Company Valuation: Vietnam Airlines

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 51,263,225 30,780,079 27,126,329 63,442,393 77,476,305 68,141,811 -
Change - -39.96% -11.87% 133.88% 22.12% -12.05% -
Enterprise Value (EV) 51,263,225 30,780,079 27,126,329 63,442,393 80,695,114 68,141,811 68,141,811
Change - -39.96% -11.87% 133.88% 27.19% -15.56% 0%
P/E -2.91x -2.94x -4.67x 9.22x 8.33x 7.79x 6.69x
PBR - - - - 12.9x 4.3x 2.61x
PEG - 0.1x 0.1x -0x -2.18x -1.3x 0.4x
Capitalization / Revenue 1.84x 0.44x 0.3x - 0.64x 0.52x 0.46x
EV / Revenue 0x 0x 0x - 0x 0.52x 0.46x
EV / EBITDA -0x -0x 0x - 0x 3.63x 3.4x
EV / EBIT -0x -0x -0x - 0x 6.02x 5.49x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 -7,955 -4,720 -2,622 3,108 2,989 2,810 3,274
Distribution rate - - - - - - -
Net sales 1 27,911,340 70,578,565 91,458,545 - 121,212,932 131,921,000 149,615,000
EBITDA 1 -11,334,190 -3,898,493 3,460,806 - 12,855,244 18,751,000 20,051,000
EBIT 1 -13,382,865 -7,433,693 -2,524,686 - 8,008,391 11,312,000 12,402,000
Net income 1 -12,965,679 -10,452,635 -5,807,112 6,883,194 7,301,971 1,075,000 8,190,500
Net Debt - - - - 3,218,808 - -
Reference price 2 23,150.00 13,900.00 12,250.00 28,650.00 24,900.00 21,900.00 21,900.00
Nbr of stocks (in thousands) 2,214,394 2,214,394 2,214,394 2,214,394 3,111,498 3,111,498 -
Announcement Date 4/4/22 1/19/23 1/31/24 2/3/25 1/29/26 - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.02x - - - 2.7B
12.38x0.89x6.91x0.98% 51.65B
9.78x0.78x6.4x-.--% 35.13B
13.2x1.32x5.97x1.9% 27.65B
8.15x0.8x3.75x2.22% 25.37B
65.93x2.27x13.2x0.07% 20.39B
27.84x1.09x5.8x3.69% 16.77B
-11.3x1.68x11.53x-.--% 15.98B
13.93x1.19x4.93x3.1% 15.2B
-12.31x1.62x10.23x-.--% 11.9B
Average 13.56x 1.29x 7.63x 1.33% 22.27B
Weighted average by Cap. 14.69x 1.18x 7.22x 1.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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