Stock TBC THAC BA HYDROPOWER
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Financials Thac Ba Hydropower

Equities

TBC

VN000000TBC8

Independent Power Producers

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
38,700 VND +0.52% Intraday chart for Thac Ba Hydropower -0.77% +1.84%
Apr. 01 Thac Ba Hydropower Joint Stock Company Provides Earnings Guidance for the Year 2024 CI
Apr. 01 Thac Ba Hydropower Joint Stock Company Approves Cash Dividend for the Year 2023; Provides Dividend Guidance for the Year 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,587,500 1,517,650 1,593,850 1,911,350 1,873,250 2,413,000
Enterprise Value (EV) 1 1,099,495 1,859,853 1,791,540 1,970,449 1,833,638 2,379,694
P/E ratio 7.72 x 12 x 8.81 x 11.3 x 5.78 x 19.2 x
Yield 8% 8.37% 9.96% 8.31% 10.2% -
Capitalization / Revenue 4.01 x 5.11 x 2.99 x 3.86 x 2.58 x 5.6 x
EV / Revenue 2.78 x 6.26 x 3.36 x 3.98 x 2.53 x 5.52 x
EV / EBITDA 4.08 x 9.66 x 4.72 x 5.63 x 3.32 x 8.39 x
EV / FCF 4.17 x -2.54 x 8.59 x 6.08 x 6.89 x 26.6 x
FCF Yield 24% -39.3% 11.6% 16.4% 14.5% 3.76%
Price to Book 1.79 x 1.55 x 1.55 x 1.97 x 1.71 x 2.28 x
Nbr of stocks (in thousands) 63,500 63,500 63,500 63,500 63,500 63,500
Reference price 2 25,000 23,900 25,100 30,100 29,500 38,000
Announcement Date 2/18/19 3/17/20 3/17/21 3/18/22 3/15/23 3/14/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 396,075 296,912 533,011 495,240 726,080 430,944
EBITDA 1 269,474 192,484 379,281 349,814 551,887 283,754
EBIT 1 224,431 139,358 279,839 253,696 456,037 196,929
Operating Margin 56.66% 46.94% 52.5% 51.23% 62.81% 45.7%
Earnings before Tax (EBT) 1 255,769 158,616 260,418 246,858 453,280 196,974
Net income 1 205,547 126,737 180,948 168,603 323,907 125,706
Net margin 51.9% 42.68% 33.95% 34.04% 44.61% 29.17%
EPS 2 3,237 1,996 2,850 2,655 5,101 1,980
Free Cash Flow 1 263,615 -731,537 208,640 324,055 266,031 89,593
FCF margin 66.56% -246.38% 39.14% 65.43% 36.64% 20.79%
FCF Conversion (EBITDA) 97.83% - 55.01% 92.64% 48.2% 31.57%
FCF Conversion (Net income) 128.25% - 115.3% 192.2% 82.13% 71.27%
Dividend per Share 2 2,000 2,000 2,500 2,500 3,000 -
Announcement Date 2/18/19 3/17/20 3/17/21 3/18/22 3/15/23 3/14/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - 342,203 197,690 59,099 - -
Net Cash position 1 488,005 - - - 39,612 33,306
Leverage (Debt/EBITDA) - 1.778 x 0.5212 x 0.1689 x - -
Free Cash Flow 1 263,615 -731,537 208,640 324,055 266,031 89,593
ROE (net income / shareholders' equity) 23.5% 12.6% 18.4% 17.1% 29.3% 12.4%
ROA (Net income/ Total Assets) 14.8% 6.58% 10.8% 10% 18% 7.86%
Assets 1 1,387,783 1,925,766 1,675,895 1,686,772 1,800,244 1,598,601
Book Value Per Share 2 13,947 15,383 16,170 15,255 17,285 16,701
Cash Flow per Share 2 1,249 562.0 1,738 1,490 1,718 2,021
Capex 1 4,616 741,324 17,644 25,622 6,004 81,917
Capex / Sales 1.17% 249.68% 3.31% 5.17% 0.83% 19.01%
Announcement Date 2/18/19 3/17/20 3/17/21 3/18/22 3/15/23 3/14/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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RENANTIS S.P.A Stock Renantis S.p.A
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