Stock NT2 PETROVIETNAM POWER NHONTRACH 2
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Financials PetroVietnam Power NhonTrach 2

Equities

NT2

VN000000NT22

Independent Power Producers

End-of-day quote Ho Chi Minh S.E.
Other stock markets
 23:00:00 08/05/2024 BST 		5-day change 1st Jan Change
22,100 VND -0.67% Intraday chart for PetroVietnam Power NhonTrach 2 +3.27% -9.80%
04-22 PetroVietnam Power Nhon Trach 2 Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
03-04 Petrovietnam Power Nhon Trach 2 Joint Stock Company Approves Plan to Pay First Cash Dividend in 2023, Payable on March 29, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,232,516 7,081,750 7,571,140 8,305,223 7,052,963 6,362,060 - -
Enterprise Value (EV) 1 7,423,173 7,794,913 7,780,152 8,305,223 8,251,810 6,362,060 6,362,060 6,362,060
P/E ratio 8.46 x 11.7 x 14.8 x 11.7 x 15.1 x 55.1 x 13.9 x 7 x
Yield 11.5% 8.13% 7.6% - - 7.69% 7.47% 13.6%
Capitalization / Revenue 0.81 x 1.16 x 1.23 x 0.95 x 1.11 x 1.39 x 0.96 x 0.71 x
EV / Revenue 0.81 x 1.16 x 1.23 x 0.95 x 1.11 x 1.39 x 0.96 x 0.71 x
EV / EBITDA 3.95 x 4.71 x 5.9 x 5.66 x 6.13 x 9.45 x 6.48 x 5.37 x
EV / FCF 3.26 x 5.12 x 7.06 x 6.01 x 8.27 x 5.58 x 4.88 x 6.54 x
FCF Yield 30.7% 19.5% 14.2% 16.6% 12.1% 17.9% 20.5% 15.3%
Price to Book - 1.65 x 1.79 x 1.8 x 1.62 x 1.57 x 1.67 x -
Nbr of stocks (in thousands) 287,876 287,876 287,876 287,876 287,876 287,876 - -
Reference price 2 21,650 24,600 26,300 28,850 24,500 22,100 22,100 22,100
Announcement Date 20/01/20 19/01/21 20/01/22 19/01/23 19/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,653,692 6,082,248 6,149,584 8,785,955 6,382,599 4,571,800 6,657,571 8,959,500
EBITDA 1 1,577,877 1,502,401 1,283,348 1,467,348 1,151,130 673,000 981,250 1,185,000
EBIT 1 887,599 809,755 592,883 778,510 463,916 101,000 552,000 1,035,000
Operating Margin 11.6% 13.31% 9.64% 8.86% 7.27% 2.21% 8.29% 11.55%
Earnings before Tax (EBT) 1 800,225 663,276 565,839 778,892 536,228 123,667 353,750 1,177,000
Net income 1 759,283 625,244 533,789 729,324 495,788 10,750 581,000 896,500
Net margin 9.92% 10.28% 8.68% 8.3% 7.77% 0.24% 8.73% 10.01%
EPS 2 2,558 2,095 1,778 2,457 1,624 401.3 1,592 3,156
Free Cash Flow 1 1,912,284 1,383,501 1,071,820 1,381,952 853,101 1,139,333 1,303,000 972,500
FCF margin 24.99% 22.75% 17.43% 15.73% 13.37% 24.92% 19.57% 10.85%
FCF Conversion (EBITDA) 121.19% 92.09% 83.52% 94.18% 74.11% 169.29% 132.79% 82.07%
FCF Conversion (Net income) 251.85% 221.27% 200.79% 189.48% 172.07% 10,598.45% 224.27% 108.48%
Dividend per Share 2 2,500 2,000 1,999 - - 1,700 1,650 3,000
Announcement Date 20/01/20 19/01/21 20/01/22 19/01/23 19/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2024 Q1
Net sales 1 2,687,969 - 2,168,333 - - 261,907
EBITDA - - - - - -
EBIT 1 - - - - - -228,643
Operating Margin - - - - - -87.3%
Earnings before Tax (EBT) 1 - - - - - -158,159
Net income 365,034 524,618 198,979 5,757 233,821 -
Net margin 13.58% - 9.18% - - -
EPS - - - - 788.0 -
Dividend per Share - - - - - -
Announcement Date 18/07/22 18/07/22 19/10/22 19/01/23 20/04/23 22/04/24
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1,190,657 713,163 209,012 - 1,198,847 - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) 0.7546 x 0.4747 x 0.1629 x - 1.041 x - - -
Free Cash Flow 1 1,912,284 1,383,501 1,071,820 1,381,952 853,101 1,139,333 1,303,000 972,500
ROE (net income / shareholders' equity) 19.4% 14.8% 12.5% 16.8% 11.1% 0.14% 13.6% 22.3%
ROA (Net income/ Total Assets) 9.25% 8.97% 8.21% 10.5% 6.23% 0% 7.55% 11%
Assets 1 8,208,286 6,972,724 6,502,692 6,954,683 7,957,940 430,000,000 7,695,364 8,150,000
Book Value Per Share 2 - 14,928 14,706 16,027 15,140 14,084 13,236 -
Cash Flow per Share 2 - 4,246 3,732 - 2,975 4,607 4,411 -
Capex 1 5,195 1,199 2,525 1,459 3,408 2,333 2,333 3,000
Capex / Sales 0.07% 0.02% 0.04% 0.02% 0.05% 0.05% 0.04% 0.03%
Announcement Date 20/01/20 19/01/21 20/01/22 19/01/23 19/01/24 - - -
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

Ratings for PetroVietnam Power NhonTrach 2

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
7
Last Close Price
22,100 VND
Average target price
25,533 VND
Spread / Average Target
+15.53%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Fossil Fuel IPPs
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