Financials Vietnam Electrical EquipmentCorporation

Equities

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-05-02 EDT			5-day change	1st Jan Change
20,650 ^VND	-1.43%		-0.72%	-12.50%

04-26	GELEX Group Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-12	GELEX Group Joint Stock Company Appoints Bui Dang Khoa as Chief Financial Officer	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,447,521	10,574,304	34,613,304	10,558,548	20,095,301	17,583,388	-	-
Enterprise Value (EV) ¹	9,447,521	10,574,304	34,613,304	10,558,548	20,095,301	27,657,078	26,631,671	24,725,452
P/E ratio	12.7 x	13.6 x	26.9 x	28.6 x	60.7 x	26.8 x	19.5 x	14.1 x
Yield	-	-	-	-	-	4.1%	5.14%	6.34%
Capitalization / Revenue	0.62 x	0.59 x	1.21 x	-	0.67 x	0.55 x	0.49 x	0.43 x
EV / Revenue	0.62 x	0.59 x	1.21 x	-	0.67 x	0.86 x	0.74 x	0.61 x
EV / EBITDA	4.42 x	4.84 x	7.66 x	-	2.87 x	4.04 x	3.44 x	2.68 x
EV / FCF	-	-7,048,432 x	-	-	-	-	-	-
FCF Yield	-	-0%	-	-	-	-	-	-
Price to Book	1.48 x	-	-	-	1.63 x	1.44 x	1.44 x	1.44 x
Nbr of stocks (in thousands)	532,186	512,266	851,496	851,496	851,496	851,496	-	-
Reference price ²	17,752	20,642	40,650	12,400	23,600	20,650	20,650	20,650
Announcement Date	20-01-31	21-02-01	22-01-27	23-03-22	24-01-31	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,314,007	17,948,761	28,584,693	-	29,998,097	32,168,381	35,975,640	40,837,915
EBITDA ¹	2,137,837	2,185,357	4,520,098	-	6,991,469	6,842,876	7,741,408	9,237,659
EBIT ¹	1,163,732	1,518,509	2,201,093	-	2,794,426	2,942,003	3,690,528	4,759,561
Operating Margin	7.6%	8.46%	7.7%	-	9.32%	9.15%	10.26%	11.65%
Earnings before Tax (EBT) ¹	1,100,407	1,186,708	2,054,428	-	1,398,101	2,441,000	2,491,000	3,398,000
Net income ¹	635,213	790,816	1,043,748	368,916	331,021	1,003,000	854,000	1,125,000
Net margin	4.15%	4.41%	3.65%	-	1.1%	3.12%	2.37%	2.75%
EPS ²	1,395	1,522	1,509	433.0	389.0	770.9	1,057	1,464
Free Cash Flow	-	-1,500,235	-	-	-	-	-	-
FCF margin	-	-8.36%	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	846.8	1,060	1,309
Announcement Date	20-01-31	21-02-01	22-01-27	23-03-22	24-01-31	-	-	-

¹VND in Million²VND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	10,073,690	9,048,283	7,142,064
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.472 x	1.169 x	0.7731 x
Free Cash Flow	-	-1,500,235	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.6%	12%	11%	-	2.71%	5.98%	7.25%	10.1%
ROA (Net income/ Total Assets)	3.3%	3.27%	2.36%	-	0.62%	1.8%	1.5%	2%
Assets ¹	19,252,508	24,181,021	44,170,478	-	53,728,514	55,722,222	56,933,333	56,250,000
Book Value Per Share ²	11,993	-	-	-	14,507	14,369	14,369	14,369
Cash Flow per Share ²	-	-	-	-	-	5,955	7,023	8,554
Capex ¹	1,718,004	-	7,847,346	-	5,364,589	4,123,000	4,435,000	2,785,000
Capex / Sales	11.22%	-	27.45%	-	17.88%	12.82%	12.33%	6.82%
Announcement Date	20-01-31	21-02-01	22-01-27	23-03-22	24-01-31	-	-	-

¹VND in Million²VND

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

20,650 VND

Average target price

26,200 VND

Spread / Average Target

+26.88%

	1st Jan change	Capi.
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WEG S.A.	+4.69%	31.89B
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