Company Valuation: Dry Cell and Storage Battery

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,277,972 1,719,453 1,547,508 1,126,939 1,984,342 1,561,444
Change - 34.55% -10% -27.18% 76.08% -21.31%
Enterprise Value (EV) 1 1,749,363 2,016,490 2,085,342 1,550,572 2,448,834 2,164,484
Change - 15.27% 3.41% -25.64% 57.93% -11.61%
P/E 9.56x 11x 10.9x 10.9x 17.4x 14.7x
PBR 1.75x 1.98x 1.67x 1.19x 2.05x 1.52x
PEG - 0.6x -1.19x -0.4x 1.75x -2.08x
Capitalization / Revenue 0.43x 0.56x 0.46x 0.35x 0.62x 0.44x
EV / Revenue 0.59x 0.66x 0.61x 0.49x 0.76x 0.6x
EV / EBITDA 6.2x 7.48x 6.5x 6.05x 9.17x 8.41x
EV / EBIT 8.64x 10.7x 9.08x 9.07x 13.8x 13.1x
EV / FCF 19x 19x -9.06x 12.7x 52.6x -14.8x
FCF Yield 5.27% 5.27% -11% 7.86% 1.9% -6.76%
Dividend per Share 2 909.1 909.1 1,030 909.1 909.1 -
Rate of return 5.45% 4.05% 5.11% 6.19% 3.51% -
EPS 2 1,744 2,040 1,854 1,352 1,486 1,381
Distribution rate 52.1% 44.6% 55.6% 67.2% 61.2% -
Net sales 1 2,954,018 3,048,518 3,398,698 3,184,947 3,205,409 3,586,573
EBITDA 1 282,139 269,576 320,892 256,465 267,129 257,395
EBIT 1 202,380 188,167 229,784 171,029 177,758 165,036
Net income 1 148,583 173,827 157,931 115,202 126,627 117,683
Net Debt 1 471,391 297,037 537,834 423,633 464,492 603,040
Reference price 2 16,666.67 22,424.24 20,181.82 14,696.97 25,878.79 20,363.64
Nbr of stocks (in thousands) 76,678 76,678 76,678 76,678 76,678 76,678
Announcement Date 3/18/21 3/10/22 3/13/23 3/10/24 3/11/25 3/8/26
1VND in Million2VND
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 41.61M
25.49x3.02x16.47x2.03% 239B
14.05x1.73x7.84x3.64% 203B
31.8x4.07x18.77x1.53% 192B
38.81x5.73x24.05x1.01% 169B
46x6.17x27.61x1.08% 154B
30.69x4.41x21.61x0.88% 102B
93.76x11.62x66.36x0.33% 96.97B
41.74x6.86x27.54x0.1% 97.09B
32.65x4.05x21.73x1.03% 94.64B
Average 39.44x 5.30x 25.77x 1.29% 134.78B
Weighted average by Cap. 35.65x 4.75x 22.86x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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