Financials Vicem But Son Cement

Equities

BTS

VN000000BTS4

Construction Materials

End-of-day quote HANOI S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
5,400 VND -.--% Intraday chart for Vicem But Son Cement -.--% -1.82%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 635,797 515,836 580,731 1,420,938 815,495 679,579
Enterprise Value (EV) 1 2,070,543 1,606,095 1,544,413 2,162,221 1,626,412 1,688,192
P/E ratio 30.7 x 8.84 x 33.6 x 28.4 x 15.1 x -7.06 x
Yield - - - 3.48% 4.55% -
Capitalization / Revenue 0.21 x 0.16 x 0.19 x 0.48 x 0.26 x 0.26 x
EV / Revenue 0.67 x 0.49 x 0.5 x 0.73 x 0.52 x 0.66 x
EV / EBITDA 4.78 x 3.91 x 5.2 x 6.92 x 5.54 x 10.7 x
EV / FCF 6.94 x 3.88 x 10.1 x 13 x -21.8 x -98.6 x
FCF Yield 14.4% 25.8% 9.87% 7.71% -4.58% -1.01%
Price to Book 0.47 x 0.37 x 0.42 x 0.99 x 0.57 x 0.54 x
Nbr of stocks (in thousands) 123,561 123,561 123,560 123,560 123,560 123,560
Reference price 2 5,146 4,175 4,700 11,500 6,600 5,500
Announcement Date 3/21/19 3/27/20 4/5/21 3/15/22 3/21/23 3/15/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,084,501 3,253,305 3,063,547 2,979,818 3,125,072 2,573,299
EBITDA 1 433,027 410,807 296,838 312,345 293,488 158,373
EBIT 1 155,498 169,857 85,753 106,584 88,071 -50,618
Operating Margin 5.04% 5.22% 2.8% 3.58% 2.82% -1.97%
Earnings before Tax (EBT) 1 42,473 76,804 17,270 62,413 68,055 -96,255
Net income 1 20,725 58,338 17,270 50,016 53,930 -96,255
Net margin 0.67% 1.79% 0.56% 1.68% 1.73% -3.74%
EPS 2 167.7 472.1 139.8 404.8 436.5 -779.0
Free Cash Flow 1 298,277 414,265 152,370 166,788 -74,472 -17,122
FCF margin 9.67% 12.73% 4.97% 5.6% -2.38% -0.67%
FCF Conversion (EBITDA) 68.88% 100.84% 51.33% 53.4% - -
FCF Conversion (Net income) 1,439.24% 710.12% 882.28% 333.47% - -
Dividend per Share - - - 400.0 300.0 -
Announcement Date 3/21/19 3/27/20 4/5/21 3/15/22 3/21/23 3/15/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,434,745 1,090,259 963,681 741,283 810,917 1,008,613
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.313 x 2.654 x 3.246 x 2.373 x 2.763 x 6.369 x
Free Cash Flow 1 298,277 414,265 152,370 166,788 -74,472 -17,122
ROE (net income / shareholders' equity) 1.54% 4.22% 1.23% 3.53% 3.76% -7.16%
ROA (Net income/ Total Assets) 2.64% 3.02% 1.58% 2.11% 1.72% -0.93%
Assets 1 783,805 1,934,593 1,090,836 2,372,544 3,133,086 10,380,100
Book Value Per Share 2 10,948 11,414 11,307 11,640 11,507 10,264
Cash Flow per Share 2 849.0 1,977 919.0 942.0 1,121 1,092
Capex 1 81,433 92,444 80,267 56,986 108,420 315,896
Capex / Sales 2.64% 2.84% 2.62% 1.91% 3.47% 12.28%
Announcement Date 3/21/19 3/27/20 4/5/21 3/15/22 3/21/23 3/15/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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