Financials FPT Corporation

Equities

FPT

VN000000FPT1

Consumer Goods Conglomerates

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-04-25 EDT			5-day change	1st Jan Change
123,200 ^VND	0.00%		+13.03%	+28.20%

05:50pm	Stock markets mixed, eyes on Middle East and Fed	AN
12:10pm	Business Square still up; Eurozone confidence falls	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	39,543,509	46,328,792	84,394,642	84,361,343	122,044,009	156,460,165	-	-
Enterprise Value (EV) ¹	37,173,682	41,948,213	78,341,826	77,267,269	111,706,616	143,424,104	138,373,847	137,779,272
P/E ratio	13.8 x	14.3 x	21.4 x	17.4 x	20.6 x	20.8 x	16.8 x	13.6 x
Yield	3.43%	3.16%	2.15%	-	-	1.98%	2.33%	2.77%
Capitalization / Revenue	1.43 x	1.55 x	2.37 x	1.92 x	2.32 x	2.5 x	2.06 x	1.78 x
EV / Revenue	1.34 x	1.41 x	2.2 x	1.76 x	2.12 x	2.29 x	1.82 x	1.56 x
EV / EBITDA	6.81 x	6.88 x	11.1 x	8.99 x	10.4 x	10.7 x	8.62 x	7.27 x
EV / FCF	25.7 x	12.7 x	26.8 x	42.3 x	20.2 x	17.6 x	15.3 x	13.8 x
FCF Yield	3.9%	7.87%	3.74%	2.37%	4.96%	5.68%	6.52%	7.25%
Price to Book	2.82 x	2.94 x	3.94 x	3.33 x	4.08 x	4.77 x	4.16 x	3.47 x
Nbr of stocks (in thousands)	1,237,888	1,244,057	1,252,308	1,261,581	1,269,969	1,269,969	-	-
Reference price ²	31,944	37,240	67,391	66,870	96,100	123,200	123,200	123,200
Announcement Date	20-01-23	21-01-27	22-01-25	23-01-19	24-01-25	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,716,960	29,830,401	35,657,263	44,017,299	52,617,901	62,506,114	75,980,126	88,142,606
EBITDA ¹	5,461,870	6,093,439	7,057,008	8,594,276	10,704,486	13,385,241	16,048,081	18,940,234
EBIT ¹	4,117,881	4,602,255	5,413,099	6,761,142	8,417,937	10,636,311	12,504,931	14,939,331
Operating Margin	14.86%	15.43%	15.18%	15.36%	16%	17.02%	16.46%	16.95%
Earnings before Tax (EBT) ¹	4,664,531	5,260,982	6,335,191	7,653,946	9,203,020	11,252,157	13,610,672	16,790,961
Net income ¹	3,135,350	3,537,547	4,332,535	5,295,017	6,470,522	7,617,880	9,748,015	12,067,824
Net margin	11.31%	11.86%	12.15%	12.03%	12.3%	12.19%	12.83%	13.69%
EPS ²	2,312	2,595	3,149	3,844	4,666	5,926	7,312	9,034
Free Cash Flow ¹	1,448,585	3,302,960	2,928,656	1,827,482	5,541,553	8,146,250	9,019,967	9,987,050
FCF margin	5.23%	11.07%	8.21%	4.15%	10.53%	13.03%	11.87%	11.33%
FCF Conversion (EBITDA)	26.52%	54.21%	41.5%	21.26%	51.77%	60.86%	56.21%	52.73%
FCF Conversion (Net income)	46.2%	93.37%	67.6%	34.51%	85.64%	106.94%	92.53%	82.76%
Dividend per Share ²	1,096	1,178	1,449	-	-	2,440	2,865	3,413
Announcement Date	20-01-23	21-01-27	22-01-25	23-01-19	24-01-25	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,704,056	-	10,096,060	19,826,314	-	13,042,426	11,681,379	12,484,364	13,761,745	14,690,413	14,092,928	14,983,181	16,515,002	17,557,187	-	-
EBITDA ¹	-	-	-	-	-	2,498,146	2,383,531	2,396,581	2,846,184	3,012,441	2,935,420	2,909,197	3,451,082	3,650,506	-	-
EBIT ¹	-	-	-	-	-	1,998,116	1,873,515	1,854,221	2,288,690	2,335,763	2,318,045	2,289,661	2,814,258	2,912,287	-	-
Operating Margin	-	-	-	-	-	15.32%	16.04%	14.85%	16.63%	15.9%	16.45%	15.28%	17.04%	16.59%	-	-
Earnings before Tax (EBT) ¹	-	-	1,857,845	3,636,892	-	-	2,120,644	2,218,133	2,429,150	2,435,093	2,533,582	2,884,677	3,008,918	3,095,064	-	-
Net income ¹	1,301,522	1,238,879	-	-	1,453,716	-	1,493,563	1,509,220	1,739,340	1,728,400	1,798,031	1,997,107	2,145,266	1,456,250	-	-
Net margin	12.16%	-	-	-	-	-	12.79%	12.09%	12.64%	11.77%	12.76%	13.33%	12.99%	8.29%	-	-
EPS ²	-	989.1	-	-	1,156	1,074	1,183	1,373	1,373	925.0	1,416	1,569	1,685	1,144	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	2,765	-	-
Announcement Date	22-01-25	22-04-22	22-07-22	22-07-22	22-10-25	23-01-19	23-04-21	23-07-19	23-10-19	24-01-25	24-04-22	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,369,827	4,380,579	6,052,816	7,094,074	10,337,393	13,036,062	18,086,318	18,681,059
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,448,585	3,302,960	2,928,656	1,827,482	5,541,553	8,146,250	9,019,967	9,987,050
ROE (net income / shareholders' equity)	23.7%	23.8%	21.7%	22.7%	28.1%	27.8%	28.6%	29.1%
ROA (Net income/ Total Assets)	9.89%	9.42%	9.08%	10.1%	11.6%	12.9%	13.4%	13.9%
Assets ¹	31,707,999	37,571,926	47,715,664	52,676,256	55,987,907	59,106,028	72,876,904	86,665,065
Book Value Per Share ²	11,342	12,655	17,104	20,086	23,582	25,849	29,638	35,537
Cash Flow per Share ²	-	5,087	4,672	3,641	7,511	8,807	10,757	12,835
Capex ¹	2,712,946	3,018,397	2,913,390	3,186,832	3,978,558	4,645,161	5,621,449	6,398,410
Capex / Sales	9.79%	10.12%	8.17%	7.24%	7.56%	7.43%	7.4%	7.26%
Announcement Date	20-01-23	21-01-27	22-01-25	23-01-19	24-01-25	-	-	-

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 FPT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

123,200 VND

Average target price

121,584 VND

Spread / Average Target

-1.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Consumer Goods Conglomerates

	1st Jan change	Capi.
FPT CORPORATION	+28.20%	6.18B
INTERNATIONAL HOLDING COMPANY	0.00%	239B
GE AEROSPACE	+28.79%	178B
HONEYWELL INTERNATIONAL INC.	-7.94%	126B
HITACHI, LTD.	+32.50%	79.32B
ILLINOIS TOOL WORKS INC.	-4.64%	74.17B
3M COMPANY	-15.64%	50.82B
ALPHA DHABI HOLDING	-24.68%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B
DANUBE AG	+14.46%	29.82B

Consumer Goods Conglomerates