Company Valuation: Dry Cell and Storage Battery

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,277,972 1,719,453 1,547,508 1,126,939 1,984,342 1,561,444
Change - 34.55% -10% -27.18% 76.08% -21.31%
Enterprise Value (EV) 1 1,749,363 2,016,490 2,085,342 1,550,572 2,448,834 2,164,484
Change - 15.27% 3.41% -25.64% 57.93% -11.61%
P/E 9.56x 11x 10.9x 10.9x 17.4x 14.7x
PBR 1.75x 1.98x 1.67x 1.19x 2.05x 1.52x
PEG - 0.6x -1.19x -0.4x 1.75x -2.08x
Capitalization / Revenue 0.43x 0.56x 0.46x 0.35x 0.62x 0.44x
EV / Revenue 0.59x 0.66x 0.61x 0.49x 0.76x 0.6x
EV / EBITDA 6.2x 7.48x 6.5x 6.05x 9.17x 8.41x
EV / EBIT 8.64x 10.7x 9.08x 9.07x 13.8x 13.1x
EV / FCF 19x 19x -9.06x 12.7x 52.6x -14.8x
FCF Yield 5.27% 5.27% -11% 7.86% 1.9% -6.76%
Dividend per Share 2 909.1 909.1 1,030 909.1 909.1 -
Rate of return 5.45% 4.05% 5.11% 6.19% 3.51% -
EPS 2 1,744 2,040 1,854 1,352 1,486 1,381
Distribution rate 52.1% 44.6% 55.6% 67.2% 61.2% -
Net sales 1 2,954,018 3,048,518 3,398,698 3,184,947 3,205,409 3,586,573
EBITDA 1 282,139 269,576 320,892 256,465 267,129 257,395
EBIT 1 202,380 188,167 229,784 171,029 177,758 165,036
Net income 1 148,583 173,827 157,931 115,202 126,627 117,683
Net Debt 1 471,391 297,037 537,834 423,633 464,492 603,040
Reference price 2 16,666.67 22,424.24 20,181.82 14,696.97 25,878.79 20,363.64
Nbr of stocks (in thousands) 76,678 76,678 76,678 76,678 76,678 76,678
Announcement Date 18/03/21 10/03/22 13/03/23 10/03/24 11/03/25 08/03/26
1VND in Million2VND
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 41.02M
24.99x2.98x16.25x2.06% 235B
14.05x1.74x7.85x3.64% 203B
30.75x3.94x18.19x1.59% 185B
38.9x5.74x24.1x1.01% 170B
46.49x6.24x27.91x1.06% 155B
30.36x4.36x21.38x0.89% 101B
94.48x11.71x66.87x0.33% 97.45B
40.73x6.69x26.87x0.1% 94.75B
31.71x3.94x21.16x1.06% 91.93B
Average 39.16x 5.26x 25.62x 1.31% 133.36B
Weighted average by Cap. 35.46x 4.73x 22.77x 1.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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