Financials Binh Duong Water - Environment

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-06-09 pm EDT			5-day change	1st Jan Change
44,650 ^VND	+1.48%		+3.72%	+23.55%

Apr. 25	Binh Duong Water - Environment Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 29	Binh Duong Water - Environment Joint Stock Company agreed to acquire an unknown minority stake in Biwase Quang Binh Joint-Stock Company from Biwase Electric Construction Installation Joint Stock Company.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,450,000	6,337,500	8,276,268	9,549,540	7,948,304	9,819,814	-	-
Enterprise Value (EV) ¹	3,450,000	6,337,500	8,276,268	9,549,540	7,948,304	9,819,814	9,819,814	9,819,814
P/E ratio	9.06 x	12.2 x	13.3 x	15.5 x	14.3 x	15.9 x	9.48 x	8.36 x
Yield	-	3.55%	2.8%	2.63%	-	2.75%	2.95%	2.95%
Capitalization / Revenue	1.36 x	2.09 x	2.66 x	2.74 x	2.25 x	2.41 x	2.08 x	1.97 x
EV / Revenue	1.36 x	2.09 x	2.66 x	2.74 x	2.25 x	2.41 x	2.08 x	1.97 x
EV / EBITDA	-	5.22 x	6.23 x	6.83 x	5.21 x	5.59 x	-	-
EV / FCF	-	-10.8 x	26.8 x	14.3 x	69.6 x	8.25 x	46.1 x	6.18 x
FCF Yield	-	-9.25%	3.74%	6.98%	1.44%	12.1%	2.17%	16.2%
Price to Book	-	-	-	2.13 x	-	1.65 x	-	-
Nbr of stocks (in thousands)	171,000	213,750	219,929	219,929	219,929	219,929	-	-
Reference price ²	20,175	29,649	37,632	43,421	36,140	44,650	44,650	44,650
Announcement Date	2/25/20	1/26/21	1/21/22	1/27/23	1/26/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,545,961	3,025,337	3,115,574	3,483,747	3,525,886	4,075,333	4,723,500	4,979,000
EBITDA ¹	-	1,213,057	1,328,676	1,398,168	1,526,091	1,758,000	-	-
EBIT ¹	-	747,019	844,514	918,912	979,008	1,091,000	1,306,000	1,705,000
Operating Margin	-	24.69%	27.11%	26.38%	27.77%	26.77%	27.65%	34.24%
Earnings before Tax (EBT) ¹	-	599,838	858,954	838,002	758,882	802,000	-	-
Net income ¹	-	538,985	743,843	742,723	671,559	824,000	1,077,000	1,415,000
Net margin	-	17.82%	23.87%	21.32%	19.05%	20.22%	22.8%	28.42%
EPS ²	2,228	2,427	2,836	2,803	2,534	2,807	4,710	5,341
Free Cash Flow ¹	-	-586,188	309,332	666,207	114,122	1,190,000	213,000	1,588,000
FCF margin	-	-19.38%	9.93%	19.12%	3.24%	29.2%	4.51%	31.89%
FCF Conversion (EBITDA)	-	-	23.28%	47.65%	7.48%	67.69%	-	-
FCF Conversion (Net income)	-	-	41.59%	89.7%	16.99%	144.42%	19.78%	112.23%
Dividend per Share ²	-	1,053	1,053	1,140	-	1,228	1,316	1,316
Announcement Date	2/25/20	1/26/21	1/21/22	1/27/23	1/26/24	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-586,188	309,332	666,207	114,122	1,190,000	213,000	1,588,000
ROE (net income / shareholders' equity)	-	18.6%	20.5%	17.7%	14.5%	17.4%	21.9%	21.3%
ROA (Net income/ Total Assets)	-	7.46%	8.59%	7.79%	6.08%	7.6%	11.6%	11.2%
Assets ¹	-	7,226,555	8,657,489	9,530,520	11,047,741	10,842,105	9,284,483	12,633,929
Book Value Per Share ²	-	-	-	20,432	-	26,981	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	1,732,294	770,140	874,349	947,888	224,000	1,560,000	465,000
Capex / Sales	-	57.26%	24.72%	25.1%	26.88%	5.5%	33.03%	9.34%
Announcement Date	2/25/20	1/26/21	1/21/22	1/27/23	1/26/24	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

44,650 VND

Average target price

48,422 VND

Spread / Average Target

+8.45%

	1st Jan change	Capi.
BINH DUONG WATER - ENVIRONMENT	+23.55%	381M
ESSENTIAL UTILITIES, INC.	-1.07%	10.11B
COMPANHIA DE SANEAMENTO BÁSICO DO ESTADO DE SÃO PAULO - SABESP	-0.36%	9.63B
SEVERN TRENT PLC	-6.71%	9.19B
UNITED UTILITIES GROUP PLC	-4.62%	8.77B
BEIJING CAPITAL ECO-ENVIRONMENT PROTECTION GROUP CO., LTD.	+5.20%	2.87B
CALIFORNIA WATER SERVICE GROUP	-9.50%	2.75B
AMERICAN STATES WATER COMPANY	-12.25%	2.63B
PENNON GROUP PLC	-21.42%	2.17B
JIANGXI HONGCHENG ENVIRONMENT CO.,LTD.	+29.98%	2.01B