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 65,963,762 -
Change - -39.96% -11.87% 133.88% 22.12% -14.86% -
Enterprise Value (EV) 51,263,225 30,780,079 27,126,329 63,442,393 80,695,114 65,963,762 65,963,762
Change - -39.96% -11.87% 133.88% 27.19% -18.26% 0%
P/E -2.91x -2.94x -4.67x 9.22x 8.33x 25.6x 10.9x
PBR - - - - 12.9x 5.81x 4.12x
PEG - 0.1x 0.1x -0x -2.18x -0.4x 0x
Capitalization / Revenue 1.84x 0.44x 0.3x - 0.64x 0.43x 0.36x
EV / Revenue 0x 0x 0x - 0x 0.43x 0.36x
EV / EBITDA -0x -0x 0x - 0x 9.17x 5.87x
EV / EBIT -0x -0x -0x - 0x 21.6x 7.98x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 -7,955 -4,720 -2,622 3,108 2,989 827 1,948
Distribution rate - - - - - - -
Net sales 1 27,911,340 70,578,565 91,458,545 - 121,212,932 154,735,500 183,520,000
EBITDA 1 -11,334,190 -3,898,493 3,460,806 - 12,855,244 7,196,000 11,237,000
EBIT 1 -13,382,865 -7,433,693 -2,524,686 - 8,008,391 3,060,500 8,262,000
Net income 1 -12,965,679 -10,452,635 -5,807,112 6,883,194 7,301,971 2,574,000 6,062,000
Net Debt - - - - 3,218,808 - -
Reference price 2 23,150.00 13,900.00 12,250.00 28,650.00 24,900.00 21,200.00 21,200.00
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.($)
25.21x - - - 2.51B
15.16x0.86x7.6x1.03% 50.16B
11.55x0.71x6.83x-.--% 31.73B
13.84x1.37x6.32x1.84% 27.49B
8.02x0.8x3.86x2.16% 24.42B
63.01x2.14x12.8x0.07% 19.18B
14.65x0.73x7.03x1.82% 19.4B
29.39x1.05x5.61x3.8% 16.05B
-9.86x1.58x11.03x-.--% 15.15B
9.57x1.12x4.74x3.43% 13.73B
Average 18.05x 1.15x 7.31x 1.57% 21.98B
Weighted average by Cap. 16.89x 1.08x 7.23x 1.38%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Vietnam Airlines

Historical PBR trend

Valuation ratios - PBR - Vietnam Airlines

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Vietnam Airlines

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Vietnam Airlines

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