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 97,888,476 - -
Change - -34.41% -27.6% 5.03% 10.58% -12.08% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 148,360,118 142,919,294 133,450,197
Change - -44.23% 12.17% -5.1% 16.44% -9.6% -3.67% -6.63%
P/E 23.5x 37x 228x 52x 28.4x 12.1x 10.1x 8.46x
PBR 6.14x - 3.61x 3.33x 3.15x 2.2x 1.81x 1.61x
PEG - -0.6x -2.6x 0x 0x 0x 0.5x 0.4x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.86x 0.78x 0.75x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.31x 1.15x 1.03x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.27x 7.8x 6.67x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 11.8x 10.6x 9.41x
EV / FCF - - -85.9x 21.9x -337x 79.1x 14.3x 14x
FCF Yield - - -1.16% 4.56% -0.3% 1.26% 7.02% 7.13%
Dividend per Share 2 - - - - - 1,080 1,329 1,608
Rate of return - - - - - 1.6% 1.97% 2.39%
EPS 2 6,058 2,511 294 1,345 2,710 5,577 6,680 7,971
Distribution rate - - - - - 19.4% 19.9% 20.2%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 113,486,936 124,816,771 129,699,370
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 16,007,657 18,326,223 20,018,481
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 12,544,388 13,471,729 14,179,043
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 8,138,594 9,616,882 11,325,563
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 50,471,641 45,030,818 35,561,721
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 67,400.00 67,400.00 67,400.00
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.($)
12.09x1.3x9.24x1.6% 3.75B
20.45x2.79x13.93x4.04% 244B
19.85x2.49x14.87x3.3% 79.59B
16.2x1.7x9.61x3.86% 45.22B
15.74x0.56x10.04x2.5% 40.97B
20.68x3.14x12.77x3.38% 34.32B
33.5x2.92x16.93x1.1% 30.08B
-8.72x1.88x9.37x6.49% 29.33B
64.21x9.85x40.85x1.19% 27.86B
Average 21.55x 2.96x 15.29x 3.05% 59.44B
Weighted average by Cap. 21.01x 2.82x 14.62x 3.56%

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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