Essay About Three-Stage And Vndprice Target

Business Analysis and Valuation – Petro Vietnam Gas
Ticker:  GAS[pic 1]Recommendation:  HOLDPrice (Dec 19, 2014): 68,000 VNDPrice Target: 79,512 VNDForecast Summary2011201220132014F2015F2016F2017F2018FNet Sales(million VND)64,224,50068,301,35965,399,68672,593,65183,482,69997,674,758117,209,709142,995,845EBITDA(million VND)11,858,89415,940,11218,434,98220,914,23124,051,36628,140,09833,768,11741,197,103Net Income(million VND)64,224,50068,301,35965,399,68613,140,49215,143,44917,753,96921,347,27326,090,435EPS (VND)2,2855,1676,4786,9347,9919,36911,26513,768ROE (%)28%40%42%32.20%30.12%28.48%27.37%26.51%Key Market DataListed onHOSETickerGASIndustryOil and Gas 52 Week high (VND)122,30052 Week low (VND)61,300Previous close (VND)68,000Market Cap. (million VND)128,860,000Outstanding shares (units)1,895,000,000Source: Student estimatesHighlights 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.