Financials Power ConstructionNo.1

Equities

PC1

VN000000PC11

Construction & Engineering

End-of-day quote Ho Chi Minh S.E. 23:00:00 26/06/2024 BST 5-day change 1st Jan Change
29,400 VND -0.51% Intraday chart for Power ConstructionNo.1 -0.84% +2.08%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,788,167 4,253,927 9,253,532 5,462,747 8,956,672 9,143,269 - -
Enterprise Value (EV) 1 2,788,167 4,253,927 9,253,532 5,462,747 8,956,672 17,864,269 18,887,269 12,726,269
P/E ratio 7.83 x 8.42 x 13.1 x 13.3 x 72.9 x 20.9 x 12.6 x 7.78 x
Yield - - - - - - 3.71% 4.6%
Capitalization / Revenue 0.48 x 0.64 x 0.94 x 0.65 x 1.15 x 0.92 x 0.82 x 0.65 x
EV / Revenue 0.48 x 0.64 x 0.94 x 0.65 x 1.15 x 1.81 x 1.69 x 0.9 x
EV / EBITDA 3.69 x 3.88 x 7.63 x 2.83 x 4.57 x 8.19 x 7.01 x 3.89 x
EV / FCF -3.36 x -14.2 x -2.37 x -12.4 x 15.8 x 16.9 x 58.9 x -41.3 x
FCF Yield -29.8% -7.04% -42.2% -8.05% 6.31% 5.93% 1.7% -2.42%
Price to Book 0.75 x 1.07 x 1.97 x 0.76 x 1.73 x 1.4 x - -
Nbr of stocks (in thousands) 303,416 303,415 310,999 310,998 310,996 310,996 - -
Reference price 2 9,189 14,020 29,754 17,565 28,800 29,400 29,400 29,400
Announcement Date 30/01/20 01/02/21 28/01/22 30/03/23 31/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,842,300 6,656,566 9,812,942 8,357,602 7,803,008 9,896,200 11,143,500 14,076,500
EBITDA 1 756,025 1,095,684 1,212,053 1,927,348 1,957,906 2,181,750 2,696,000 3,267,500
EBIT 1 590,958 816,959 849,758 1,300,835 1,182,295 1,401,750 1,669,250 2,120,667
Operating Margin 10.12% 12.27% 8.66% 15.56% 15.15% 14.16% 14.98% 15.07%
Earnings before Tax (EBT) 1 431,227 642,399 890,100 605,445 380,563 792,750 1,219,333 1,847,500
Net income 1 356,256 505,187 691,060 459,825 136,570 463,500 763,333 1,253,500
Net margin 6.1% 7.59% 7.04% 5.5% 1.75% 4.68% 6.85% 8.9%
EPS 2 1,174 1,665 2,271 1,321 395.0 1,409 2,339 3,776
Free Cash Flow 1 -830,683 -299,605 -3,902,105 -439,659 565,469 1,059,500 320,500 -308,500
FCF margin -14.22% -4.5% -39.76% -5.26% 7.25% 10.71% 2.88% -2.19%
FCF Conversion (EBITDA) - - - - 28.88% 48.56% 11.89% -
FCF Conversion (Net income) - - - - 414.05% 228.59% 41.99% -
Dividend per Share 2 - - - - - - 1,090 1,353
Announcement Date 30/01/20 01/02/21 28/01/22 30/03/23 31/01/24 - - -
1VND in Million2VND
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2023 Q1 2023 Q2
Net sales 1 - - 1,472,311
EBITDA - - -
EBIT 1 - - 190,213
Operating Margin - - 12.92%
Earnings before Tax (EBT) - - -
Net income 1 141,061 14,662 -25,995
Net margin - - -1.77%
EPS - 42.61 -
Dividend per Share - - -
Announcement Date 28/01/22 28/04/23 31/07/23
1VND in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 8,721,000 9,744,000 3,583,000
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 3.997 x 3.614 x 1.097 x
Free Cash Flow 1 -830,683 -299,605 -3,902,105 -439,659 565,469 1,059,500 320,500 -308,500
ROE (net income / shareholders' equity) 10.2% 13.6% 15.9% 7.75% 2.65% 6.67% 11.9% 17.4%
ROA (Net income/ Total Assets) 4.78% 5.31% 4.68% 2.27% 0.65% 2.24% 3.82% 5.05%
Assets 1 7,455,472 9,519,623 14,758,984 20,275,382 20,988,164 20,728,980 19,999,983 24,821,782
Book Value Per Share 2 12,177 13,119 15,099 23,064 16,665 20,968 - -
Cash Flow per Share - 2,103 300.0 - 3,055 - - -
Capex 1 702,794 937,642 4,076,775 1,728,787 384,548 266,667 1,034,000 2,691,000
Capex / Sales 12.03% 14.09% 41.54% 20.69% 4.93% 2.69% 9.28% 19.12%
Announcement Date 30/01/20 01/02/21 28/01/22 30/03/23 31/01/24 - - -
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
BUY
Number of Analysts
5
Last Close Price
29,400 VND
Average target price
33,044 VND
Spread / Average Target
+12.39%
Consensus

Annual profits - Rate of surprise

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