Financials VietJet Aviation

Equities

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
104,000 ^VND	+0.48%		+0.68%	-3.70%

Feb. 23	Post-pandemic recovery fuels robust attendance - and hopes - at Singapore Airshow	RE
Feb. 22	Global markets live: Anglo American, Esty, Nvidia, Rivian, Boeing...

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	76,585,202	65,479,824	69,488,734	59,306,441	58,494,024	56,327,579	-	-
Enterprise Value (EV) ¹	82,332,033	73,297,685	82,221,318	59,306,441	58,494,024	56,327,579	56,327,579	56,327,579
P/E ratio	18.5 x	933 x	923 x	-27.3 x	171 x	23.9 x	15 x	11.6 x
Yield	-	-	-	-	-	-	2.88%	5.58%
Capitalization / Revenue	1.47 x	3.6 x	5.4 x	1.51 x	0.94 x	0.61 x	0.49 x	0.48 x
EV / Revenue	1.47 x	3.6 x	5.4 x	1.51 x	0.94 x	0.61 x	0.49 x	0.48 x
EV / EBITDA	14.2 x	-25.2 x	-23.8 x	-16.7 x	-	10 x	7.3 x	6.01 x
EV / FCF	-	-12,469,724 x	-10,331,777 x	-	-	-	-	-
FCF Yield	-	-0%	-0%	-	-	-	-	-
Price to Book	5 x	4.37 x	-	-	-	-	-	-
Nbr of stocks (in thousands)	523,839	523,839	541,611	541,611	541,611	541,611	-	-
Reference price ²	146,200	125,000	128,300	109,500	108,000	104,000	104,000	104,000
Announcement Date	1/31/20	2/1/21	4/4/22	2/1/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,059,787	18,209,776	12,874,920	39,342,331	62,534,861	92,524,000	116,036,000	116,515,000
EBITDA ¹	5,392,580	-2,603,309	-2,914,212	-3,552,097	-	5,624,000	7,712,000	9,380,000
EBIT ¹	5,315,498	-2,734,050	-3,012,290	-3,631,708	-1,173,791	3,917,000	5,643,000	6,952,000
Operating Margin	10.21%	-15.01%	-23.4%	-9.23%	-1.88%	4.23%	4.86%	5.97%
Earnings before Tax (EBT) ¹	5,010,916	122,918	180,380	-1,818,619	722,110	2,738,000	4,439,000	5,886,000
Net income ¹	4,218,787	69,999	74,585	-2,171,856	343,041	2,428,000	3,916,000	5,053,000
Net margin	8.1%	0.38%	0.58%	-5.52%	0.55%	2.62%	3.37%	4.34%
EPS ²	7,889	134.0	139.0	-4,010	633.0	4,344	6,926	8,934
Free Cash Flow	-	-5,251,105	-6,725,731	-	-	-	-	-
FCF margin	-	-28.84%	-52.24%	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	3,000	5,800
Announcement Date	1/31/20	2/1/21	4/4/22	2/1/23	1/31/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	5,746,831	7,817,860	12,732,583	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.066 x	-3.003 x	-4.369 x	-	-	-	-	-
Free Cash Flow	-	-5,251,105	-6,725,731	-	-	-	-	-
ROE (net income / shareholders' equity)	28.7%	0.47%	0.6%	-14%	2.25%	13.4%	18.1%	21.4%
ROA (Net income/ Total Assets)	9.73%	0.15%	0.2%	-3.66%	0.45%	2.7%	4.1%	5.2%
Assets ¹	43,347,411	47,977,074	38,001,176	59,340,340	76,367,145	89,925,926	95,512,195	97,173,077
Book Value Per Share	29,231	28,591	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1,189,143	353,342	174,909	4,750,045	-	60,000	48,000	42,000
Capex / Sales	2.28%	1.94%	1.36%	12.07%	-	0.06%	0.04%	0.04%
Announcement Date	1/31/20	2/1/21	4/4/22	2/1/23	1/31/24	-	-	-

¹VND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

104,000 VND

Average target price

114,000 VND

Spread / Average Target

+9.62%

	1st Jan change	Capi.
VIETJET AVIATION	-3.70%	2.22B
DELTA AIR LINES, INC.	+24.09%	32.01B
RYANAIR HOLDINGS PLC	+6.68%	24.77B
SINGAPORE AIRLINES LIMITED	-0.30%	19.86B
INTERGLOBE AVIATION LIMITED	+32.63%	18.21B
UNITED AIRLINES HOLDINGS, INC.	+28.07%	17.37B
AIR CHINA LIMITED	-16.19%	14.84B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+38.67%	13.47B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-14.20%	12.32B
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.	+13.74%	10.8B