VINCOM RETAIL |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 22,450 VND | -0.44% |
|
+5.40% | -3.65% |
| Apr. 12 | Vietnam EV maker VinFast's challenges escalate risk for parent Vingroup | RE |
| Mar. 19 | Vincom Retail Joint Stock Company Announces CEO Changes | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 77,258,826 | 71,350,798 | 68,396,784 | 59,761,974 | 51,013,548 | - | - |
| Enterprise Value (EV) 1 | 78,655,203 | 72,489,998 | 68,257,535 | 55,928,997 | 44,285,948 | 41,776,448 | 32,278,148 |
| P/E ratio | 27.7 x | 30 x | 52 x | 21.5 x | 12.4 x | 11 x | 9.79 x |
| Yield | - | - | - | - | - | - | - |
| Capitalization / Revenue | 8.34 x | 8.57 x | 11.6 x | 8.18 x | 5.26 x | 4.79 x | 5.06 x |
| EV / Revenue | 8.49 x | 8.7 x | 11.6 x | 7.65 x | 4.57 x | 3.92 x | 3.2 x |
| EV / EBITDA | 15.6 x | 15.6 x | 21.1 x | 12 x | 6.82 x | 5.95 x | 4.41 x |
| EV / FCF | - | -193 x | 585 x | 22.1 x | 14.4 x | 13.9 x | 3.23 x |
| FCF Yield | - | -0.52% | 0.17% | 4.53% | 6.94% | 7.2% | 31% |
| Price to Book | 2.87 x | 2.44 x | 2.23 x | 1.79 x | 1.23 x | 1.16 x | - |
| Nbr of stocks (in thousands) | 2,272,318 | 2,272,318 | 2,272,318 | 2,272,318 | 2,272,318 | - | - |
| Reference price 2 | 34,000 | 31,400 | 30,100 | 26,300 | 22,450 | 22,450 | 22,450 |
| Announcement Date | 1/31/20 | 1/28/21 | 1/28/22 | 1/30/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 9,259,257 | 8,329,000 | 5,891,141 | 7,308,593 | 9,692,801 | 10,660,929 | 10,075,200 |
| EBITDA 1 | 5,032,336 | 4,660,422 | 3,238,728 | 4,672,367 | 6,489,475 | 7,021,668 | 7,320,333 |
| EBIT 1 | 3,585,012 | 3,184,000 | 1,757,174 | 3,220,437 | 5,007,498 | 5,509,671 | 5,327,900 |
| Operating Margin | 38.72% | 38.23% | 29.83% | 44.06% | 51.66% | 51.68% | 52.88% |
| Earnings before Tax (EBT) 1 | 3,577,952 | 2,993,000 | 1,692,277 | 3,472,622 | 5,239,117 | 5,873,320 | 6,649,400 |
| Net income 1 | 2,848,058 | 2,382,000 | 1,314,510 | 2,734,795 | 4,182,583 | 4,686,820 | 5,296,367 |
| Net margin | 30.76% | 28.6% | 22.31% | 37.42% | 43.15% | 43.96% | 52.57% |
| EPS 2 | 1,226 | 1,048 | 578.5 | 1,222 | 1,810 | 2,039 | 2,294 |
| Free Cash Flow 1 | - | -375,647 | 116,659 | 2,533,533 | 3,072,500 | 3,009,500 | 9,998,300 |
| FCF margin | - | -4.51% | 1.98% | 34.67% | 31.7% | 28.23% | 99.24% |
| FCF Conversion (EBITDA) | - | - | 3.6% | 54.22% | 47.35% | 42.86% | 136.58% |
| FCF Conversion (Net income) | - | - | 8.87% | 92.64% | 73.46% | 64.21% | 188.78% |
| Dividend per Share 2 | - | - | - | - | - | - | - |
| Announcement Date | 1/31/20 | 1/28/21 | 1/28/22 | 1/30/23 | - | - | - |
1VND in Million2VND
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 787,355 | 1,367,010 | 1,369,460 | 1,849,532 | 2,005,196 | 2,084,406 | 1,943,276 | 2,172,827 | - | - | - | - | - |
| EBITDA 1 | 415,142 | 563,907 | 871,447 | 1,311,699 | 1,449,000 | 1,264,763 | 1,451,848 | 1,433,603 | 1,555,351 | 1,555,351 | 1,555,351 | 1,555,351 | 1,721,530 |
| EBIT 1 | 46,376 | 201,268 | 523,556 | 956,443 | 943,404 | 885,224 | 1,080,627 | 1,071,548 | 1,183,497 | 1,183,497 | 1,183,497 | 1,183,497 | 1,353,714 |
| Operating Margin | 5.89% | 14.72% | 38.23% | 51.71% | 47.05% | 42.47% | 55.61% | 49.32% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EPS 2 | 10.67 | 53.61 | 166.1 | 340.2 | 349.2 | 366.6 | - | - | 441.0 | 441.0 | 441.0 | 441.0 | 517.1 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/29/21 | 1/28/22 | 4/28/22 | 7/28/22 | 10/27/22 | 1/30/23 | 4/24/23 | 7/28/23 | - | - | - | - | - |
1VND in Million2VND
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,396,377 | 1,139,200 | - | - | - | - | - |
| Net Cash position 1 | - | - | 139,249 | 3,832,977 | 6,727,600 | 9,237,100 | 18,735,400 |
| Leverage (Debt/EBITDA) | 0.2775 x | 0.2444 x | - | - | - | - | - |
| Free Cash Flow 1 | - | -375,647 | 116,659 | 2,533,533 | 3,072,500 | 3,009,500 | 9,998,300 |
| ROE (net income / shareholders' equity) | 10.3% | 8.47% | 4.39% | 8.55% | 11.2% | 11.6% | 10.6% |
| ROA (Net income/ Total Assets) | 7.65% | 6.3% | 3.38% | 6.79% | 8.48% | 8.78% | 9.57% |
| Assets 1 | 37,253,086 | 37,804,123 | 38,844,858 | 40,287,306 | 49,322,917 | 53,411,054 | 55,362,698 |
| Book Value Per Share 2 | 11,845 | 12,895 | 13,473 | 14,695 | 18,215 | 19,398 | - |
| Cash Flow per Share | - | - | - | - | - | - | - |
| Capex 1 | 3,929,424 | 4,279,804 | 1,567,282 | 2,538,150 | 1,790,829 | 2,758,518 | 3,933,100 |
| Capex / Sales | 42.44% | 51.38% | 26.6% | 34.73% | 18.48% | 25.88% | 39.04% |
| Announcement Date | 1/31/20 | 1/28/21 | 1/28/22 | 1/30/23 | - | - | - |
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
Sell
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
22,450
VND
Average target price
34,866
VND
Spread / Average Target
+55.30%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -3.65% | 2.01B | |
| +3.68% | 10.49B | |
| +37.76% | 6.62B | |
| +21.03% | 3.18B | |
| +12.20% | 2.89B | |
| +1.58% | 2.6B | |
| -15.55% | 2.73B | |
| -7.58% | 2.62B | |
| -19.21% | 2.31B | |
| -18.25% | 2.17B |
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