Company Valuation: DHG Pharmaceutical

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,774,306 11,100,341 13,597,591 13,584,517 13,375,323 12,551,623 - -
Change - -24.87% 22.5% -0.1% -1.54% -6.16% - -
Enterprise Value (EV) 1 12,828,324 11,100,341 11,845,622 11,426,573 11,221,427 10,689,123 10,693,823 10,700,823
Change - -13.47% 6.71% -3.54% -1.8% -4.74% 0.04% 0.07%
P/E 19.8x 11.6x 13.4x 18x 15.4x 13.5x 12.8x 12x
PBR 3.9x 2.59x - - - - - -
PEG - 0.4x 2.1x -0.7x 1x 1.97x 2.16x 1.82x
Capitalization / Revenue 3.69x 2.37x 2.71x 2.78x 2.54x 2.31x 2.21x 2.11x
EV / Revenue 3.2x 2.37x 2.36x 2.34x 2.13x 1.97x 1.88x 1.8x
EV / EBITDA 13.6x 9.59x 10.4x 10.5x 10.2x 9.25x 8.56x 8.01x
EV / EBIT 14.5x 9.98x 11.2x 12.4x 11.4x 10.2x 9.4x 8.77x
EV / FCF 30x 16.6x -48.1x 9.3x 9.48x 21.9x 13.1x 12.6x
FCF Yield 3.34% 6.01% -2.08% 10.8% 10.5% 4.57% 7.61% 7.91%
Dividend per Share 2 4,000 - - 10,000 - 7,000 7,200 7,500
Rate of return 3.54% - - 9.62% - 7.29% 7.5% 7.81%
EPS 2 5,720 7,318 7,786 5,763 6,644 7,100 7,521 8,016
Distribution rate 69.9% - - 174% - 98.6% 95.7% 93.6%
Net sales 1 4,003,170 4,676,016 5,015,395 4,884,868 5,266,963 5,435,000 5,690,600 5,958,700
EBITDA 1 944,647 1,157,079 1,140,985 1,089,971 1,105,507 1,155,200 1,248,900 1,335,900
EBIT 1 884,537 1,112,058 1,053,025 920,276 986,499 1,047,900 1,137,100 1,219,600
Net income 1 777,220 988,455 1,051,490 778,920 897,576 928,400 983,400 1,048,100
Net Debt 1 -1,945,982 - -1,751,969 -2,157,944 -2,153,896 -1,862,500 -1,857,800 -1,850,800
Reference price 2 113,000.00 84,900.00 104,000.00 103,900.00 102,300.00 96,000.00 96,000.00 96,000.00
Nbr of stocks (in thousands) 130,746 130,746 130,746 130,746 130,746 130,746 - -
Announcement Date 20/01/22 19/01/23 19/01/24 20/01/25 20/01/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.46x1.96x9.21x7.32% 479M
35.12x12.73x25.81x0.56% 1,100B
30.38x - - 1.97% 658B
33.92x7.84x16.3x2.58% 470B
20.83x4.94x12.23x2.67% 372B
22.71x5.84x14.47x2.73% 304B
21.88x4.48x12.79x1.96% 264B
27.97x7.21x12.8x2.28% 239B
13.99x4.96x10.35x3.67% 213B
-45.46x6.56x25.6x2.22% 184B
Average 17.48x 6.28x 15.51x 2.8% 380.34B
Weighted average by Cap. 25.30x 8.41x 18.55x 1.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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