 3,056,115 3,473,000 3,896,500 4,620,000
Net income 1 1,638,606 1,627,917 1,854,653 2,692,517 2,187,861 2,513,000 2,809,500 3,520,000
Net margin 33.51% 28.87% 31.92% 28.73% 25.53% 26.21% 27.35% 24.89%
EPS 2 3,997 3,969 4,538 6,588 5,353 6,440 7,662 8,590
Free Cash Flow 1,636,769 -804,154 - - - - - -
FCF margin 33.47% -14.26% - - - - - -
FCF Conversion (EBITDA) 145.96% - - - - - - -
FCF Conversion (Net income) 99.89% - - - - - - -
Dividend per Share 2 1,210 - - 869.6 - 1,000 1,500 1,000
Announcement Date 1/22/20 1/29/21 1/28/22 1/30/23 2/1/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q1 2022 Q2 2024 Q1
Net sales 1 2,045,444 2,022,936 2,133,000
EBITDA - - -
EBIT - 1,002,079 -
Operating Margin - 49.54% -
Earnings before Tax (EBT) 1 - - 793,000
Net income 693,337 596,815 -
Net margin 33.9% 29.5% -
EPS - - -
Dividend per Share - - -
Announcement Date 4/28/22 7/28/22 -
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1,636,769 -804,154 - - - - - -
ROE (net income / shareholders' equity) 16.6% 14.9% 15% 18.7% 13.3% 13.8% 14.9% 15.3%
ROA (Net income/ Total Assets) 9.33% 8.11% 7.08% 8.19% 6.36% 7.66% 8.33% 7.8%
Assets 1 17,559,561 20,079,596 26,178,288 32,870,844 34,412,452 32,806,789 33,714,013 45,128,205
Book Value Per Share 2 - 28,022 32,545 37,939 - 49,951 54,491 -
Cash Flow per Share - 1,533 - - - - - -
Capex 1 286,832 1,433,037 3,912,259 738,142 888,811 1,766,000 4,127,000 5,700,000
Capex / Sales 5.87% 25.41% 67.34% 7.88% 10.37% 18.42% 40.17% 40.31%
Announcement Date 1/22/20 1/29/21 1/28/22 1/30/23 2/1/24 - - -
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
4
Last Close Price
61,600 VND
Average target price
74,250 VND
Spread / Average Target
+20.54%
Consensus

Quarterly revenue - Rate of surprise

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