Financials Vietnam National Seed Group

Equities

NSC

VN000000NSC5

Fishing & Farming

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-06-03 pm EDT 5-day change 1st Jan Change
74,900 VND +0.27% Intraday chart for Vietnam National Seed Group +0.54% +9.99%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,581,538 1,581,706 1,412,991 1,423,536 1,263,608 1,196,825
Enterprise Value (EV) 1 1,452,835 1,511,242 1,325,984 1,307,546 1,069,909 974,153
P/E ratio 6.62 x 7.83 x 7.43 x 6.49 x 5.73 x 5.38 x
Yield 3.33% 4.44% 4.98% 8.64% 5.56% -
Capitalization / Revenue 0.99 x 1.04 x 0.86 x 0.74 x 0.67 x 0.59 x
EV / Revenue 0.9 x 1 x 0.81 x 0.68 x 0.57 x 0.48 x
EV / EBITDA 4.13 x 4.87 x 4.41 x 3.76 x 3.06 x 2.76 x
EV / FCF 5.51 x 29 x 17.4 x 14.7 x 5.51 x 8.19 x
FCF Yield 18.1% 3.45% 5.74% 6.82% 18.2% 12.2%
Price to Book 1.63 x 1.5 x 1.26 x 1.17 x 1 x 0.88 x
Nbr of stocks (in thousands) 17,573 17,575 17,575 17,575 17,575 17,575
Reference price 2 90,000 90,000 80,400 81,000 71,900 68,100
Announcement Date 4/18/19 4/14/20 3/31/21 3/31/22 3/30/23 3/29/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,605,380 1,518,452 1,634,552 1,928,606 1,889,065 2,035,477
EBITDA 1 351,840 310,510 300,627 347,319 349,657 352,456
EBIT 1 292,656 250,309 227,377 273,755 275,851 279,438
Operating Margin 18.23% 16.48% 13.91% 14.19% 14.6% 13.73%
Earnings before Tax (EBT) 1 276,816 239,004 213,968 248,984 265,964 266,753
Net income 1 238,798 201,900 190,204 219,342 220,647 223,528
Net margin 14.87% 13.3% 11.64% 11.37% 11.68% 10.98%
EPS 2 13,588 11,488 10,823 12,481 12,555 12,657
Free Cash Flow 1 263,617 52,133 76,103 89,206 194,315 118,985
FCF margin 16.42% 3.43% 4.66% 4.63% 10.29% 5.85%
FCF Conversion (EBITDA) 74.93% 16.79% 25.31% 25.68% 55.57% 33.76%
FCF Conversion (Net income) 110.39% 25.82% 40.01% 40.67% 88.07% 53.23%
Dividend per Share 2 3,000 4,000 4,000 7,000 4,000 -
Announcement Date 4/18/19 4/14/20 3/31/21 3/31/22 3/30/23 3/29/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 128,703 70,464 87,007 115,990 193,699 222,672
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 263,617 52,133 76,103 89,206 194,315 118,985
ROE (net income / shareholders' equity) 23.9% 19% 16.7% 18% 17.1% 16.5%
ROA (Net income/ Total Assets) 11.7% 9.4% 7.96% 9.17% 8.71% 8.22%
Assets 1 2,038,376 2,148,080 2,388,600 2,393,156 2,532,537 2,717,762
Book Value Per Share 2 55,229 59,910 63,920 69,515 71,965 77,178
Cash Flow per Share 2 16,209 17,513 14,912 17,739 23,210 27,227
Capex 1 44,490 249,038 102,503 26,304 38,047 56,304
Capex / Sales 2.77% 16.4% 6.27% 1.36% 2.01% 2.77%
Announcement Date 4/18/19 4/14/20 3/31/21 3/31/22 3/30/23 3/29/24
1VND in Million2VND
Estimates
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