Financials Vincom Retail

Equities

VRE

VN000000VRE6

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-05-09 pm EDT 5-day change 1st Jan Change
22,500 VND -1.53% Intraday chart for Vincom Retail -1.10% -3.43%

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 51,127,164 - -
Enterprise Value (EV) 1 78,655,203 72,489,998 68,257,535 55,928,997 44,399,564 41,890,064 32,391,764
P/E ratio 27.7 x 30 x 52 x 21.5 x 11.7 x 10.9 x 9.52 x
Yield - - - - - - -
Capitalization / Revenue 8.34 x 8.57 x 11.6 x 8.18 x 5.39 x 4.92 x 4.65 x
EV / Revenue 8.49 x 8.7 x 11.6 x 7.65 x 4.68 x 4.03 x 2.95 x
EV / EBITDA 15.6 x 15.6 x 21.1 x 12 x 6.93 x 6.06 x 4.31 x
EV / FCF - -193 x 585 x 22.1 x 14.5 x 13.9 x 3.24 x
FCF Yield - -0.52% 0.17% 4.53% 6.92% 7.18% 30.9%
Price to Book 2.87 x 2.44 x 2.23 x 1.79 x 1.24 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 22,500 22,500 22,500
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 9,481,808 10,400,576 10,990,452
EBITDA 1 5,032,336 4,660,422 3,238,728 4,672,367 6,409,885 6,907,381 7,509,743
EBIT 1 3,585,012 3,184,000 1,757,174 3,220,437 4,585,383 5,400,053 5,694,337
Operating Margin 38.72% 38.23% 29.83% 44.06% 48.36% 51.92% 51.81%
Earnings before Tax (EBT) 1 3,577,952 2,993,000 1,692,277 3,472,622 5,610,000 5,981,767 6,857,800
Net income 1 2,848,058 2,382,000 1,314,510 2,734,795 4,488,000 4,775,517 5,468,775
Net margin 30.76% 28.6% 22.31% 37.42% 47.33% 45.92% 49.76%
EPS 2 1,226 1,048 578.5 1,222 1,927 2,068 2,363
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% 32.4% 28.94% 90.97%
FCF Conversion (EBITDA) - - 3.6% 54.22% 47.93% 43.57% 133.14%
FCF Conversion (Net income) - - 8.87% 92.64% 68.46% 63.02% 182.83%
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 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1,367,010 1,369,460 1,849,532 2,005,196 2,084,406 1,943,276 2,172,827 3,332,560 2,254,643 - - - - -
EBITDA 1 563,907 871,447 1,311,699 1,449,000 1,264,763 1,451,848 1,433,603 1,796,569 1,379,788 1,555,351 1,555,351 1,555,351 1,721,530 1,721,530
EBIT 1 201,268 523,556 956,443 943,404 885,224 1,080,627 1,071,548 1,430,253 1,072,734 1,183,497 1,183,497 1,183,497 1,353,714 1,353,714
Operating Margin 14.72% 38.23% 51.71% 47.05% 42.47% 55.61% 49.32% 42.92% 47.58% - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - -
EPS 2 53.61 166.1 340.2 349.2 366.6 - - - 476.4 441.0 441.0 441.0 517.1 517.1
Dividend per Share 2 - - - - - - - - - - - - - -
Announcement Date 1/28/22 4/28/22 7/28/22 10/27/22 1/30/23 4/24/23 7/28/23 10/24/23 4/26/24 - - - - -
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% 12% 11.4% 11.4%
ROA (Net income/ Total Assets) 7.65% 6.3% 3.38% 6.79% 8.57% 8.98% 9.8%
Assets 1 37,253,086 37,804,123 38,844,858 40,287,306 52,389,085 53,179,473 55,803,827
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% 18.89% 26.52% 35.79%
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
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
22,500 VND
Average target price
33,801 VND
Spread / Average Target
+50.23%
Consensus
  1. Stock Market
  2. Equities
  3. VRE Stock
  4. Financials Vincom Retail
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