Financials Sesan4A Hydropower

Equities

S4A

VN000000S4A5

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
40,000 VND +2.56% Intraday chart for Sesan4A Hydropower +2.56% +19.05%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,160,500 1,202,700 1,160,500 1,223,800 1,455,900 1,417,920
Enterprise Value (EV) 1 1,757,344 1,701,460 1,595,705 1,502,732 1,616,210 1,582,759
P/E ratio 8.84 x 10.6 x 13.5 x 8.7 x 8.4 x 10.3 x
Yield 10.9% 9.12% - 10.7% 5.8% 8.93%
Capitalization / Revenue 3.77 x 4.67 x 4.98 x 4.29 x 4.72 x 4.95 x
EV / Revenue 5.72 x 6.61 x 6.84 x 5.27 x 5.24 x 5.53 x
EV / EBITDA 7.17 x 8.84 x 8.95 x 6.78 x 6.76 x 7.36 x
EV / FCF 15.2 x 14.7 x 13.6 x 7.81 x 9.9 x 11.1 x
FCF Yield 6.59% 6.81% 7.33% 12.8% 10.1% 8.99%
Price to Book 2.42 x 2.3 x 2.21 x 2.11 x 2.28 x 2.4 x
Nbr of stocks (in thousands) 42,200 42,200 42,200 42,200 42,200 42,200
Reference price 2 27,500 28,500 27,500 29,000 34,500 33,600
Announcement Date 3/27/19 3/9/20 3/11/21 3/23/22 3/7/23 2/28/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 307,492 257,412 233,264 285,017 308,145 286,397
EBITDA 1 245,242 192,488 178,326 221,508 239,132 215,010
EBIT 1 193,219 140,199 126,135 169,613 187,529 164,613
Operating Margin 62.84% 54.46% 54.07% 59.51% 60.86% 57.48%
Earnings before Tax (EBT) 1 138,390 123,375 90,611 148,980 186,785 145,234
Net income 1 131,299 113,462 85,928 140,614 173,374 137,405
Net margin 42.7% 44.08% 36.84% 49.34% 56.26% 47.98%
EPS 2 3,111 2,689 2,036 3,332 4,108 3,256
Free Cash Flow 1 115,772 115,953 117,015 192,293 163,182 142,252
FCF margin 37.65% 45.05% 50.16% 67.47% 52.96% 49.67%
FCF Conversion (EBITDA) 47.21% 60.24% 65.62% 86.81% 68.24% 66.16%
FCF Conversion (Net income) 88.17% 102.2% 136.18% 136.75% 94.12% 103.53%
Dividend per Share 2 3,000 2,600 - 3,100 2,000 3,000
Announcement Date 3/27/19 3/9/20 3/11/21 3/23/22 3/7/23 2/28/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 596,844 498,760 435,205 278,932 160,310 164,839
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 2.434 x 2.591 x 2.441 x 1.259 x 0.6704 x 0.7667 x
Free Cash Flow 1 115,772 115,953 117,015 192,293 163,182 142,252
ROE (net income / shareholders' equity) 26.1% 22.6% 16.4% 25.4% 28.4% 22.4%
ROA (Net income/ Total Assets) 10.2% 7.93% 7.49% 10.5% 11.7% 10.2%
Assets 1 1,282,505 1,430,163 1,146,804 1,333,175 1,481,435 1,343,173
Book Value Per Share 2 11,367 12,416 12,463 13,759 15,136 13,992
Cash Flow per Share 2 737.0 1,212 853.0 1,443 2,468 2,335
Capex 1 2,533 105 1,793 4,429 100 3,568
Capex / Sales 0.82% 0.04% 0.77% 1.55% 0.03% 1.25%
Announcement Date 3/27/19 3/9/20 3/11/21 3/23/22 3/7/23 2/28/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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