Financials Agriculture Printing and Packaging

Equities

INN

VN000000INN3

Commercial Printing Services

End-of-day quote HANOI S.E. 06:00:00 2024-06-25 pm EDT 5-day change 1st Jan Change
52,500 VND 0.00% Intraday chart for Agriculture Printing and Packaging -0.38% +17.45%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 516,672 527,195 598,518 687,715 700,206 802,544
Enterprise Value (EV) 1 419,621 523,526 595,429 849,918 676,218 552,840
P/E ratio 5.14 x 6.46 x 9.87 x 10.2 x 8.93 x 8.51 x
Yield - - 5.71% 5.22% 3.85% -
Capitalization / Revenue 0.44 x 0.4 x 0.49 x 0.45 x 0.41 x 0.52 x
EV / Revenue 0.36 x 0.4 x 0.49 x 0.55 x 0.4 x 0.36 x
EV / EBITDA 2.56 x 2.75 x 3.21 x 4.86 x 3.44 x 2.74 x
EV / FCF 5.21 x -11 x 14 x -9.85 x 3 x 2.72 x
FCF Yield 19.2% -9.09% 7.15% -10.2% 33.3% 36.7%
Price to Book 1.2 x 1.07 x 1.21 x 1.25 x 1.18 x 1.22 x
Nbr of stocks (in thousands) 17,280 17,993 17,101 17,956 17,954 17,954
Reference price 2 29,900 29,300 35,000 38,300 39,000 44,700
Announcement Date 3/14/19 3/18/20 3/10/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,164,601 1,309,529 1,210,062 1,536,424 1,710,202 1,532,155
EBITDA 1 163,655 190,241 185,286 174,701 196,673 201,621
EBIT 1 97,920 104,596 83,596 84,322 109,003 103,911
Operating Margin 8.41% 7.99% 6.91% 5.49% 6.37% 6.78%
Earnings before Tax (EBT) 1 95,923 107,353 83,643 88,621 103,189 113,101
Net income 1 76,738 85,883 67,080 70,897 82,552 99,241
Net margin 6.59% 6.56% 5.54% 4.61% 4.83% 6.48%
EPS 2 5,816 4,534 3,546 3,751 4,368 5,251
Free Cash Flow 1 80,554 -47,609 42,559 -86,267 225,169 203,009
FCF margin 6.92% -3.64% 3.52% -5.61% 13.17% 13.25%
FCF Conversion (EBITDA) 49.22% - 22.97% - 114.49% 100.69%
FCF Conversion (Net income) 104.97% - 63.45% - 272.76% 204.56%
Dividend per Share - - 2,000 2,000 1,500 -
Announcement Date 3/14/19 3/18/20 3/10/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - 162,204 - -
Net Cash position 1 97,051 3,669 3,088 - 23,988 249,703
Leverage (Debt/EBITDA) - - - 0.9285 x - -
Free Cash Flow 1 80,554 -47,609 42,559 -86,267 225,169 203,009
ROE (net income / shareholders' equity) 19.3% 18.2% 13.2% 13.3% 14.5% 15.9%
ROA (Net income/ Total Assets) 10.1% 9.04% 6.55% 5.48% 6.44% 6.24%
Assets 1 757,438 949,955 1,023,887 1,294,829 1,281,538 1,591,113
Book Value Per Share 2 24,933 27,477 28,887 30,635 32,977 36,587
Cash Flow per Share 2 6,637 3,677 3,477 2,976 6,122 6,677
Capex 1 40,957 158,073 116,734 80,677 54,246 44,161
Capex / Sales 3.52% 12.07% 9.65% 5.25% 3.17% 2.88%
Announcement Date 3/14/19 3/18/20 3/10/21 3/31/22 3/30/23 4/1/24
1VND in Million2VND
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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