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 95,864,195 - -
Change - -34.41% -27.6% 5.03% 10.58% -13.9% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 149,213,326 141,372,855 132,690,659
Change - -44.23% 12.17% -5.1% 16.44% -9.08% -5.25% -6.14%
P/E 23.5x 37x 228x 52x 28.4x 12.8x 10.3x 8.99x
PBR 6.14x - 3.61x 3.33x 3.15x 2.28x 1.83x 1.59x
PEG - -0.6x -2.6x 0x 0x 0.1x 0.4x 0.6x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.87x 0.82x 0.75x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.36x 1.21x 1.04x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.34x 7.92x 6.89x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 12.8x 10.7x 10x
EV / FCF - - -85.9x 21.9x -337x 34.1x 14.8x 15.6x
FCF Yield - - -1.16% 4.56% -0.3% 2.93% 6.78% 6.41%
Dividend per Share 2 - - - - - 1,173 1,329 1,608
Rate of return - - - - - 1.77% 2% 2.42%
EPS 2 6,058 2,511 294 1,345 2,710 5,178 6,415 7,377
Distribution rate - - - - - 22.7% 20.7% 21.8%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 109,626,922 116,362,984 127,231,006
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 15,979,080 17,857,620 19,248,540
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 11,673,381 13,222,818 13,224,134
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 53,349,131 45,508,660 36,826,464
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 66,300.00 66,300.00 66,300.00
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 27/1/22 28/1/23 30/1/24 24/1/25 24/1/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.06x2.89x14.41x3.87% 257B
20.24x2.53x15.09x3.24% 81.08B
18.24x1.86x10.56x3.46% 50.45B
14.84x0.55x9.85x2.6% 38.63B
22.53x3.4x13.76x3.1% 37.4B
39.13x3.33x19.4x0.9% 33.76B
69.4x10.65x44.16x1.1% 30.25B
102.29x1.91x9.51x6.31% 30.1B
Average 38.47x 3.39x 17.09x 3.07% 69.79B
Weighted average by Cap. 28.45x 3.01x 15.45x 3.4%

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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  5. Valuation Masan Group Corporation