Company Valuation: DHG Pharmaceutical

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,774,306 11,100,341 13,597,591 13,584,517 13,375,323 11,767,146 - -
Change - -24.87% 22.5% -0.1% -1.54% -12.02% - -
Enterprise Value (EV) 1 12,828,324 11,100,341 11,845,622 11,426,573 11,221,427 9,904,646 9,909,346 9,916,346
Change - -13.47% 6.71% -3.54% -1.8% -11.73% 0.05% 0.07%
P/E 19.8x 11.6x 13.4x 18x 15.4x 12.7x 12x 11.2x
PBR 3.9x 2.59x - - - - - -
PEG - 0.4x 2.1x -0.7x 1x 1.85x 2.02x 1.7x
Capitalization / Revenue 3.69x 2.37x 2.71x 2.78x 2.54x 2.17x 2.07x 1.97x
EV / Revenue 3.2x 2.37x 2.36x 2.34x 2.13x 1.82x 1.74x 1.66x
EV / EBITDA 13.6x 9.59x 10.4x 10.5x 10.2x 8.57x 7.93x 7.42x
EV / EBIT 14.5x 9.98x 11.2x 12.4x 11.4x 9.45x 8.71x 8.13x
EV / FCF 30x 16.6x -48.1x 9.3x 9.48x 20.3x 12.2x 11.7x
FCF Yield 3.34% 6.01% -2.08% 10.8% 10.5% 4.93% 8.21% 8.54%
Dividend per Share 2 4,000 - - 10,000 - 7,000 7,200 7,500
Rate of return 3.54% - - 9.62% - 7.78% 8% 8.33%
EPS 2 5,720 7,318 7,786 5,763 6,644 7,100 7,521 8,016
Distribution rate 69.9% - - 174% - 98.6% 95.7% 93.6%
Net sales 1 4,003,170 4,676,016 5,015,395 4,884,868 5,266,963 5,435,000 5,690,600 5,958,700
EBITDA 1 944,647 1,157,079 1,140,985 1,089,971 1,105,507 1,155,200 1,248,900 1,335,900
EBIT 1 884,537 1,112,058 1,053,025 920,276 986,499 1,047,900 1,137,100 1,219,600
Net income 1 777,220 988,455 1,051,490 778,920 897,576 928,400 983,400 1,048,100
Net Debt 1 -1,945,982 - -1,751,969 -2,157,944 -2,153,896 -1,862,500 -1,857,800 -1,850,800
Reference price 2 113,000.00 84,900.00 104,000.00 103,900.00 102,300.00 90,000.00 90,000.00 90,000.00
Nbr of stocks (in thousands) 130,746 130,746 130,746 130,746 130,746 130,746 - -
Announcement Date 1/20/22 1/19/23 1/19/24 1/20/25 1/20/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.69x1.82x8.59x7.77% 453M
32.35x11.76x23.85x0.61% 1,014B
29.73x6.61x18.52x2.01% 644B
33.2x7.77x16.07x2.61% 464B
19.64x4.8x11.88x2.76% 354B
19.71x5.15x12.77x3.12% 265B
20.89x4.31x12.32x2.04% 253B
23.89x6.29x11.2x2.68% 203B
12.12x4.42x9.24x4.14% 186B
-44.67x6.51x25.43x2.23% 183B
Average 15.95x 5.95x 14.99x 3% 356.72B
Weighted average by Cap. 23.48x 7.64x 17.64x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation DHG Pharmaceutical
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