Financials Tu Liem Urban Development

Equities

NTL

VN000000NTL4

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. 23:00:00 30/06/2024 BST 5-day change 1st Jan Change
46,000 VND +1.32% Intraday chart for Tu Liem Urban Development -5.06% +68.50%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,158,809 1,445,462 1,539,996 2,543,281 945,344 1,665,026
Enterprise Value (EV) 1 1,163,026 1,470,406 1,374,738 2,172,160 862,561 1,035,406
P/E ratio 12.3 x 6.65 x 5.61 x 11.5 x 9.54 x 4.92 x
Yield - 10.5% 9.9% 6% 16.1% 9.16%
Capitalization / Revenue 1.62 x 1.73 x 2.36 x 4.41 x 2.42 x 1.82 x
EV / Revenue 1.63 x 1.76 x 2.11 x 3.77 x 2.2 x 1.13 x
EV / EBITDA 7.65 x 4.61 x 3.75 x 7.27 x 6.54 x 2.13 x
EV / FCF 23.3 x 11.3 x 5.26 x 7.45 x -4.14 x 1.65 x
FCF Yield 4.29% 8.88% 19% 13.4% -24.2% 60.7%
Price to Book 1.17 x 1.35 x 1.32 x 2.07 x 0.75 x 1.14 x
Nbr of stocks (in thousands) 60,990 60,990 60,990 60,990 60,990 60,990
Reference price 2 19,000 23,700 25,250 41,700 15,500 27,300
Announcement Date 20/03/20 20/03/20 24/03/21 15/03/22 31/03/23 21/03/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 714,124 835,098 652,853 576,724 391,277 914,024
EBITDA 1 151,941 319,225 366,441 298,909 131,798 486,879
EBIT 1 149,368 316,547 363,424 295,877 128,392 483,114
Operating Margin 20.92% 37.91% 55.67% 51.3% 32.81% 52.86%
Earnings before Tax (EBT) 1 127,093 297,421 370,233 300,604 133,588 460,813
Net income 1 101,166 233,809 295,405 237,956 106,500 364,190
Net margin 14.17% 28% 45.25% 41.26% 27.22% 39.84%
EPS 2 1,542 3,565 4,504 3,628 1,624 5,553
Free Cash Flow 1 49,896 130,513 261,253 291,596 -208,476 628,684
FCF margin 6.99% 15.63% 40.02% 50.56% -53.28% 68.78%
FCF Conversion (EBITDA) 32.84% 40.88% 71.29% 97.55% - 129.13%
FCF Conversion (Net income) 49.32% 55.82% 88.44% 122.54% - 172.63%
Dividend per Share - 2,500 2,500 2,500 2,500 2,500
Announcement Date 20/03/20 20/03/20 24/03/21 15/03/22 31/03/23 21/03/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 4,217 24,944 - - - -
Net Cash position 1 - - 165,259 371,121 82,784 629,619
Leverage (Debt/EBITDA) 0.0278 x 0.0781 x - - - -
Free Cash Flow 1 49,896 130,513 261,253 291,596 -208,476 628,684
ROE (net income / shareholders' equity) 10.3% 22.7% 26.5% 19.9% 8.56% 26.8%
ROA (Net income/ Total Assets) 5.7% 12% 13.2% 10% 4.51% 16.2%
Assets 1 1,775,962 1,952,005 2,232,603 2,372,162 2,363,944 2,243,808
Book Value Per Share 2 16,298 17,514 19,089 20,152 20,625 23,974
Cash Flow per Share 2 3,025 2,346 4,727 6,085 429.0 7,859
Capex 1 304 12,080 98.8 1,286 4,513 8,028
Capex / Sales 0.04% 1.45% 0.02% 0.22% 1.15% 0.88%
Announcement Date 20/03/20 20/03/20 24/03/21 15/03/22 31/03/23 21/03/24
1VND in Million2VND
Estimates
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