TAYA VIET NAM ELECTRIC WIRE AND CABLE

Financials Taya Viet Nam Electric Wire and Cable

Equities

TYA

VN000000TYA4

Electrical Components & Equipment

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-05-09 EDT			5-day change	1st Jan Change
10,250 ^VND	+2.50%		+5.67%	-0.49%

04-09	Taya Viet Nam Electric Wire and Cable Joint Stock Company Announces Dividend for 2023	CI
03-07	Taya Viet Nam Electric Wire and Cable Joint Stock Company Approves Credit Limit	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	328,282	429,528	481,685	573,727	377,371	316,010
Enterprise Value (EV) ¹	364,500	609,471	575,285	921,324	634,867	407,549
P/E ratio	5.2 x	4.83 x	6.74 x	8.81 x	12.2 x	339 x
Yield	16.5%	16.4%	11.1%	4.81%	3.25%	-
Capitalization / Revenue	0.18 x	0.23 x	0.29 x	0.27 x	0.18 x	0.22 x
EV / Revenue	0.2 x	0.32 x	0.35 x	0.43 x	0.3 x	0.28 x
EV / EBITDA	3.77 x	4.5 x	5.2 x	8.43 x	9.35 x	8.79 x
EV / FCF	4.46 x	-5.66 x	4.32 x	-4.33 x	6.23 x	2.24 x
FCF Yield	22.4%	-17.7%	23.1%	-23.1%	16.1%	44.5%
Price to Book	0.74 x	0.9 x	1.01 x	1.17 x	0.77 x	0.66 x
Nbr of stocks (in thousands)	30,681	30,681	30,681	30,681	30,681	30,681
Reference price ²	10,700	14,000	15,700	18,700	12,300	10,300
Announcement Date	19-03-11	20-03-13	21-03-19	22-03-21	23-03-21	24-03-20

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,786,353	1,882,753	1,657,383	2,127,113	2,087,708	1,467,791
EBITDA ¹	96,636	135,565	110,571	109,355	67,865	46,359
EBIT ¹	83,624	121,167	95,387	94,914	53,871	32,905
Operating Margin	4.68%	6.44%	5.76%	4.46%	2.58%	2.24%
Earnings before Tax (EBT) ¹	77,662	108,690	87,823	82,440	40,256	17,852
Net income ¹	63,181	88,970	71,504	66,979	31,950	961.3
Net margin	3.54%	4.73%	4.31%	3.15%	1.53%	0.07%
EPS ²	2,059	2,900	2,331	2,124	1,010	30.39
Free Cash Flow ¹	81,765	-107,642	133,099	-212,881	101,930	181,561
FCF margin	4.58%	-5.72%	8.03%	-10.01%	4.88%	12.37%
FCF Conversion (EBITDA)	84.61%	-	120.37%	-	150.2%	391.64%
FCF Conversion (Net income)	129.42%	-	186.14%	-	319.03%	18,886.68%
Dividend per Share ²	1,770	2,300	1,750	900.0	400.0	-
Announcement Date	19-03-11	20-03-13	21-03-19	22-03-21	23-03-21	24-03-20

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	36,218	179,943	93,599	347,597	257,496	91,539
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3748 x	1.327 x	0.8465 x	3.179 x	3.794 x	1.975 x
Free Cash Flow ¹	81,765	-107,642	133,099	-212,881	101,930	181,561
ROE (net income / shareholders' equity)	13.8%	19.2%	14.9%	13.9%	6.51%	0.2%
ROA (Net income/ Total Assets)	6.19%	8.78%	6.6%	5.63%	2.97%	2.05%
Assets ¹	1,020,360	1,013,467	1,083,184	1,190,147	1,073,993	46,814
Book Value Per Share ²	14,538	15,616	15,572	15,946	16,032	15,636
Cash Flow per Share ²	5,050	4,259	4,341	3,218	2,922	1,569
Capex ¹	10,784	25,158	6,421	9,515	3,021	7,845
Capex / Sales	0.6%	1.34%	0.39%	0.45%	0.14%	0.53%
Announcement Date	19-03-11	20-03-13	21-03-19	22-03-21	23-03-21	24-03-20

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Wires & Cables

	1st Jan change	Capi.
TAYA VIET NAM ELECTRIC WIRE AND CABLE	-0.49%	12.35M
PRYSMIAN S.P.A.	+36.02%	16.46B
NEXANS	+37.03%	5.1B
WALSIN LIHWA CORPORATION	-7.50%	4.44B
ENCORE WIRE CORPORATION	+31.51%	4.43B
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+8.73%	4.42B
KEI INDUSTRIES LIMITED	+20.64%	4.24B
RIYADH CABLES GROUP COMPANY	+3.78%	3.82B
LS CORP.	+55.58%	2.91B
R R KABEL LIMITED	+1.94%	2.3B

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Financials Taya Viet Nam Electric Wire and Cable

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