Business Analysis and Valuation - Petro Vietnam Gas
Autor: haduongle • April 28, 2015 • Coursework • 5,774 Words (24 Pages) • 1,087 Views
Ticker: GAS[pic 1] | Recommendation: HOLD |
Price (Dec 19, 2014): 68,000 VND | Price Target: 79,512 VND |
Forecast Summary | 2011 | 2012 | 2013 | 2014F | 2015F | 2016F | 2017F | 2018F |
Net Sales (million VND) | 64,224,500 | 68,301,359 | 65,399,686 | 72,593,651 | 83,482,699 | 97,674,758 | 117,209,709 | 142,995,845 |
EBITDA (million VND) | 11,858,894 | 15,940,112 | 18,434,982 | 20,914,231 | 24,051,366 | 28,140,098 | 33,768,117 | 41,197,103 |
Net Income (million VND) | 64,224,500 | 68,301,359 | 65,399,686 | 13,140,492 | 15,143,449 | 17,753,969 | 21,347,273 | 26,090,435 |
EPS (VND) | 2,285 | 5,167 | 6,478 | 6,934 | 7,991 | 9,369 | 11,265 | 13,768 |
ROE (%) | 28% | 40% | 42% | 32.20% | 30.12% | 28.48% | 27.37% | 26.51% |
Key Market Data | |
Listed on | HOSE |
Ticker | GAS |
Industry | Oil and Gas |
52 Week high (VND) | 122,300 |
52 Week low (VND) | 61,300 |
Previous close (VND) | 68,000 |
Market Cap. (million VND) | 128,860,000 |
Outstanding shares (units) | 1,895,000,000 |
Source: Student estimates |
Highlights
We estimate PV Gas (GAS) as “HOLD” with target price of VND 79,512, expected higher than its current price 16.9%, VND 68,000. Three-stage discounted cash flows model is employed and the result is confirmed again with P/E analysis.
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