Financials Vietnam Dairy Products

Equities

VNM

VN000000VNM8

Food Processing

End-of-day quote Ho Chi Minh S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
65,000 ^VND	+0.46%		+1.25%	-3.85%

Jan. 30	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 30	Vietnam Dairy Products Joint Stock Company Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	202,871,313	227,346,666	180,572,150	159,045,609	141,280,988	135,847,104	-	-
Enterprise Value (EV) ¹	193,244,828	215,405,662	166,655,853	144,265,239	126,688,321	123,555,288	123,056,944	121,781,762
P/E ratio	21.3 x	22.8 x	19.1 x	21 x	17.8 x	15.4 x	13.9 x	12.7 x
Yield	3.86%	3.77%	4.46%	3.81%	-	5.85%	6.15%	6.75%
Capitalization / Revenue	3.6 x	3.81 x	2.96 x	2.65 x	2.34 x	2.14 x	2.04 x	1.93 x
EV / Revenue	3.43 x	3.61 x	2.74 x	2.41 x	2.1 x	1.95 x	1.85 x	1.73 x
EV / EBITDA	13.1 x	14.9 x	12 x	12.2 x	10.7 x	8.96 x	8.43 x	7.9 x
EV / FCF	20.6 x	24.2 x	20.7 x	19.2 x	19.8 x	17.7 x	12 x	10.7 x
FCF Yield	4.85%	4.14%	4.82%	5.2%	5.06%	5.66%	8.34%	9.36%
Price to Book	7.38 x	7.26 x	5.46 x	5.33 x	4.46 x	4.25 x	4.2 x	4.03 x
Nbr of stocks (in thousands)	2,089,662	2,089,583	2,089,955	2,089,955	2,089,955	2,089,955	-	-
Reference price ²	97,083	108,800	86,400	76,100	67,600	65,000	65,000	65,000
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	56,318,123	59,636,286	60,919,165	59,956,247	60,368,916	63,342,051	66,449,327	70,252,369
EBITDA ¹	14,745,163	14,471,842	13,881,656	11,848,623	11,825,606	13,794,132	14,603,158	15,406,742
EBIT ¹	12,182,460	12,262,975	11,760,319	9,753,174	9,771,019	11,267,272	12,174,767	12,857,709
Operating Margin	21.63%	20.56%	19.3%	16.27%	16.19%	17.79%	18.32%	18.3%
Earnings before Tax (EBT) ¹	12,795,710	13,518,536	12,922,235	10,495,535	10,967,899	11,849,460	12,435,533	13,701,850
Net income ¹	10,581,176	11,098,937	10,532,477	8,516,024	8,873,812	9,739,148	10,529,734	10,934,900
Net margin	18.79%	18.61%	17.29%	14.2%	14.7%	15.38%	15.85%	15.57%
EPS ²	4,565	4,770	4,517	3,632	3,796	4,210	4,682	5,135
Free Cash Flow ¹	9,365,769	8,915,352	8,034,853	7,507,485	6,412,667	6,987,500	10,261,333	11,400,600
FCF margin	16.63%	14.95%	13.19%	12.52%	10.62%	11.03%	15.44%	16.23%
FCF Conversion (EBITDA)	63.52%	61.6%	57.88%	63.36%	54.23%	50.66%	70.27%	74%
FCF Conversion (Net income)	88.51%	80.33%	76.29%	88.16%	72.27%	71.75%	97.45%	104.26%
Dividend per Share ²	3,750	4,100	3,850	2,900	-	3,800	3,997	4,386
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	1/30/24	-	-	-

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	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	16,194,052	15,819,037	13,877,826	14,930,275	16,079,491	15,068,655	-	15,194,825	15,636,988	15,618,711	14,535,030	15,868,013	16,329,764	16,310,684	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,241,803	2,437,647	2,619,580	2,383,520	2,688,416	2,061,657	-	2,519,939	2,248,000	2,443,777	2,108,658	2,572,826	2,750,228	2,497,689	-
Operating Margin	20.02%	15.41%	18.88%	15.96%	16.72%	13.68%	-	16.58%	14.38%	15.65%	14.51%	16.21%	16.84%	15.31%	-
Earnings before Tax (EBT)	-	-	-	2,576,058	-	-	-	-	3,075,790	-	-	-	-	-	-
Net income	-	2,196,004	-	2,082,981	-	-	1,856,733	2,198,811	2,533,000	-	-	-	-	-	-
Net margin	-	13.88%	-	13.95%	-	-	-	14.47%	16.2%	-	-	-	-	-	-
EPS	-	-	-	-	-	-	796.0	-	-	-	-	-	-	-	-
Dividend per Share ²	1,400	950.0	-	-	1,400	2,900	-	-	-	-	-	-	-	3,932	-
Announcement Date	10/29/21	1/28/22	5/6/22	7/29/22	10/28/22	2/1/23	4/28/23	7/28/23	10/30/23	1/30/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	9,626,485	11,941,004	13,916,298	14,780,371	14,592,668	12,291,816	12,790,160	14,065,342
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,365,769	8,915,352	8,034,853	7,507,485	6,412,667	6,987,500	10,261,333	11,400,600
ROE (net income / shareholders' equity)	39.7%	37.8%	32.7%	27.1%	28.8%	28.6%	29.9%	31.8%
ROA (Net income/ Total Assets)	25.7%	23.8%	20.7%	16.7%	17.5%	18.3%	20.3%	20.4%
Assets ¹	41,137,347	46,566,178	50,883,990	50,907,580	50,578,020	53,161,287	51,955,916	53,734,152
Book Value Per Share ²	13,162	14,977	15,830	14,282	15,166	15,279	15,472	16,115
Cash Flow per Share ²	-	4,872	4,513	4,224	3,774	6,268	6,563	7,220
Capex ¹	2,044,159	1,264,817	1,397,120	1,319,788	1,474,756	2,058,937	1,709,660	1,742,722
Capex / Sales	3.63%	2.12%	2.29%	2.2%	2.44%	3.25%	2.57%	2.48%
Announcement Date	1/30/20	3/1/21	1/28/22	2/1/23	1/30/24	-	-	-

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

Ratings for Vietnam Dairy Products

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65,000 VND

Average target price

82,591 VND

Spread / Average Target

+27.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
VIETNAM DAIRY PRODUCTS	-3.85%	5.36B
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.71%	24.52B
CHINA MENGNIU DAIRY COMPANY LIMITED	-23.24%	8.1B
WANT WANT CHINA HOLDINGS LIMITED	-4.24%	6.82B
NESTLÉ (MALAYSIA)	+8.16%	6.26B
EMMI AG	-3.18%	5.16B
GLANBIA PLC	+19.79%	4.98B
CHINA FEIHE LIMITED	+1.41%	5.02B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+22.01%	4.53B
HATSUN AGRO PRODUCT LIMITED	-3.99%	2.92B

Dairy Products