Financials Power ConstructionNo.1

Equities

PC1

VN000000PC11

Construction & Engineering

End-of-day quote Ho Chi Minh S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
25,850 VND -0.39% Intraday chart for Power ConstructionNo.1 +4.02% -10.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,788,167 4,253,927 9,253,532 5,462,747 8,956,672 8,039,235 - -
Enterprise Value (EV) 1 2,788,167 4,253,927 9,253,532 5,462,747 8,956,672 8,039,235 8,039,235 8,039,235
P/E ratio 7.83 x 8.42 x 13.1 x 13.3 x 72.9 x 16.2 x 9.22 x 6.05 x
Yield - - - - - - - -
Capitalization / Revenue 0.48 x 0.64 x 0.94 x 0.65 x 1.15 x 0.82 x 0.72 x 0.53 x
EV / Revenue 0.48 x 0.64 x 0.94 x 0.65 x 1.15 x 0.82 x 0.72 x 0.53 x
EV / EBITDA 3.69 x 3.88 x 7.63 x 2.83 x 4.57 x 3.84 x 3.2 x 2 x
EV / FCF -3.36 x -14.2 x -2.37 x -12.4 x 15.8 x 7.3 x -4.1 x -6.64 x
FCF Yield -29.8% -7.04% -42.2% -8.05% 6.31% 13.7% -24.4% -15.1%
Price to Book 0.75 x 1.07 x 1.97 x 0.76 x 1.73 x 1.52 x - -
Nbr of stocks (in thousands) 303,416 303,415 310,999 310,998 310,996 310,996 - -
Reference price 2 9,189 14,020 29,754 17,565 28,800 25,850 25,850 25,850
Announcement Date 1/30/20 2/1/21 1/28/22 3/30/23 1/31/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,842,300 6,656,566 9,812,942 8,357,602 7,803,008 9,856,320 11,151,000 15,166,000
EBITDA 1 756,025 1,095,684 1,212,053 1,927,348 1,957,906 2,092,333 2,514,500 4,011,000
EBIT 1 590,958 816,959 849,758 1,300,835 1,182,295 1,300,333 1,555,000 2,252,000
Operating Margin 10.12% 12.27% 8.66% 15.56% 15.15% 13.19% 13.94% 14.85%
Earnings before Tax (EBT) 1 431,227 642,399 890,100 605,445 380,563 819,500 1,188,500 2,130,000
Net income 1 356,256 505,187 691,060 459,825 136,570 519,050 766,500 1,435,000
Net margin 6.1% 7.59% 7.04% 5.5% 1.75% 5.27% 6.87% 9.46%
EPS 2 1,174 1,665 2,271 1,321 395.0 1,598 2,805 4,274
Free Cash Flow 1 -830,683 -299,605 -3,902,105 -439,659 565,469 1,101,000 -1,959,500 -1,210,000
FCF margin -14.22% -4.5% -39.76% -5.26% 7.25% 11.17% -17.57% -7.98%
FCF Conversion (EBITDA) - - - - 28.88% 52.62% - -
FCF Conversion (Net income) - - - - 414.05% 212.12% - -
Dividend per Share - - - - - - - -
Announcement Date 1/30/20 2/1/21 1/28/22 3/30/23 1/31/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2023 Q1 2023 Q2
Net sales 1 - - - 1,472,311
EBITDA - - - -
EBIT 1 - - - 190,213
Operating Margin - - - 12.92%
Earnings before Tax (EBT) - - - -
Net income 1 143,882 141,061 14,662 -25,995
Net margin - - - -1.77%
EPS 536.9 - 42.61 -
Dividend per Share - - - -
Announcement Date 11/1/21 1/28/22 4/28/23 7/31/23
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -830,683 -299,605 -3,902,105 -439,659 565,469 1,101,000 -1,959,500 -1,210,000
ROE (net income / shareholders' equity) 10.2% 13.6% 15.9% 7.75% 2.65% 7.17% 12.7% 21.6%
ROA (Net income/ Total Assets) 4.78% 5.31% 4.68% 2.27% 0.65% 2.31% 3.65% 4.4%
Assets 1 7,455,472 9,519,623 14,758,984 20,275,382 20,988,164 22,445,405 21,028,807 32,613,636
Book Value Per Share 2 12,177 13,119 15,099 23,064 16,665 17,062 - -
Cash Flow per Share - 2,103 300.0 - 3,055 - - -
Capex 1 702,794 937,642 4,076,775 1,728,787 384,548 263,333 2,432,667 3,591,000
Capex / Sales 12.03% 14.09% 41.54% 20.69% 4.93% 2.67% 21.82% 23.68%
Announcement Date 1/30/20 2/1/21 1/28/22 3/30/23 1/31/24 - - -
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
25,850 VND
Average target price
29,757 VND
Spread / Average Target
+15.11%
Consensus

Annual profits - Rate of surprise

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