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 95,866,508 100,684,613 111,335,490 101,349,998 - -
Change - -34.41% -27.6% 5.03% 10.58% -8.97% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 149,201,172 145,023,449 137,340,523
Change - -44.23% 12.17% -5.1% 16.44% -9.09% -2.8% -5.3%
P/E 23.5x 37x 228x 52x 28.4x 9.99x 8.4x 7.2x
PBR 6.14x - 3.61x 3.33x 3.15x 2.6x 1.82x 1.55x
PEG - -0.6x -2.6x 0x 0x 0x 0.4x 0.4x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.83x 0.73x 0.68x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.22x 1.04x 0.92x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 7.51x 6.78x 5.93x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 8.56x 7.39x 6.42x
EV / FCF - - -85.9x 21.9x -337x 68.2x 13.9x 13.2x
FCF Yield - - -1.16% 4.56% -0.3% 1.47% 7.17% 7.6%
Dividend per Share 2 - - - - - 1,210 1,399 1,725
Rate of return - - - - - 1.74% 2.02% 2.49%
EPS 2 6,058 2,511 294 1,345 2,710 6,947 8,265 9,643
Distribution rate - - - - - 17.4% 16.9% 17.9%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 122,719,717 139,734,353 149,239,079
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 19,864,303 21,395,950 23,150,186
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 17,423,058 19,626,163 21,390,306
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 10,574,797 12,671,981 15,079,854
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 47,851,174 43,673,451 35,990,525
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 69,400.00 69,400.00 69,400.00
Nbr of stocks (in thousands) 1,416,647 1,423,725 1,430,843 1,438,352 1,445,915 1,460,375 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.99x1.22x7.51x1.74% 3.93B
22.11x2.98x14.66x3.71% 266B
19.86x2.61x15.43x3.08% 84.03B
17.75x1.83x10.44x3.55% 47.6B
14.01x0.5x9.05x2.76% 36.52B
19.95x3.13x12.59x3.35% 34.42B
35.1x3.04x17.7x1.06% 31.01B
29.76x5.89x19.5x3.01% 30.33B
-8.79x1.89x9.44x6.43% 29.56B
Average 17.75x 2.57x 12.93x 3.19% 62.57B
Weighted average by Cap. 20.17x 2.76x 14.03x 3.46%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Masan Group Corporation

Historical PBR trend

Valuation ratios - PBR - Masan Group Corporation

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Masan Group Corporation

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Masan Group Corporation


Year-on-year evolution of the Yield

Valuation ratios - Yield - Masan Group Corporation
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