Financials Vietnam Dairy Products

Equities

VNM

VN000000VNM8

Food Processing

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-07-11 pm EDT 5-day change 1st Jan Change
66,300 VND 0.00% Intraday chart for Vietnam Dairy Products -1.34% -1.92%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 202,871,313 227,346,666 180,572,150 159,045,609 141,280,988 138,564,046 - -
Enterprise Value (EV) 1 193,244,828 215,405,662 166,655,853 144,265,239 126,688,321 126,243,530 125,730,665 124,445,905
P/E ratio 21.3 x 22.8 x 19.1 x 21 x 17.8 x 16 x 14.6 x 13.6 x
Yield 3.86% 3.77% 4.46% 3.81% - 5.8% 6.12% 6.63%
Capitalization / Revenue 3.6 x 3.81 x 2.96 x 2.65 x 2.34 x 2.21 x 2.11 x 2.01 x
EV / Revenue 3.43 x 3.61 x 2.74 x 2.41 x 2.1 x 2.01 x 1.91 x 1.81 x
EV / EBITDA 13.1 x 14.9 x 12 x 12.2 x 10.7 x 9.27 x 8.55 x 8.09 x
EV / FCF 20.6 x 24.2 x 20.7 x 19.2 x 19.8 x 14.8 x 12.6 x 11.5 x
FCF Yield 4.85% 4.14% 4.82% 5.2% 5.06% 6.77% 7.94% 8.68%
Price to Book 7.38 x 7.26 x 5.46 x 5.33 x 4.46 x 4.32 x 4.14 x 4.12 x
Nbr of stocks (in thousands) 2,089,662 2,089,583 2,089,955 2,089,955 2,089,955 2,089,955 - -
Reference price 2 97,083 108,800 86,400 76,100 67,600 66,300 66,300 66,300
Announcement Date 1/30/20 3/1/21 1/28/22 2/1/23 1/30/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 56,318,123 59,636,286 60,919,165 59,956,247 60,368,916 62,788,007 65,734,242 68,771,003
EBITDA 1 14,745,163 14,471,842 13,881,656 11,848,623 11,825,606 13,614,596 14,696,971 15,381,214
EBIT 1 12,182,460 12,262,975 11,760,319 9,753,174 9,771,019 11,118,636 11,989,645 12,878,161
Operating Margin 21.63% 20.56% 19.3% 16.27% 16.19% 17.71% 18.24% 18.73%
Earnings before Tax (EBT) 1 12,795,710 13,518,536 12,922,235 10,495,535 10,967,899 12,031,625 12,566,360 13,537,800
Net income 1 10,581,176 11,098,937 10,532,477 8,516,024 8,873,812 9,591,007 10,335,933 10,568,000
Net margin 18.79% 18.61% 17.29% 14.2% 14.7% 15.28% 15.72% 15.37%
EPS 2 4,565 4,770 4,517 3,632 3,796 4,151 4,544 4,860
Free Cash Flow 1 9,365,769 8,915,352 8,034,853 7,507,485 6,412,667 8,542,625 9,987,550 10,797,100
FCF margin 16.63% 14.95% 13.19% 12.52% 10.62% 13.61% 15.19% 15.7%
FCF Conversion (EBITDA) 63.52% 61.6% 57.88% 63.36% 54.23% 62.75% 67.96% 70.2%
FCF Conversion (Net income) 88.51% 80.33% 76.29% 88.16% 72.27% 89.07% 96.63% 102.17%
Dividend per Share 2 3,750 4,100 3,850 2,900 - 3,847 4,057 4,399
Announcement Date 1/30/20 3/1/21 1/28/22 2/1/23 1/30/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 15,819,037 13,877,826 14,930,275 16,079,491 15,068,655 - 15,194,825 15,636,988 15,618,711 14,112,411 15,868,013 16,329,764 16,733,314 - -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 2,437,647 2,619,580 2,383,520 2,688,416 2,061,657 - 2,519,939 2,248,000 2,443,777 2,420,332 2,727,567 2,914,456 2,496,870 - -
Operating Margin 15.41% 18.88% 15.96% 16.72% 13.68% - 16.58% 14.38% 15.65% 17.15% 17.19% 17.85% 14.92% - -
Earnings before Tax (EBT) - - 2,576,058 - - - - 3,075,790 - - - - - - -
Net income 2,196,004 - 2,082,981 - - 1,856,733 2,198,811 2,533,000 - - - - - - -
Net margin 13.88% - 13.95% - - - 14.47% 16.2% - - - - - - -
EPS - - - - - 796.0 - - - - - - - - -
Dividend per Share 2 950.0 - - 1,400 2,900 - - - - - - - 4,157 - -
Announcement Date 1/28/22 5/6/22 7/29/22 10/28/22 2/1/23 4/28/23 7/28/23 10/30/23 1/30/24 4/30/24 - - - - -
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 9,626,485 11,941,004 13,916,298 14,780,371 14,592,668 12,320,516 12,833,381 14,118,141
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 9,365,769 8,915,352 8,034,853 7,507,485 6,412,667 8,542,625 9,987,550 10,797,100
ROE (net income / shareholders' equity) 39.7% 37.8% 32.7% 27.1% 28.8% 28.1% 29.4% 31%
ROA (Net income/ Total Assets) 25.7% 23.8% 20.7% 16.7% 17.5% 18.5% 19.3% 20.2%
Assets 1 41,137,347 46,566,178 50,883,990 50,907,580 50,578,020 51,899,386 53,507,838 52,316,832
Book Value Per Share 2 13,162 14,977 15,830 14,282 15,166 15,354 15,998 16,098
Cash Flow per Share 2 - 4,872 4,513 4,224 3,774 6,240 6,401 7,043
Capex 1 2,044,159 1,264,817 1,397,120 1,319,788 1,474,756 1,897,949 1,841,550 1,890,777
Capex / Sales 3.63% 2.12% 2.29% 2.2% 2.44% 3.02% 2.8% 2.75%
Announcement Date 1/30/20 3/1/21 1/28/22 2/1/23 1/30/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
66,300 VND
Average target price
80,383 VND
Spread / Average Target
+21.24%
Consensus

Quarterly revenue - Rate of surprise

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