Financials Binh Duong Water - Environment

Equities

BWE

VN000000BWE8

Water Utilities

End-of-day quote Ho Chi Minh S.E. 23:00:00 01/07/2024 BST 5-day change 1st Jan Change
45,350 VND +0.22% Intraday chart for Binh Duong Water - Environment +0.89% +25.48%

Valuation

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 9,973,764 - -
Enterprise Value (EV) 1 3,450,000 6,337,500 8,276,268 9,549,540 7,948,304 9,973,764 9,973,764 9,973,764
P/E ratio 9.06 x 12.2 x 13.3 x 15.5 x 14.3 x 15.7 x 9.42 x 7.9 x
Yield - 3.55% 2.8% 2.63% - 3.09% 3.31% 3.31%
Capitalization / Revenue 1.36 x 2.09 x 2.66 x 2.74 x 2.25 x 2.44 x 2.08 x 1.95 x
EV / Revenue 1.36 x 2.09 x 2.66 x 2.74 x 2.25 x 2.44 x 2.08 x 1.95 x
EV / EBITDA - 5.22 x 6.23 x 6.83 x 5.21 x 5.69 x 4.81 x 4.05 x
EV / FCF - -10.8 x 26.8 x 14.3 x 69.6 x 11.1 x 16.8 x 5.9 x
FCF Yield - -9.25% 3.74% 6.98% 1.44% 9.01% 5.95% 17%
Price to Book - - - 2.13 x - 1.68 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 45,350 45,350 45,350
Announcement Date 25/02/20 26/01/21 21/01/22 27/01/23 26/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

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 4,092,000 4,784,000 5,111,000
EBITDA 1 - 1,213,057 1,328,676 1,398,168 1,526,091 1,754,000 2,073,000 2,462,000
EBIT 1 - 747,019 844,514 918,912 979,008 1,119,000 1,370,000 1,815,000
Operating Margin - 24.69% 27.11% 26.38% 27.77% 27.35% 28.64% 35.51%
Earnings before Tax (EBT) 1 - 599,838 858,954 838,002 758,882 852,000 1,266,000 1,701,000
Net income 1 - 538,985 743,843 742,723 671,559 765,000 1,133,000 1,520,000
Net margin - 17.82% 23.87% 21.32% 19.05% 18.7% 23.68% 29.74%
EPS 2 2,228 2,427 2,836 2,803 2,534 2,886 4,815 5,737
Free Cash Flow 1 - -586,188 309,332 666,207 114,122 899,000 593,000 1,691,000
FCF margin - -19.38% 9.93% 19.12% 3.24% 21.97% 12.4% 33.09%
FCF Conversion (EBITDA) - - 23.28% 47.65% 7.48% 51.25% 28.61% 68.68%
FCF Conversion (Net income) - - 41.59% 89.7% 16.99% 117.52% 52.34% 111.25%
Dividend per Share 2 - 1,053 1,053 1,140 - 1,400 1,500 1,500
Announcement Date 25/02/20 26/01/21 21/01/22 27/01/23 26/01/24 - - -
1VND in Million2VND
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 - -586,188 309,332 666,207 114,122 899,000 593,000 1,691,000
ROE (net income / shareholders' equity) - 18.6% 20.5% 17.7% 14.5% 17.6% 22.4% 22.7%
ROA (Net income/ Total Assets) - 7.46% 8.59% 7.79% 6.08% 7.63% 11.8% 12%
Assets 1 - 7,226,555 8,657,489 9,530,520 11,047,741 10,021,838 9,601,695 12,666,667
Book Value Per Share 2 - - - 20,432 - 26,981 - -
Cash Flow per Share - - - - - - - -
Capex 1 - 1,732,294 770,140 874,349 947,888 524,000 1,210,000 465,000
Capex / Sales - 57.26% 24.72% 25.1% 26.88% 12.81% 25.29% 9.1%
Announcement Date 25/02/20 26/01/21 21/01/22 27/01/23 26/01/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
45,350 VND
Average target price
49,705 VND
Spread / Average Target
+9.60%
Consensus

Annual profits - Rate of surprise

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