Financials Becamex Infrastructure Development

Equities

IJC

VN000000IJC4

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. 18:00:00 2024-05-14 EDT 5-day change 1st Jan Change
13,950 VND +0.72% Intraday chart for Becamex Infrastructure Development -2.11% 0.00%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,035,085 2,193,557 3,358,884 6,795,146 2,626,878 3,513,064
Enterprise Value (EV) 1 2,456,536 2,607,381 4,001,808 7,766,005 3,399,016 4,205,916
P/E ratio 4.94 x 8.57 x 9.63 x 11.5 x 5.45 x 9.57 x
Yield 15.9% 7.5% 6.12% - 13.4% -
Capitalization / Revenue 0.83 x 1.37 x 1.57 x 2.61 x 1.33 x 2.35 x
EV / Revenue 1.97 x 1.63 x 1.87 x 2.98 x 1.73 x 2.81 x
EV / EBITDA 5.93 x 5.55 x 6.49 x 8.33 x 4.48 x 6.93 x
EV / FCF 3.23 x 2.19 x -13 x -7.83 x 4.02 x 3.53 x
FCF Yield 30.9% 45.7% -7.68% -12.8% 24.9% 28.3%
Price to Book 0.6 x 1.2 x 1.62 x 2.03 x 0.69 x 0.92 x
Nbr of stocks (in thousands) 159,033 159,033 159,033 251,833 251,833 251,833
Reference price 2 6,509 13,793 21,121 26,983 10,431 13,950
Announcement Date 4/1/19 3/24/20 3/23/21 2/25/22 3/10/23 3/28/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,245,788 1,599,816 2,141,296 2,601,723 1,968,123 1,494,344
EBITDA 1 414,604 469,918 616,308 932,553 758,400 606,814
EBIT 1 377,221 432,183 572,140 883,976 705,128 549,853
Operating Margin 30.28% 27.01% 26.72% 33.98% 35.83% 36.8%
Earnings before Tax (EBT) 1 282,323 344,963 451,587 782,818 640,504 494,393
Net income 1 232,986 284,442 369,903 621,100 511,049 394,853
Net margin 18.7% 17.78% 17.27% 23.87% 25.97% 26.42%
EPS 2 1,317 1,610 2,192 2,352 1,914 1,458
Free Cash Flow 1 760,172 1,192,306 -307,428 -991,804 846,146 1,192,254
FCF margin 61.02% 74.53% -14.36% -38.12% 42.99% 79.78%
FCF Conversion (EBITDA) 183.35% 253.73% - - 111.57% 196.48%
FCF Conversion (Net income) 326.27% 419.17% - - 165.57% 301.95%
Dividend per Share 2 1,034 1,034 1,293 - 1,400 -
Announcement Date 4/1/19 3/24/20 3/23/21 2/25/22 3/10/23 3/28/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,421,451 413,824 642,924 970,859 772,139 692,853
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.428 x 0.8806 x 1.043 x 1.041 x 1.018 x 1.142 x
Free Cash Flow 1 760,172 1,192,306 -307,428 -991,804 846,146 1,192,254
ROE (net income / shareholders' equity) 13.7% 15.9% 18.9% 22.9% 14.3% 10.3%
ROA (Net income/ Total Assets) 2.92% 3.44% 5.03% 8.22% 6.61% 5.32%
Assets 1 7,989,931 8,258,813 7,352,922 7,560,471 7,730,050 7,426,514
Book Value Per Share 2 10,920 11,522 13,018 13,278 15,154 15,183
Cash Flow per Share 2 1,295 352.0 1,823 583.0 897.0 1,128
Capex 1 25,568 45,294 43,630 44,933 74,946 24,380
Capex / Sales 2.05% 2.83% 2.04% 1.73% 3.81% 1.63%
Announcement Date 4/1/19 3/24/20 3/23/21 2/25/22 3/10/23 3/28/24
1VND in Million2VND
Estimates
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