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 95,866,508 100,684,613 111,335,490 101,503,265 - -
Change - -34.41% -27.6% 5.03% 10.58% -8.83% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 154,824,493 146,850,903 137,987,636
Change - -44.23% 12.17% -5.1% 16.44% -5.66% -5.15% -6.04%
P/E 23.5x 37x 228x 52x 28.4x 13.4x 10.9x 9.45x
PBR 6.14x - 3.61x 3.33x 3.15x 2.41x 1.94x 1.68x
PEG - -0.6x -2.6x 0x 0x 0.1x 0.5x 0.6x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.92x 0.87x 0.79x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.4x 1.25x 1.07x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.44x 8.16x 7.12x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 12.9x 11x 10.4x
EV / FCF - - -85.9x 21.9x -337x 35.4x 15.3x 16.2x
FCF Yield - - -1.16% 4.56% -0.3% 2.82% 6.53% 6.16%
Dividend per Share 2 - - - - - 1,173 1,329 1,608
Rate of return - - - - - 1.67% 1.89% 2.29%
EPS 2 6,058 2,511 294 1,345 2,710 5,223 6,455 7,429
Distribution rate - - - - - 22.5% 20.6% 21.6%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 110,456,484 117,120,438 128,423,470
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 16,396,763 17,993,203 19,371,581
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 11,969,119 13,313,863 13,321,410
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 7,558,132 9,121,285 10,501,030
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 53,321,228 45,347,638 36,484,371
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 70,200.00 70,200.00 70,200.00
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.($)
13.44x1.4x9.44x1.67% 3.89B
20.67x2.82x14.06x4% 251B
19.87x2.5x14.88x3.3% 79.68B
17.19x1.79x10.1x3.64% 48.49B
14.65x0.53x9.61x2.64% 38.12B
21.95x3.32x13.44x3.18% 36.43B
37.34x3.23x18.58x0.98% 32.6B
-106.99x1.9x9.45x6.37% 29.8B
67.15x10.31x42.74x1.13% 29.27B
Average 11.70x 3.09x 15.81x 2.99% 61.07B
Weighted average by Cap. 16.41x 2.92x 14.99x 3.5%

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 Masan Group Corporation