Stock VNR VIETNAM NATIONAL REINSURANCE CORPORATION
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Financials Vietnam National Reinsurance Corporation

Equities

VNR

VN000000VNR7

Reinsurance

End-of-day quote HANOI S.E.
Other stock markets
 23:00:00 25/04/2024 BST 		5-day change 1st Jan Change
23,100 VND -2.53% Intraday chart for Vietnam National Reinsurance Corporation +0.87% +2.67%
01-31 Vietnam National Reinsurance Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI
01-31 Vietnam National Reinsurance Corporation Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,119,607 2,883,671 2,621,519 4,748,220 2,954,448 3,730,739
Enterprise Value (EV) 1 3,055,804 2,780,507 2,566,095 4,722,938 2,892,148 3,663,249
P/E ratio 10.8 x 10.3 x 8.64 x 14.1 x 8 x 9.13 x
Yield 5.04% 9.09% 7.5% 4.13% 5.1% -
Capitalization / Revenue 2.57 x 1.89 x 1.36 x 2.35 x 1.61 x 1.78 x
EV / Revenue 2.52 x 1.82 x 1.33 x 2.34 x 1.57 x 1.74 x
EV / EBITDA 9.31 x 8.61 x 7.07 x 10.4 x 6.45 x 7.51 x
EV / FCF -45.1 x -30.9 x 2.41 x -20.2 x 7.12 x 9.69 x
FCF Yield -2.22% -3.24% 41.5% -4.96% 14.1% 10.3%
Price to Book 1.06 x 0.94 x 0.84 x 1.46 x 0.86 x 1.01 x
Nbr of stocks (in thousands) 165,811 165,811 165,811 165,811 165,811 165,811
Reference price 2 18,814 17,391 15,810 28,636 17,818 22,500
Announcement Date 19/03/19 03/04/20 02/04/21 31/03/22 24/04/23 20/03/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,213,402 1,524,468 1,930,723 2,017,878 1,838,663 2,100,712
EBITDA 1 328,395 322,853 363,131 455,007 448,304 487,861
EBIT 1 322,483 318,513 360,904 452,252 445,097 484,100
Operating Margin 26.58% 20.89% 18.69% 22.41% 24.21% 23.04%
Earnings before Tax (EBT) 1 358,421 344,188 377,193 423,287 462,927 499,863
Net income 1 296,697 288,085 312,244 346,949 380,157 421,425
Net margin 24.45% 18.9% 16.17% 17.19% 20.68% 20.06%
EPS 2 1,742 1,687 1,829 2,032 2,228 2,465
Free Cash Flow 1 -67,822 -90,109 1,065,588 -234,165 406,357 378,167
FCF margin -5.59% -5.91% 55.19% -11.6% 22.1% 18%
FCF Conversion (EBITDA) - - 293.44% - 90.64% 77.52%
FCF Conversion (Net income) - - 341.27% - 106.89% 89.74%
Dividend per Share 2 948.6 1,581 1,186 1,182 909.1 -
Announcement Date 19/03/19 03/04/20 02/04/21 31/03/22 24/04/23 20/03/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 63,803 103,163 55,424 25,282 62,300 67,490
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -67,822 -90,109 1,065,588 -234,165 406,357 378,167
ROE (net income / shareholders' equity) 10.6% 9.41% 9.95% 10.8% 11.2% 11.8%
ROA (Net income/ Total Assets) 3.07% 2.91% 3.23% 4% 3.9% 4%
Assets 1 9,675,749 9,885,223 9,669,401 8,673,509 9,759,367 10,536,158
Book Value Per Share 2 17,792 18,530 18,766 19,612 20,658 22,214
Cash Flow per Share 2 385.0 622.0 334.0 152.0 376.0 407.0
Capex 1 931 2,491 2,642 2,291 5,498 11,186
Capex / Sales 0.08% 0.16% 0.14% 0.11% 0.3% 0.53%
Announcement Date 19/03/19 03/04/20 02/04/21 31/03/22 24/04/23 20/03/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Reinsurance

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