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 98,322,251 - -
Change - -34.41% -27.6% 5.03% 10.58% -11.69% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 147,038,314 142,917,670 136,346,575
Change - -44.23% 12.17% -5.1% 16.44% -10.4% -2.8% -4.6%
P/E 23.5x 37x 228x 52x 28.4x 14.7x 11.3x 9.74x
PBR 6.14x - 3.61x 3.33x 3.15x 2.17x 1.77x 1.53x
PEG - -0.6x -2.6x 0x 0x 0.2x 0.4x 0.6x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.95x 0.86x 0.8x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.42x 1.25x 1.11x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 8.53x 7.68x 7.27x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 13.5x 11.2x 10.7x
EV / FCF - - -85.9x 21.9x -337x 33.6x 14.9x 16x
FCF Yield - - -1.16% 4.56% -0.3% 2.97% 6.71% 6.24%
Dividend per Share 2 - - - - - 1,339 1,671 2,066
Rate of return - - - - - 1.97% 2.46% 3.04%
EPS 2 6,058 2,511 294 1,345 2,710 4,616 6,016 6,980
Distribution rate - - - - - 29% 27.8% 29.6%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 103,251,550 113,957,437 122,554,206
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 17,230,745 18,619,756 18,766,733
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 10,916,490 12,782,824 12,713,900
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 6,922,152 8,875,451 10,501,030
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 48,716,063 44,595,419 38,024,324
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 68,000.00 68,000.00 68,000.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.73x1.42x8.53x1.97% 3.74B
20.96x3.01x14.77x3.72% 269B
21.45x2.48x14.68x3.38% 78.84B
19.18x1.95x11x3.21% 53.29B
18.49x0.55x10.59x2.48% 40B
21.88x3.24x13.2x3.31% 35.44B
37.87x3.19x18.87x0.94% 31.5B
12.5x1.99x9.78x6.12% 31.1B
69.46x10.38x44.06x1.1% 28.49B
13.31x0.4x9.14x2.51% 22.47B
Average 24.98x 2.86x 15.46x 2.87% 59.38B
Weighted average by Cap. 23.21x 2.89x 15.15x 3.32%

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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