Company Valuation: Masan Group Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 201,872,240 132,406,405 95,866,508 100,684,613 111,335,490 98,900,617 - -
Change - -34.41% -27.6% 5.03% 10.58% -11.17% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 157,247,227 142,772,677 135,437,068
Change - -44.23% 12.17% -5.1% 16.44% -4.18% -9.2% -5.14%
P/E 23.5x 37x 228x 52x 28.4x 13.9x 11x 9.79x
PBR 6.14x - 3.61x 3.33x 3.15x 2.36x 1.76x 1.49x
PEG - -0.6x -2.6x 0x 0x 0.2x 0.4x 0.8x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.92x 0.85x 0.78x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.47x 1.23x 1.07x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.85x 8.01x 6.96x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 13.6x 10.9x 10.1x
EV / FCF - - -85.9x 21.9x -337x 36x 14.9x 15.9x
FCF Yield - - -1.16% 4.56% -0.3% 2.78% 6.71% 6.28%
Dividend per Share 2 - - - - - 1,204 1,364 1,737
Rate of return - - - - - 1.76% 1.99% 2.54%
EPS 2 6,058 2,511 294 1,345 2,710 4,916 6,242 6,988
Distribution rate - - - - - 24.5% 21.9% 24.9%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 106,932,879 116,163,890 126,868,654
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 15,961,606 17,833,559 19,471,164
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 11,521,009 13,134,474 13,394,274
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 7,337,510 9,121,285 10,501,030
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 58,346,610 43,872,060 36,536,451
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 68,400.00 68,400.00 68,400.00
Nbr of stocks (in thousands) 1,416,647 1,423,725 1,430,843 1,438,352 1,445,915 1,445,915 - -
Announcement Date 27/01/22 28/01/23 30/01/24 24/01/25 24/01/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.87x1.47x9.83x1.77% 3.75B
20.75x2.89x14.27x3.88% 256B
19.67x2.48x14.76x3.33% 78.79B
18.31x1.86x10.54x3.47% 50.18B
16.3x0.52x9.9x2.64% 37.62B
21.52x3.25x13.16x3.25% 35.7B
12.59x2x9.81x6.08% 31.33B
70.69x10.8x44.92x1.08% 30.69B
34.59x2.93x17.34x1.03% 29.81B
33.09x0.68x17.1x0.6% 21.39B
Average 26.14x 2.89x 16.16x 2.71% 57.53B
Weighted average by Cap. 23.50x 2.89x 15.28x 3.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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