Financials Vinhomes

Equities

VHM

VN000000VHM0

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
40,800 ^VND	+0.25%		-1.69%	-5.56%

04-12	Vietnam EV maker VinFast's challenges escalate risk for parent Vingroup	RE
04-08	Vinhomes Joint Stock Company Announces Management Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	278,950,780	294,411,496	357,058,134	209,009,639	188,108,675	177,658,194	-	-
Enterprise Value (EV) ¹	291,763,249	303,592,749	367,371,787	232,798,551	226,855,260	214,495,433	200,849,285	177,658,194
P/E ratio	13.3 x	10.6 x	9.05 x	7.3 x	5.68 x	5.67 x	4.89 x	4.96 x
Yield	1.18%	-	2.44%	-	-	3.84%	4.31%	4.29%
Capitalization / Revenue	5.38 x	4.15 x	4.2 x	3.35 x	1.82 x	1.7 x	1.49 x	1.45 x
EV / Revenue	5.63 x	4.28 x	4.32 x	3.73 x	2.2 x	2.06 x	1.69 x	1.45 x
EV / EBITDA	12.4 x	14.3 x	8.36 x	8.82 x	7.54 x	4.99 x	4.02 x	3.6 x
EV / FCF	6.07 x	14.6 x	-173 x	-	162 x	6.84 x	2.34 x	-
FCF Yield	16.5%	6.83%	-0.58%	-	0.62%	14.6%	42.7%	-
Price to Book	4.97 x	3.42 x	2.83 x	1.45 x	1.05 x	0.87 x	0.77 x	0.66 x
Nbr of stocks (in thousands)	4,276,368	4,276,368	4,354,367	4,354,367	4,354,367	4,354,367	-	-
Reference price ²	65,231	68,846	82,000	48,000	43,200	40,800	40,800	40,800
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,825,557	70,890,295	85,093,964	62,392,115	103,334,072	104,356,796	119,176,084	122,755,059
EBITDA ¹	23,451,955	21,291,872	43,936,096	26,381,855	30,083,629	42,957,521	49,998,224	49,302,904
EBIT ¹	23,111,341	20,708,608	42,865,114	25,071,611	27,933,310	40,396,488	45,799,388	45,345,174
Operating Margin	44.59%	29.21%	50.37%	40.18%	27.03%	38.71%	38.43%	36.94%
Earnings before Tax (EBT) ¹	29,657,629	37,046,787	48,468,673	38,661,161	43,243,540	39,794,024	50,101,419	46,238,000
Net income ¹	21,304,793	27,839,395	39,016,681	28,628,187	33,125,469	30,548,762	38,721,206	35,811,000
Net margin	41.11%	39.27%	45.85%	45.88%	32.06%	29.27%	32.49%	29.17%
EPS ²	4,899	6,510	9,060	6,575	7,607	7,195	8,347	8,224
Free Cash Flow ¹	48,081,437	20,748,165	-2,121,385	-	1,402,123	31,381,500	85,730,200	-
FCF margin	92.78%	29.27%	-2.49%	-	1.36%	30.07%	71.94%	-
FCF Conversion (EBITDA)	205.02%	97.45%	-	-	4.66%	73.05%	171.47%	-
FCF Conversion (Net income)	225.68%	74.53%	-	-	4.23%	102.73%	221.4%	-
Dividend per Share ²	769.2	-	2,000	-	-	1,566	1,760	1,750
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	13,307,160	11,368,174	2,657,707	1,002,178	8,264,709	13,762,748	5,397,745	11,722,472	14,013,893	-912,055	-	-	-	-	12,508,123
EBIT ¹	12,987,603	11,146,339	2,461,819	543,697	8,006,552	13,365,030	5,084,869	11,365,076	13,638,461	-2,016,670	9,711,152	9,711,152	9,711,152	9,711,152	11,387,038
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	13,811,506	14,126,223	5,885,623	1,256,656	18,948,683	12,467,494	15,074,055	12,533,322	-	-	9,347,550	9,347,550	9,347,550	9,347,550	11,154,479
Net income ¹	11,366,795	11,932,494	4,540,066	508,877	14,493,845	8,927,802	11,917,322	9,652,450	-	825,689	6,933,047	6,933,047	6,933,047	6,933,047	8,295,181
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	2,586	2,740	1,043	117.0	3,329	2,050	2,737	2,217	-	190.0	1,592	1,592	1,592	1,592	1,905
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/10/21	28/01/22	29/04/22	28/07/22	27/10/22	30/01/23	26/04/23	28/07/23	24/10/23	29/01/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,812,469	9,181,253	10,313,653	23,788,912	38,746,585	36,837,239	23,191,091	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5463 x	0.4312 x	0.2347 x	0.9017 x	1.288 x	0.8575 x	0.4638 x	-
Free Cash Flow ¹	48,081,437	20,748,165	-2,121,385	-	1,402,123	31,381,500	85,730,200	-
ROE (net income / shareholders' equity)	42.9%	39.1%	36.4%	21.3%	20.4%	17%	17.2%	14.8%
ROA (Net income/ Total Assets)	13.4%	13.5%	17.5%	9.68%	8.19%	7.36%	7.77%	7.3%
Assets ¹	158,464,866	206,089,507	223,154,450	295,858,820	404,585,881	415,046,086	498,599,105	490,561,644
Book Value Per Share ²	13,118	20,145	28,964	33,213	41,116	46,886	52,858	61,653
Cash Flow per Share ²	4,953	5,208	3,083	9,673	3,514	6,226	3,238	-
Capex ¹	4,946,141	1,524,898	15,399,303	29,577,482	13,900,237	15,000,000	11,855,863	-
Capex / Sales	9.54%	2.15%	18.1%	47.41%	13.45%	14.37%	9.95%	-
Announcement Date	30/01/20	28/01/21	28/01/22	30/01/23	29/01/24	-	-	-

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 Vinhomes

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

40,800 VND

Average target price

63,094 VND

Spread / Average Target

+54.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

	1st Jan change	Capi.
VINHOMES	-5.56%	7.01B
VONOVIA SE	-9.36%	22.5B
AKELIUS RESIDENTIAL PROPERTY AB	+9.02%	10.79B
CHINA VANKE CO., LTD.	-34.32%	10.32B
DEUTSCHE WOHNEN SE	-28.99%	7.2B
VINGROUP	-0.34%	6.53B
LEG IMMOBILIEN SE	-3.03%	6.09B
OPEN HOUSE GROUP CO., LTD.	+12.96%	3.57B
IIDA GROUP HOLDINGS CO., LTD.	-5.92%	3.54B
TRICON RESIDENTIAL INC.	+27.36%	3.32B

Residential Real Estate Development