Financials Vincom Retail

Equities

VRE

VN000000VRE6

Real Estate Development & Operations

End-of-day quote Ho Chi Minh S.E. Other stock markets 18:00:00 2024-06-27 EDT			5-day change	1st Jan Change
20,450 ^VND	+0.25%		+2.25%	-12.23%

05-20	Vincom Retail Joint Stock Company Announces Establishing A Subsidiary	CI
04-26	Vincom Retail Joint Stock Company Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,258,826	71,350,798	68,396,784	59,761,974	52,945,019	46,468,911	-	-
Enterprise Value (EV) ¹	78,655,203	72,489,998	68,257,535	55,928,997	51,708,072	39,741,311	37,231,811	27,733,511
P/E ratio	27.7 x	30 x	52 x	21.5 x	12 x	11 x	9.94 x	8.65 x
Yield	-	-	-	-	-	-	0.98%	-
Capitalization / Revenue	8.34 x	8.57 x	11.6 x	8.18 x	5.41 x	4.99 x	4.56 x	4.19 x
EV / Revenue	8.49 x	8.7 x	11.6 x	7.65 x	5.28 x	4.27 x	3.65 x	2.5 x
EV / EBITDA	15.6 x	15.6 x	21.1 x	12 x	8.59 x	5.97 x	5.28 x	3.7 x
EV / FCF	-	-193 x	585 x	22.1 x	-11.7 x	11.5 x	12.3 x	2.77 x
FCF Yield	-	-0.52%	0.17%	4.53%	-8.57%	8.71%	8.12%	36.1%
Price to Book	2.87 x	2.44 x	2.23 x	1.79 x	1.4 x	1.11 x	1.03 x	-
Nbr of stocks (in thousands)	2,272,318	2,272,318	2,272,318	2,272,318	2,272,318	2,272,318	-	-
Reference price ²	34,000	31,400	30,100	26,300	23,300	20,450	20,450	20,450
Announcement Date	1/31/20	1/28/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,259,257	8,329,000	5,891,141	7,308,593	9,791,335	9,313,558	10,200,754	11,077,543
EBITDA ¹	5,032,336	4,660,422	3,238,728	4,672,367	6,019,898	6,652,363	7,055,415	7,493,493
EBIT ¹	3,585,012	3,184,000	1,757,174	3,220,437	4,565,967	4,799,989	5,384,936	5,227,225
Operating Margin	38.72%	38.23%	29.83%	44.06%	46.63%	51.54%	52.79%	47.19%
Earnings before Tax (EBT) ¹	3,577,952	2,993,000	1,692,277	3,472,622	5,526,087	5,308,200	5,932,086	6,840,300
Net income ¹	2,848,058	2,382,000	1,314,510	2,734,795	4,408,600	4,236,000	4,737,157	5,482,220
Net margin	30.76%	28.6%	22.31%	37.42%	45.03%	45.48%	46.44%	49.49%
EPS ²	1,226	1,048	578.5	1,222	1,940	1,865	2,057	2,365
Free Cash Flow ¹	-	-375,647	116,659	2,533,533	-4,429,759	3,461,250	3,023,750	9,998,300
FCF margin	-	-4.51%	1.98%	34.67%	-45.24%	37.16%	29.64%	90.26%
FCF Conversion (EBITDA)	-	-	3.6%	54.22%	-	52.03%	42.86%	133.43%
FCF Conversion (Net income)	-	-	8.87%	92.64%	-	81.71%	63.83%	182.38%
Dividend per Share ²	-	-	-	-	-	-	200.0	-
Announcement Date	1/31/20	1/28/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	1,367,010	1,369,460	1,849,532	2,005,196	2,084,406	1,943,276	2,172,827	3,332,560	2,342,672	2,254,643	-	-	-	-	-
EBITDA ¹	563,907	871,447	1,311,699	1,449,000	1,264,763	1,451,848	1,433,603	1,796,569	1,337,878	1,379,788	1,555,351	1,555,351	1,555,351	1,721,530	1,721,530
EBIT ¹	201,268	523,556	956,443	943,404	885,224	1,080,627	1,071,548	1,430,253	983,539	1,072,734	1,183,497	1,183,497	1,183,497	1,353,714	1,353,714
Operating Margin	14.72%	38.23%	51.71%	47.05%	42.47%	55.61%	49.32%	42.92%	41.98%	47.58%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS ²	53.61	166.1	340.2	349.2	366.6	-	-	-	-	476.4	441.0	441.0	441.0	517.1	517.1
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/28/22	4/28/22	7/28/22	10/27/22	1/30/23	4/24/23	7/28/23	10/24/23	1/30/24	4/26/24	-	-	-	-	-

¹VND in Million²VND

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,396,377	1,139,200	-	-	-	-	-	-
Net Cash position ¹	-	-	139,249	3,832,977	1,236,947	6,727,600	9,237,100	18,735,400
Leverage (Debt/EBITDA)	0.2775 x	0.2444 x	-	-	-	-	-	-
Free Cash Flow ¹	-	-375,647	116,659	2,533,533	-4,429,759	3,461,250	3,023,750	9,998,300
ROE (net income / shareholders' equity)	10.3%	8.47%	4.39%	8.55%	12.4%	11.2%	11%	11.3%
ROA (Net income/ Total Assets)	7.65%	6.3%	3.38%	6.79%	9.45%	8.57%	8.86%	9.78%
Assets ¹	37,253,086	37,804,123	38,844,858	40,287,306	46,643,954	49,447,452	53,484,050	56,084,092
Book Value Per Share ²	11,845	12,895	13,473	14,695	16,637	18,457	19,884	-
Cash Flow per Share ²	-	-	-	-	1,713	917.0	660.0	-
Capex ¹	3,929,424	4,279,804	1,567,282	2,538,150	8,321,768	1,961,663	2,659,814	3,610,600
Capex / Sales	42.44%	51.38%	26.6%	34.73%	84.99%	21.06%	26.07%	32.59%
Announcement Date	1/31/20	1/28/21	1/28/22	1/30/23	1/30/24	-	-	-

¹VND in Million²VND

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vincom Retail

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20,450 VND

Average target price

33,404 VND

Spread / Average Target

+63.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail Real Estate Development

	1st Jan change	Capi.
VINCOM RETAIL	-12.23%	1.83B
SCENTRE GROUP	+4.35%	10.8B
THE PHOENIX MILLS LIMITED	+60.39%	7.72B
PLAZA S.A.	+10.06%	3.18B
ARABIAN CENTRES COMPANY	-1.73%	2.55B
ATRIUM LJUNGBERG AB	-11.12%	2.45B
MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.	-20.69%	2.36B
OLAV THON EIENDOMSSELSKAP ASA	+20.11%	2.13B
EASYHOME NEW RETAIL GROUP CORPORATION LIMITED	-26.36%	2.1B
ALLOS S.A.	-20.45%	2.08B

Retail Real Estate Development