Company Valuation: Masan Group Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 201,872,240 132,406,405 95,866,508 100,684,613 111,335,490 99,768,167 - -
Change - -34.41% -27.6% 5.03% 10.58% -10.39% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 153,089,395 145,115,804 136,252,537
Change - -44.23% 12.17% -5.1% 16.44% -6.72% -5.21% -6.11%
P/E 23.5x 37x 228x 52x 28.4x 13.2x 10.7x 9.29x
PBR 6.14x - 3.61x 3.33x 3.15x 2.36x 1.9x 1.65x
PEG - -0.6x -2.6x 0x 0x 0.1x 0.5x 0.6x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.9x 0.85x 0.78x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.39x 1.24x 1.06x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.34x 8.07x 7.03x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 12.8x 10.9x 10.2x
EV / FCF - - -85.9x 21.9x -337x 35x 15.1x 16x
FCF Yield - - -1.16% 4.56% -0.3% 2.86% 6.6% 6.24%
Dividend per Share 2 - - - - - 1,173 1,329 1,608
Rate of return - - - - - 1.7% 1.93% 2.33%
EPS 2 6,058 2,511 294 1,345 2,710 5,223 6,455 7,429
Distribution rate - - - - - 22.5% 20.6% 21.6%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 110,456,484 117,120,438 128,423,470
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 16,396,763 17,993,203 19,371,581
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 11,969,119 13,313,863 13,321,410
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 7,558,132 9,121,285 10,501,030
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 53,321,228 45,347,638 36,484,371
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 69,000.00 69,000.00 69,000.00
Nbr of stocks (in thousands) 1,416,647 1,423,725 1,430,843 1,438,352 1,445,915 1,445,915 - -
Announcement Date 27/01/22 28/01/23 30/01/24 24/01/25 24/01/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.44x1.4x9.44x1.67% 3.89B
20.7x2.82x14.07x3.99% 249B
19.88x2.5x14.89x3.29% 79.71B
17.08x1.78x10.04x3.66% 47.92B
15.81x0.56x10.25x2.44% 41.15B
21.48x3.25x13.22x3.25% 35.65B
35.81x3.11x18x1.03% 31.44B
-25.79x1.95x9.72x6.1% 31.14B
65.92x10.12x41.96x1.16% 29.05B
12.52x0.4x9.06x2.34% 23.6B
Average 19.69x 2.79x 15.06x 2.89% 57.24B
Weighted average by Cap. 20.19x 2.78x 14.68x 3.43%

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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