Định giá công ty MASAN

2022 PREPARED BY Group MASAN GROUP VALUATION PRESENTED TO Mrs To Thi Thanh Truc K194040540 - K194040542 - K194040555 - K194040556 ABOUT COMPANY MISSION To provide quality products and services for Vietnam’s population of nearly 100 million people, enabling them to get more value for money on their daily basic needs VISION To become a large corporation in the local private sector in Vietnam in terms of scale, profitability and shareholder income, and a potential growth partner and preferred employer in Vietnam VALUES - Talent and creativity - Leadership qualities - The spirit of mastering the work - Integrity and transparency |Page BUSINESS DESCRIPTION AND STOCK PERFORMANCE GROUP BUSINESS DESCRIPTION AND STOCK PERFORMANCE INTRODUCTION Masan Group (Masan Group Joint Stock Company) is one of Vietnam's largest private-sector companies This is one of the most important business groups in Vietnam's private sector Masan Group's primary business focus is on consumer goods and resources in Vietnam Masan has grown steadily over the years with the goal of becoming Vietnam's largest business group HISTORY PRODUCTS Masan Group Joint Stock Company, formerly known Masan Consumer Holdings as Ma San Maritime Joint Stock Company, was founded (MCH) in November 2004 In August 2009, the company Masan MEAT Life (MML) changed its name to Ma San Group Joint Stock Company (Masan Group Corporation) and was successfully listed on the Ho Chi Minh City Stock Exchange On November 5, 2009, in Ho Chi Minh City In July 2015, the company officially changed its name to Masan Group Joint Stock Vincommerce (VCM) Masan Resources Company (MHT) Techcombank (TCB) Company Despite the fact that the company was officially established in 2004, it was already in operation Masan Group has been in operation since 1996 as a result of the actions of our major shareholders, subsidiaries, and predecessors Masan Group is the parent company, with a controlling economic interest in The CrownX, Masan MEATLife ("MML"), and Masan High-Tech Materials ("MSR"), with 84.93 percent, 78.74 percent, and 86.39 percent, respectively, as of June 30, 2021 The CrownX is a retail consumer platform that combines Masan Consumer Holdings' and VCM Service and Trade Development Joint Stock Company's interests As of June 30, 2021, Masan Group's consolidated ownership ratio in Techcombank's charter capital is 20% |Page BUSINESS DESCRIPTION AND STOCK PERFORMANCE GROUP FINANCIAL SCORECARD CAPITAL HISTORY COMPETITIONS Viet Nam Dairy Products Joint Stock Company Vinamilk (VNM) TuongAn Vegetable Oil joint stock company (TAC) KIDO Group (KDC) Dabaco Group (DBC) Vinh Hoan Corporation (VHC) Thanh Thanh Cong - Bien Hoa Joint Stock Company (SBT) Nam Viet Corporation (NAVICO) MARKET SHARE Masan has maintained its position in the Top Best Listed Companies in Vietnam for consecutive years, establishing itself as a leading and typical private economic group in Vietnam through appropriate development and turnaround strategies responsive and timely Today, Masan is the market leader in prestigious food products, demonstrating that the company has the strongest financial strength in the market Masan Consumer's products have currently captured the following market share |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP FINANCIAL POSITION AND BUSINESS PERFORMANCE ASSETS 2017 Total assets fell sharply from 73.039,038 billion to 63.529 billion (-13.02 percent) as a result of significant impacts, including reduced investment in associates as a result of Techcombank selling convertible bonds 2018 Total assets began to increase again, increasing 1.65% to 64.578.613 as a result of effective investment in long-term financial investments 2019 Total assets nearly doubled compared to 2018, so volatility increased rapidly, reaching 50.66 percent, indicating the company's positive development 2020 The company's assets increased by 18,95 percent year on year, reaching VND 115.736.562 billion at the end of 2019 Short-term and long-term assets increased year after year, from 22.876.206 in 2016 to 29.760.685 in 2020 and 50.162.832 in 2016 to 85.975.877 in 2020, respectively Simultaneously, fixed assets increased to 49.582.187, nearly doubling from 2015 LIABILITIES 2017 Total liabilities fell (-17,87 percent) as a result of negative volatility, and total long-term debt fell 2018 Due to a decrease in total long-term debt, total liabilities decreased sharply in 2018, reaching -29.56 percent compared to 2016 2019 Total liabilities have a tendency to rise quickly In more detail, a 48.88 percent increase is 45.408.844 in 2019, nearly half of what it was in 2018 2020 Total liabilities had more than doubled by the end of 2020 compared to 2019, with long-term liabilities increasing by 247.07 percent to 51.831.620 and short-term liabilities increasing by 38.874.663 (27,49 percent ) The reason for the increase is that liabilities nearly doubled to 90.706 billion, owing primarily to an increase in financial loans, OWNER'S EQUITY secured and unsecured bonds 2017 There was a slight increase, but the equity remained at -0.43% With the continued purchase of treasury shares, Masan also issued more, so the equity increased compared to 2016 2018 There was a significant fluctuation of 68.50 percent in 2018 2019 Although there was a slight decrease compared to 2018, there was still a positive growth of 52.26 percent This is due to a significant increase in volatility caused by the equity premium and retained earnings 2020 Masan has increased its equity by issuing more shares and operating profitably Masan Group's equity decreased by 51.7 percent (VND 26.858 billion) as of December 31, 2020, to VND 25.030 billion When the numbers are broken down, it is clear that Masan Group's equity dropped dramatically as a result of the company's negative undistributed profit after tax of VND 25.201 billion Masan Group purchased 14,8 percent of The CrownX JSC from a third party in June and August 2020 for a total of nearly 23.692.2 billion VND Masan Group's economic stake in CrownX increased from 70% to 84.8% following the acquisition However, with only VND 1.672 billion in recorded assets, the company made a negative after-tax profit of VND 22.020 billion |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP FINANCIAL POSITION AND BUSINESS PERFORMANCE NET SALES AND NET INCOME 2017 The company's revenue exceeded VND 37.621 billion, while profit was 3.607.690 billion lower (down 13.1% from the previous year) and income was 3.607.690, down 4.37 percent from the previous year Masan Consumer Holdings increased its revenue and profit by shifting its business model from "selling goods" to "building brands." The revenue from MCH's goods is gradually stabilizing in the second half of 2017, while the products that are the pillars of growth remain viable Meanwhile, Masan Nutri-Science (MSN) was the primary driver of value decline in 2017 In 2017, revenue increased by 23.5% to VND 18.690 billion 2018 Masan Group's net revenue was VND 38.187.617 billion, up 1.51% from 2017 (VND 37.620.646 billion) The spice business, premium convenience foods, and processed meats generate the majority of Masan's revenue Furthermore, Masan Nutri-Science successfully launched the chilled meat brand "Meat Deli," laying the groundwork for Masan Nutri-Science to gradually transform into a fast-moving consumer goods (FMCG) enterprise Moreover, Masan recorded times the amount of VND 1.472 billion affected by the issuance of treasury shares of Techcombank affiliates with a higher over-prescribed value than Masan recorded 2019 The growth rate did not fluctuate much, remaining at 13,22%, and revenue did not change significantly, with the growth rate decreasing -2,18% Although it fell slightly from the previous year, it had many bright spots, particularly in the final months of the year In particular, thanks to the product premium strategy and the growth of the furniture industry, Masan Consumer Holdings (MCH) increased revenue by 15% over the same period in 2018 and 20% over the third quarter of 2019 In December, MEAT's revenue reached VND 100 billion, a significant milestone only one year after the school's inception 2020 Masan Group's revenue was VND 77.218 billion, an increase of 106.7 percent over revenue in 2019 VinCommerce, which operates the Vinmart supermarket chain, made a VND 16 billion profit and achieved positive EBITDA for the first time The impressive revenue of Masan Group is due to the acceleration of the meat and consumer goods businesses, as well as the consolidation of newly merged businesses Masan is the largest shareholder in Techcombank Because of the consumer-centric strategy, 15 percent shares generated a profit after tax of up to VND 15.800 billion in 2019, up from VND 12.838 billion in 2019 |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP FINANCIAL POSITION AND BUSINESS PERFORMANCE IMPORTANT INDICATORS LIQUIDTY RATIOS According to the data, the company's current ratio was at its highest in 2016, at 1.28 times, and its lowest in 2020, and it has been trending down since 2017, remaining around 0.8 in the 2018-2020 timeframe There has been a significant drop since 2017 as a result of an increase in short-term debt and a decrease in shortterm assets Although the current ratio varies over time, a current ratio of less than one indicates that MSN is having difficulty repaying short-term debt in all four years from 2017 to 2020 The quick ratio peaked in 2016, and then fell for the next four years MSN's quick solvency in all five periods less than one demonstrates the company's inability to pay off all short-term loans immediately DEBT MANAGEMENT RATIOS Due to higher profit and cash flow growth, MSN resolves acquired debt payments from 2016 to 2019 A significant drop in earnings in 2020 has had a significant impact on the company's financial performance The TIE index has fallen from 3,22 in 2019 to 0.32 in 2020 Whereas the D/E ratio gradually declined from 2016 to 2019, reaching around 0.06 (2019), it has risen rapidly to 2,48 in 2020 Masan's Debt to Equity ratio has always been very high in comparison to the industry average, owing to the fact that the company has expanded beyond the foodservice industry and into other industries, possibly including banking (Techcombank), commerce, and others (VinMart) EFFICIENCY RATIOS Total asset and inventory turnover increased slightly in 2018, but decreased 1.5 times in 2019 The average collection period has increased dramatically from (2016) to 14 (2020), indicating that the company has been losing more time recovering payments in recent years In comparison to previous years, MSN's asset management situation in 2019 is poor |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE PROFITABILITY RATIOS GROUP The ROA and ROE indices fluctuated in different ways over time The ROA Index rose significantly in 2018 (8,7%), fell significantly in 2019 and 2020, reaching the lowest level of 1,21%, but remained relatively high when compared to the industry average of 5,46% (period of years 2016 to 2020) The ROE index has steadily declined over the years, peaking at 15,27 percent in 2016 and falling to a low of 5,58 percent in 2020, which is lower than the average index of -11,88 percent in 2020 However, over a five-year period, the average ROE remains higher than the industry average The profit margin index performed admirably over the four years from 2016 to 2019, but it fell significantly to only 1.81 percent in 2020 after peaking at around 17 percent in 2019 This is due to the effects of selling expenses, which increased more than threefold from around 4.000 trillion VND in 2019 to more than 13.000 trillion VND in 2020 MARKET VALUE RATIOS The price per share has remained constant over the last four years, but earnings per share have dropped by 4,5 times, from 0,0054 in 2019 to 0,0012 in 2020 At the same time, book value per share in 2020 will be two times lower than in 2019 Due to the low earnings per share in 2020, the P/E ratio was quite high (8,42), indicating a positive future performance, and investors have higher expectations for future earnings growth and are willing to pay more for them DUPONT EQUATION In 2020, the return on common equity was 5,58 percent, a decrease of 9,69 percent over the previous four years In one year, from 2019 to 2019, the return on common equity fell from 12.4% to 5.58% The reason for this is a drop in profit margins, which fell from 17.04 percent to 1.81 percent in one year Sales and net income are two factors that will have a significant impact on profit margins in 2020 Sales in 2020 increased three times over sales in 2019, but net income in 2020 was only 1.395.013, 4.5 times less than net income in 2019 This was due to a significant increase in selling expenses in 2020 |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP BUSINESS RISK GENERAL RISK Risks of Covid-19 epidemic: Not only difficulties in the production stage, as the company owns the largest retail chain in the country, Masan also faces difficulties in this industry Transporting goods, moving between epidemic areas The turnover rate is quite high because employees are worried about working in a dangerous environment (sales, delivery, warehousing, etc.) There is a shortage of personnel because many cases have to go into isolation under the guidance of health authorities The increased medical costs such as disinfection, testing, specific labor tools during the epidemic season The entire system across the country strictly applies 5K anti-epidemic standards Although the production and supply of goods face many challenges, Masan has been performing well the core mission of the business: providing essential goods with stable prices to serve consumers Masan Group is currently a rare Vietnamese enterprise capable of integrating the entire production and retail chain of essential goods Risk of business brand: Brand recognition is important to attract new consumers and maintain existing consumer loyalty to Masan Food products Inability to protect intellectual property rights or disputes Masan Food's intellectual property rights with another company could have a material impact on the company's business, financial position, results of operations and future prospects Risks on business strategy: + The Company implements its business expansion strategy through expanding the market share of its subsidiaries Specifically, Masan Food expands its market share in current products (fish sauce, soy sauce, chili sauce, instant noodles) and new products through advertising and promotion activities If it is not possible to generate revenue in a new market or increase revenue in an existing market, Masan Food cannot recover advertising and marketing expenses, which may negatively affect gross profit , financial position, business results + As Techcombank is an affiliated company of the Company, Techcombank's business activities depend on factors beyond the Company's control Therefore, investing in Techcombank does not guarantee profitability for the company and does not guarantee that it will not adversely affect the financial position and business results Risk of financial resources: Business acquisition and acquisition requires financial resources Any failure in fundraising has the potential to affect the company's growth strategy, and thereby affect the company's performance |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP COMPETITOR RISK Competition from other companies operating in Vietnam: as the parent company, Masan Group will face competition from domestic and foreign companies with a development strategy that is directly competitive with the company mother and in each field of activity Therefore, the company cannot guarantee that it will always maintain a competitive advantage over current and future competitors Encountering competition from domestic and foreign companies: Changes to the competitive environment in which Masan Food operates may adversely affect its business, financial position, results of operations and future prospects Techcombank faces increasingly stiff competition from domestic and foreign banks INTEREST RISK Both Masan Food and Techcombank are subject to market risk due to interest rate fluctuations, mainly from long-term loans, mostly floating interest rates Any increase in interest rates leads to an increase in interest payments Therefore, when the interest rate increases the interest expense of new loans together with the interest rate on the Company's existing floating-rate debt, Masan Food and Techcombank may affect the company's situation However, the Company's cash flow can still withstand the impact of interest rate fluctuations |Page FINANCIAL POSITION AND BUSINESS PERFORMANCE GROUP STOCK TECHNICAL ANALYSIS According to the technical chart, 2018 saw a tremendous increase in profit due to the growth of the Consumer Goods, Resources segment, reduction in selling and administrative expenses, and reduction in interest expenses as well as non-core one-time income from TCB However, the share price began to fall gradually in 2019 as a result of the announcement of the "terrible" merger of Vinmart and Vinmart+ into Masan's hands Vingroup and Masan Group have agreed in principle to convert all VinCommerce shares into new company shares following the merger Masan Group will take over the operation, and Vingroup will be the sole shareholder, causing the market capitalization of MSN shares to plummet by nearly VND 7600 billion Social distancing, in part due to the severe COVID epidemic, caused MSN's stock price to plummet in 2020 Because of consumption volume, there will be a recovery and positive growth by the end of 2020 and early 2021 Packaged food sales increased dramatically during the COVID-19 epidemic, owing to the introduction of new products such as high-end convenience food groups with Chinsu meat (instant noodle soup, instant porridge, and instant vermicelli), Chinsu seasoning powder, cosmetic products cleaning and household cleaning, and the re-introduction of processed meat products, as people had a strong need to stock up on packaged foods despite strong social distancing It is expected that in 2021 and 2022 MSN will grow even more strongly thanks to the Point of Line strategy to meet modern consumer needs and the synergy between business segments |Page 10 INVESTMENT SUMMARY GROUP VALUATION SUMMARY AND INVESTMENT RECOMMENDATONS SUMMARY THE VALUATION Phase 1: (From 2021 to 2025) unstable growth: According to WACC, the growth forecast in 2021 is -11,15%, pre-discounted discount period 2020-2025, with the expectation that MSN's financial position will improve following the merger (8,22 %) Phase 2: (From 2025 onwards) stable growth: Forecasted long-term growth rate of 4,000% per year After determining the total PV of cash flows from 2025 onward, it will be discounted back to 2025 using WACC and gFCF The WACC is then used to discount this cash flow from 2025 to 2020 After that, add all of the PVs, the annual cash flow over the non-fixed period plus the PV of the horizon value, to determine the company's total estimated market value The present market value of debt and preferred stock is then subtracted from the value of MSN's common equity Finally, divide the equity value by the number of outstanding shares to calculate the intrinsic value of each MSN share |Page 11 INVESTMENT SUMMARY GROUP VALUATION SUMMARY AND INVESTMENT RECOMMENDATONS RECOMMENDATION MSN's stock price on December 31, 2020 was 88,000 VND/share and is now 144,800 VND/share (May 30, 2022) M&A activities aid in the expansion of the consumer segment, and the Point of Line strategy meets modern consumer needs and synergies between business segments, but business activities remain unpredictable However, based on the financial statements for 2020, it is possible to speculate that the merger into VinCommercial (VCM) will result in significant growth for Masan (the fourth quarter business that VCM recorded for the first time revenue growth is positive EBITDA) As a result, MSN's growth momentum is very strong, and it is recommended for long-term investment However, in the short time before the complicated Covid-19 outbreak, consumption of essential goods may decrease, resulting in a slight decrease in MSN |Page 12 VALUATION GROUP VALUATION (USING THE FCF METHOD) STEP 1: HISTORICAL PERCENTAGE OF SALES AND INPUTS FOR FORECAST HISTORICAL PERCENTAGE OF SALES According to the results of operating records for the last five years from 2016 to 2020, Masan Group Corporation's sales ranged from approximately 37 million to 44 million from 2016 to 2019 However, sales peaked at over 77 million in 2020, more than doubling the previous year 2020 had a negative impact on the Covid-19 pandemic, but thanks to the merger of MCH and VinCommerce (VCM), the Masan market increased dramatically The operating cost/sales ratio currently ranges from 78.38 percent to 81.29 percent, with the highest ratio of 93.62 percent expected in 2020 From 2016 to 2020, the rate of NOWC/sales tends to fall, reaching a low of 17.36 percent in 2018 In 2019, there is a rapid growth to 29,7% From 2016 to 2020, the rate of NOWC/sales tends to fall, reaching a low of 17.36 percent in 2018 In 2019, the rate of growth has accelerated to 29.7% The fixed assets/sales ratio ranges from 68.88 percent to 79.29 percent The number of 2019 – 109,20 percent – is the highlight This figure is also a result of the merger; following the merger, VCM operated 134 Vinmart supermarkets, 2.888 Vinmart+ stores, and 14 VinEco high-tech stores The rate of depreciation/fixed assets was not stable, increasing from 7.98 percent in 2016 to 9.26 percent in 2018 and then decreasing to 6.54 percent in 2020 Capital structure: The company does not have a preferred stock ratio; instead, it has a debt and equity ratio The weightage of debt ratio has tended to decrease over time, from 44,56 percent to 26,01 percent, and will increase to 46,40 percent in 2020 as a result of the merger The equity weightage is stable at a ratio of 50 to 70 percent, with the highest being 73,99 percent in 2019 |Page 13 VALUATION GROUP VALUATION (USING THE FCF METHOD) INPUTS FOR FORECAST The company's sales growth rate will be determined by industry growth, and inflation is expected to be less than 5% Affected by the COVID-19 pandemic, MSN's gross profit reached VND 4.314 billion in the first quarter of 2021, with a gross profit margin of 21.6 percent, 0.9% lower than the same period last year Based on this, our team predicts that Masan's revenue growth rate in 2020-2021 will be nearly 5%, with signs of gradually increasing to -1.00 percent in 2022 and gradually decreasing from -4,00 percent to -7,00 percent in 2023 (2020-2025) Masan's sales growth rate is negative from 2021 to 2025 because the company has invested but has not yet reaped profits and is affected by the covid epidemic If there is no significant change in the management method in the future, the company's previous operating costs/sales ranged from 79 to 82 percent Our group's operating expenses are expected to be in the 82 to 84 percent range for 2021-2025, rising to 86 percent in 2022 due to the high leverage ratio Because the company will not increase its fixed assets in the coming years, the fixed assets/sales ratio will remain at 79.61 percent from 2021 to 2025 MML's gross profit margin fell sharply, reaching only 14.3 percent as a result of a sharp increase in input materials for the feed segment and a high pig price MCH also has a lower gross profit margin than the same period last year due to the impact of merging with net in-home care and higher convenience food input prices According to the group's forecast, the company's fixed assets will increase, causing the depreciation rate/fixed assets to rise from 7.85 percent to 8.00 percent from 2021 to 2025 (average years 2016-2020) |Page 14 VALUATION GROUP For the company, our team employs a corporate tax of 17.7 percent The 5-year tax fee was calculated at the time of calculation Long-term growth will be determined by the rate of industry growth We predict that the company's growth rate from 2021 to 2025 will be -11,15 percent, and that after 2025, the company will grow at a constant rate of percent, implying that the company's long-term growth rate will be around percent The reason for the negative growth rate (-11.15 percent) between 2021 and 2025 is understandable During this time, Masan Group is investing heavily in other areas such as banking and, in particular, the commercial segment, which includes Vinmart and Vincommerce Because this segment has yet to generate a profit for MSN, MSN's growth index will be negative during this time period STEP 2: FCF ESTIMATE We predicted the company's sales in 2021 in order to be able to analyze the metrics over time We forecasted based on sales from 2016 to 2020, and the result was VND 67.007.923 million In general, sales for the year have decreased compared to 2020, as predicted In 2025, the company's sales will be VND 21.544.967 million lower than in 2020 After we have the sales and indicators from Steps and 2, we can calculate the remaining values Our team calculates the free cash flow over the years using a forecast table of figures from 2021 to 2025 Due to the ongoing Covid-19 pandemic, the company's free cash flow has returned to a positive value in 2021, but it is still the lowest compared to previous years; specifically, the FCF in 2021 is expected to reach VND 1.605.018 million The company's free cash flow gradually increased over the years, reaching its peak in 2025 at VND 9.017.748 million |Page 15 VALUATION GROUP STEP 3: AVERAGE COST OF CAPITAL ESTIMATE – WACC AND DISCOUNTED FREE CASH FLOW TO FIRM – FCFF CAPITAL STRUCTURE We examine Masan's capital structure using three assumptions based on the market value of equity and debt: (1) The market value calculations assume that the company's debt is trading at par, so the market value of debt equals the book value of debt (2) The market value of equity is equal to the price of common stock multiplied by the number of shares outstanding Each year on December 31st, the data is collected (3) The target capital structure is the five-year average of the market capital structure between 2016 and 2020 As a result, we estimate that Masan's capital structure contains 36,4% debt and 63,6% equity, based on the calculations on the spreadsheet page |Page 16 VALUATION GROUP COST OF DEBT For interest rates, we compute Cost using data on debt costs from 2016 to 2020, averaging years, and using it as a measure for Rd Based on the preceding assumptions and the conservative factor employed in this study, our team predicts that if Masan borrows money from a bank next year, the interest rate will be around rd = 7,57% COST OF EQUITY Beta coefficient: Our team employs the CAPM to compute Masan Company's cost of equity The beta coefficient reflects the degree of correlation between the firm's stock yield volatility and the market portfolio return In addition, to ensure the validity of the analytical process, we will use the VN-Index to reflect the market portfolio and daily return from January 7, 2016, to December 31, 2020 The regression equation is used to calculate the coefficient In total, there are over 1250 samples The calculated beta is 0.603 Risk-Free Rate: The risk-free rate is the expected rate of return for investors over the life of their investment The Rf used in the CAPM model must meet two requirements First and foremost, it must be derived from assets that not harm or default Government bonds are a very reliable risk-free yield metric in Vietnam because the government controls the money supply and tax rights Second, the maturity date of the bond must correspond to the investor's financial plan In this study, we assess MSN's long-term business prospects As a result, we'll use the annual yield on a 10-year government bond of 2.3% (issued on 15 September 2016) Risk Premium: Our team uses Damodaran's estimates for countries of risk premium According to the latest update on the website, Vietnam's total risk premium is 3.49% + 8.21% = 11,7% Calculation results: Cost of Equity: rs = 2,3% + 0,603* 11,7% = 9,36% After estimating capital structure, cost of equity, and cost of debt, we use the following formula to calculate the average cost of capital: Weighted Average Cost of Capital = WACC = Wd* rd* (1 - T) + Wc* rs + Wp* rp = 36,4%* 7,57%* (1 - 17,7%) + 63,6%* 9,36% + 0%* 0% = 8,22% |Page 17 VALUATION GROUP STEP 4: VALUING MSN STOCK USING THE DISCOUNTED FREE CASH FLOW MODEL – FCFF The total enterprise value is 173.793.740 million VND, with debt accounting for 27.352.990 million VND We calculated 146.440.750 million VND as the intrinsic value of equity using the Free cash flow estimate table in step MSN has 1.174.683,246 million shares in circulation Finally, based on the company's value model in 2020, we arrive at 124,664 VND as the intrinsic value of a share |Page 18 GROUP REFERENCES REFERENCES Masan Group Website, from ; Vietstock (2022) CTCP Tập đoàn Masan (HOSE: MSN) - Masan Group Corporation, from ; Yumbu MSN, from |Page 19 ... increase in volatility caused by the equity premium and retained earnings 2020 Masan has increased its equity by issuing more shares and operating profitably Masan Group's equity decreased by 51.7... and maintain existing consumer loyalty to Masan Food products Inability to protect intellectual property rights or disputes Masan Food's intellectual property rights with another company could... processed meats generate the majority of Masan' s revenue Furthermore, Masan Nutri-Science successfully launched the chilled meat brand "Meat Deli," laying the groundwork for Masan Nutri-Science to gradually