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Business Analysis and Valuation - Petro Vietnam Gas

Autor:   •  April 28, 2015  •  Coursework  •  5,774 Words (24 Pages)  •  1,169 Views

Page 1 of 24

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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