Company Valuation: Masan Group Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 201,872,240 132,406,405 95,866,508 100,684,613 111,335,490 103,382,955 - -
Change - -34.41% -27.6% 5.03% 10.58% -7.14% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 151,542,841 147,978,374 141,407,279
Change - -44.23% 12.17% -5.1% 16.44% -7.66% -2.35% -4.44%
P/E 23.5x 37x 228x 52x 28.4x 15.6x 12x 10.2x
PBR 6.14x - 3.61x 3.33x 3.15x 2.28x 1.87x 1.6x
PEG - -0.6x -2.6x 0x 0x 0.2x 0.4x 0.6x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 1.01x 0.91x 0.84x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.47x 1.3x 1.15x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 8.79x 7.95x 7.53x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 13.8x 11.5x 11.1x
EV / FCF - - -85.9x 21.9x -337x 34.7x 15.4x 16.6x
FCF Yield - - -1.16% 4.56% -0.3% 2.89% 6.48% 6.02%
Dividend per Share 2 - - - - - 1,293 1,627 2,066
Rate of return - - - - - 1.81% 2.28% 2.89%
EPS 2 6,058 2,511 294 1,345 2,710 4,580 5,955 6,980
Distribution rate - - - - - 28.2% 27.3% 29.6%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 102,853,772 113,957,437 122,554,206
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 17,230,745 18,619,756 18,766,733
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 10,959,588 12,819,624 12,713,900
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 6,847,339 8,895,526 10,501,030
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 48,159,886 44,595,419 38,024,324
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 71,500.00 71,500.00 71,500.00
Nbr of stocks (in thousands) 1,416,647 1,423,725 1,430,843 1,438,352 1,445,915 1,445,915 - -
Announcement Date 1/27/22 1/28/23 1/30/24 1/24/25 1/24/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.61x1.48x8.79x1.81% 3.93B
20.63x2.97x14.61x3.79% 263B
21.19x2.49x14.66x3.34% 79.25B
18.38x1.86x10.47x3.36% 50.57B
16.72x0.51x9.85x2.74% 36.19B
22.92x3.37x13.7x3.15% 37.13B
38.54x3.25x19.31x0.92% 32.38B
67.49x10.07x42.78x1.13% 28.27B
10.95x1.83x8.99x7% 27.2B
12.52x0.37x8.55x2.62% 21.15B
Average 24.50x 2.82x 15.17x 2.98% 57.86B
Weighted average by Cap. 22.92x 2.88x 15.01x 3.39%

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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