CORPORATE FINANCE GROUP ASSIGNMENT POMINA (POM) ANALYSIS 2

VIETNAM NATIONAL UNIVERSITY HCMC UNIVERSITY OF TECHNOLOGY MASTER OF BUSINESS ADMINISTRATION CORPORATE FINANCE GROUP ASSIGNMENT POMINA (POM) ANALYSIS Group members: Truong Bao Thach – 2170312 - thach.truong.imp21@hcmut.edu.vn Pham Thanh Trung – 2170297 Truong Minh Chuong – 2192005 Dang Vinh Hien – 2192007 Lecturer: Dr Nguyen Thu Hien HCM City, 12/2021 ROLES AND WORK DELEGATION OF GROUP MEMBERS Members Trương Bảo Thạch - 2170312 Phạm Thành Trung - 2170297 Trương Minh Chương - 2192005 Đặng Vinh Hiển - 2192007 Roles - Group leader - Assign tasks, create deadlines - Create overall ratio form with formulas for members to fill in components - Download required financial statements - Guide members to collect data from financial statements and to write comments for each ratio - Check all numbers put in the ratio form - Write part and part 2.3 - Write overall purposes for part 2.1 and 2.2, adjust all part 2.1 and 2.2 comments of ratios from members - Complete final group report - Part 2.1 and 2.2: Fill in components of profitability ratios (ROA, ROE, EPS, P/E, BVPS, and P/B) of trend analysis and benchmark analysis; write comments for each ratio - Helps Thạch with adjusting comments of liquidity ratios and activity ratios in part 2.2 (first adjustment, then Thạch made another adjustment) - Part 2.1 and 2.2: Fill in components of ratios, including liquidity ratios (current ratio and quick ratio) and activity ratios (inventory turnover, average age of inventory, average collection period, average payment period, and total assets turnover) of trend analysis and benchmark analysis; write comments for each ratio - Part 2.1 and 2.2: Fill in components of ratios, including financial leverage ratios (debts ratio and times interest earned) and activity ratios (GPM, OPM, and NPM) of trend analysis and benchmark analysis; write comments for each ratio i Comments - Good, met all deadlines - Did the most work - Good, met all deadlines - Needed minor correction of data input and minor changes of comments - Met all deadlines - Needed minor correction of data and major adjustment of comments - Met all deadlines - Needed minor correction of data and major adjustment of comments TABLE OF CONTENTS Heading Page Roles and work delegation of group members i Table of contents ii List of tables iii PART COMPANY INTRODUCTION PART FINANCIAL ANALYSIS 2.1 Trend analysis (2018-2020) 2.2 Benchmark analysis (Peer analysis) 2.3 Summary and investment recommendation REFERENCES 11 APPENDICES 12 ii LIST OF TABLES Table Trend analysis of POM (2018-2020) Table Stock exchange, market capitalization and total assets of POM, NKG, DTL, and TIS (2020) Table Benchmark analysis of POM (2020) iii PART COMPANY INTRODUCTION Pomina specializes in manufacturing basic metal, specifically manufacturing steel from raw materials Currently, it is one of the largest steel producers in Viet Nam with an annual capacity of 1.8 million tons Pomina consists of three steel factories (Pomina 1, Pomina and Pomina 3), including rolling and melting mills with the total of 1.1 million tons of various types of construction steels a year and 1.5 million tons of billet a year Its main operation is in Southern Vietnam, with Pomina located in Binh Duong, and Pomina and Pomina located in Ba Ria – Vung Tau (Pomina Introduction) The predecessor of Pomina Steel Co., Ltd was Thep Viet Steel Co., Ltd which was established in 1992 with a charter capital of 42 billion VND In 1999, Pomina was found and it reached the with a capacity of 600 thousand tons of steel a year in 2002 In 2005, Pomina was formed On July 17, 2008, the two companies were equitized and renamed into Pomina Steel Joint Stock Company with charter capital of 500 billion VND In 2008, the macroeconomic of Viet Nam faced a crisis and brought many challenges to steel industry in particular However, steel companies like Pomina with good foundation survived and still developed (Pomina Introduction) After the foundation of Pomina and Pomina 2, in July 2009, Pomina was established Hence, Pomina Steel Joint Stock Company had increased its charter capital to 820 billion VND by July 2009 On August 31, 2009, it became a public company By January 2010, the company had increased its charter capital to 1,630 billion VND (Pomina Introduction, Vietstock) On April 07, 2010, Pomina Steel Joint Stock Company was officially listed on the Ho Chi Minh City Stock Exchange (HOSE) with the stock code POM Its first trade on HOSE was on April 20, 2010, with the stock reference price was around 18,600, according to Vietstock Currently, the stock price ended at 16,250 on November 29, 2021, with market capitalization of around 4,526 billion VND 145,161,815 Thep Viet Steel is the current largest shareholder of Pomina Steel, with around 52.1% shares owned (last updated on August 28, 2021 – Vietstock) Regarding competitive advantages, POMINA has the Level automation system, which allows the production process to be flexible in order to produce various construction steel grades for high-quality projects in Southern Viet Nam and exports Pomina is the pioneer in investing in some of the most advanced technologies and equipment in the world from top suppliers such as Techint, SMS – Concast and Siemens – VAI Additionally, synchronized and consistent investment is another competitive advantage (Pomina Introduction) For development strategy, the company aims to increase the production output of construction steel and export output billet, and to gain market share in the Northern market and focus on the national market According to BMI, Vietnam's construction industry is forecasted to grow in the near future Besides, the abundant FDI inflows and the recovery of the economy are also expected to promote the construction of houses, factories and warehouses Therefore, steel manufacturing industry can benefit from it However, the company has to face increasingly fierce competition from other steel producers such as Thai Nguyen Steel, Viet Uc Steel, Viet Han steel, Vinakansai Steel, and Chinese companies with low cost The company also bears high financial costs due to multiple project investment (Vietstock) 2 FINANCIAL ANALYSIS 2.1 Trend analysis (2018-2020) Trend analysis uses historical data to predict the trend of market in the future In other words, trend analysis is based on the idea that what has happened in the past gives investors a forecast of what will happen in the future (Hayes, 2021) In this project, to recommend investors whether they should invest in Pomina (POM) or not, an intermediate-term trend analysis (3-year period – 2018, 2019 and 2020) is used (as required) The analysis consists of 18 financial ratios, and the components of the ratios are collected from published separate audited financial statements of the company POM Separate financial statements, instead of consolidated financial statements, are used in order to reflect true business operations of POM Table describes the results of our calculation of 18 ratios from 2018 to 2020 for POM Table Trend analysis of POM (2018-2020) Liquidity Ratios Activity Ratios Financial Leverage Ratios Profitability Ratios Market Ratios Current Ratio Quick Ratio Inventory Turnover Average Age of Inventory Average Collection Period Average Payment Period Total Assets Turnover Debt Ratio Times Interest Earned Gross Profit Margin Operating Profit Margin Net Profit Margin ROA ROE EPS P/E BVPS P/B 2020 2019 2018 0.87 0.38 2.64 138.21 110.15 41.96 0.59 0.52 1.21 3.23% 4.85% 0.79% 0.49% 1.04% 122.65 104.37 10,040.67 1.27 0.97 0.53 4.21 86.73 80.59 22.03 1.02 0.58 0.89 1.93% 2.48% -0.38% -0.38% -0.89% -120.09 -43.30 10,046.77 0.52 0.99 0.49 5.01 72.89 74.70 10.84 1.23 0.52 3.08 4.60% 5.99% 4.07% 4.57% 9.55% 1296.49 5.55 10,046.77 0.72 Regarding liquidity ratios, the current ratio of POM has been always below 1, indicating that the company’s debts due in a year or less have been greater than cash and other short-term assets expected to be converted to cash within a year or less In other words, it is likely that POM has not had the capital on hand to meet its short-term obligations if they were all due at once The current ratio had been decreasing from 2018 to 2020 too, worsening the company's liquidity Based on this trend, it is expected that POM will struggle to pay its bills in the upcoming year The quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets and therefore excludes inventories from its current assets Although POM’s quick ratio slightly rose in 2019 compared to 2018, it significantly decreased in 2020 (decreased by 22.5% compared to 2018) It is expected that POM will still be likely to struggle with paying debts in the future For activity ratios, inventory turnover shows how many times the company is able to replace the inventory that it has sold If it is low, that means inventory is moving too slowly and is tying up capital POM’s inventory turnover had been decreasing in the given period, and in 2020 the decrease was 47.3% compared to 2018 This suggests that inventory had been moving too slowly and is anticipated to move slowly in the next coming year Average age of inventory measures the number of days the company takes to sell inventory balance POM’s figure had been increasing, meaning it took more time to sell inventory for a profit, therefore the less profit had been made This reflects that POM may have had efficiency issue in their business activities Average collection period is indicative of the effectiveness of accounts receivable management practices For POM, it had been increasing since 2018, meaning that the time to collect payments owed by clients had been longer This indicates the organization had been less efficient in collecting payments POM’s average payment period had been increasing during the period, and in 2020 it increased by 3.78 times compared to 2018 This indicates the difficulty to pay its creditors had increased The total assets turnover of POM had been decreasing, suggesting that too much capital is tied up in assets and that assets are not being used efficiently in generating revenue With respect to financial leverage ratios, for debt ratio, it slightly increased in 2019 (from 0.52 to 0.58), but in 2020 it decreased back to the level of 2018 (from 0.58 to 0.52) In all three years, the company’s assets were financed through more liabilities than equity (all debt ratios were larger than 0.5) The figure dropped back to 0.52 which is near 0.5 in 2020, indicating the use of liabilities was relatively balanced compared to the use of equity For times interest earned, it substantially dropped by 71.1% from 3.08 in 2018 to 0.89 in 2019, and recovered to 1.21 in 2020 The significant decrease in 2019 came from poor business performance, specifically, the firm's EBT was 312 billion VND in 2018 and fell to negative 23 billion VND in 2019 Times interest earned less than shows that earnings before taxes and interest was lower than interest expenses Hence, the company's income sources from operating activities were not enough to cover the incurred interest expenses However, with the increase by 36% in 2020, although the ratio was still quite far from 2018 figure, it showed that there is potential recovery for the company’s financial leverage to be managed more efficiently Regarding profitability ratios, gross profit margin of POM saw a significant drop from 4.6% in 2018 to 1.9% in 2019, and partially recovered to 3.2% Compared to 2018, in 2020, both gross profit (numerator of the ratio) and net sales (denominator) decreased, but gross profit dropped more substantially, with gross profit decreased by 60.7% while net sales decreased by 44.11% during the period (or, the decrease of net sales was not as much as the increase of COGS, because gross profit equals to net sales minus COGS) This decrease indicates that POM’s efficiency of using its materials and labor to produce profits dropped In addition, the fluctuation of the ratio may signal poor management practices and/or inferior products However, with the increase in 2020, there is potential that the company can recover its profitability in the future Similarly, operating profit margin saw a big drop in 2019 and partial recovery in 2020 Compared to gross profit margin ratio, the trend was similar because the changes of financial income, selling expenses, administration expenses, other expenses, other losses and other income were insignificant This also suggests that while POM had been less profitable from its operations, with the partial recovery in 2020, there is possibility that the company’s profitability can recover Net profit margin also saw the similar trend too, but in 2019 the ratio was even negative This negative figure primarily came from the outstandingly high interest expenses, and came from high tax expenses, but to a lesser degree Although interests and taxes in 2020 was less than 209, they were still higher than 2018 The similar trend was also seen in ROA, ROE, with a huge decrease in 2019 and a very slight increase in 2020 Although net income recovered, both total assets and total equity dropped significantly Overall, POM had not been efficient in terms of assets usage to produce income With respect to market ratios, EPS significantly decreased from 1,296 to -120 in 2019 and recovered to 122 in 2020 In 2020, the net income improved, while the company also issued more shares The company’s performance was also reflected in the market stock price, where it was 7,200/share in 2018 when the operation was still good, dropped to 5,200 in 2019, representing a loss of investor confidence in the company In 2020, with the partial recovery of the company, the market value increased Due to high expectation of investors, although EPS was still relatively low (122 VND/share), the stock price peaked in the given period with the figure of 12,800 VND/share (note that more shares were issued in 2020) Thus, P/E reached 104.37 which is a somewhat unattractive figure compared to 2018 BVPS had been kept around 10,040 Because the decrease in investor confidence due to poor performance in 2019, market price decreased leading to the decrease of P/B from 0.72 to 0.52 Both figures were below suggesting the company was undervalued at that time However, expectations of the company's recovery in 2020 pushed the stock price up and P/B hit 1.27 A P/B larger than could indicate that the company was overvalued However, P/B and P/E of one company alone should not absolutely reflect if it is overvalued or undervalued, that is why benchmark analysis is needed to compare these ratios of companies in the same industry to determine whether they are high or low 2.2 Benchmark analysis (Peer analysis) Benchmark analysis is the process of comparing a firm's performance criteria to its competitors In this section, because we cannot collect the industry average of steel manufacturing industry, we will compare the 2020 financial ratios of POM with three competitors within the industry with the most similar market capitalization (POM’s ending 2020 market capitalization was 3,565 billion VND, total assets was 6,912 billion VND): Nam Kim Steel Joint Stock Company (NKG, listed on HOSE, market capitalization was 2,150 billion VND, total assets was 7,650 billion VND), Dai Thien Loc Corporation (DTL, listed on HOSE, market capitalization was 661 billion VND, total assets was 1,416), and Thai Nguyen Iron and Steel JSC (TIS, listed on UPCOM – Unlisted Public Company Market – a “transiting” stock exchange, market capitalization was 2,024 billion VND, total assets was 9,179 billion VND) Although the market capitalization and total assets of these companies have significantly changed to this date (for example, DTL’s market capitalization increased to 2,152 billion VND on December 01, 2021), for this assignment, the end of 2020 is the specific timeline to analyze and give investing recommendation Similar to trend analysis, the data of this analysis is also collected from published separate audited financial statements We also calculated the average value of financial ratios of NKG, DTL, and TIS With the average figures, the comparison between ratios of POM and competitors can be clearer Table shows the stock exchange, market capitalization and total assets of POM, NKG, DTL, and TIS at the end of 2020 Table Stock exchange, market capitalization and total assets of POM, NKG, DTL, and TIS (2020) Stock exchange POM NKG DTL TIS HOSE HOSE HOSE UPCOM Market capitalization (billion VND) 3,565 2,150 661 2,024 Total assets (billion VND) 6,912 7,650 1,416 9,179 Table illustrates the results of benchmark analysis of POM with NKG, DTL, and TIS in 2020 Table Benchmark analysis of POM (2020) 0.87 0.38 1.11 0.56 1.41 0.52 0.46 0.23 Average of NKG, DTL, and TIS 0.99 0.43 2.64 4.58 1.20 10.14 5.30 138.21 79.73 304.30 36.01 140.01 110.15 43.72 48.92 28.19 40.27 41.96 49.68 70.62 31.66 50.65 0.59 1.46 0.29 1.45 1.07 0.52 0.59 0.28 0.80 0.56 1.21 2.26 2.86 1.34 2.15 3.23% 7.09% 6.70% 2.98% 5.59% 4.85% 4.29% 4.09% 0.99% 3.12% 0.79% 0.49% 1.04% 122.65 104.37 10,040.67 1.27 2.17% 3.23% 7.88% 1,437.38 8.70 10,581.40 1.18 2.63% 0.77% 1.07% 179.66 60.67 10,132.71 1.08 0.12% 0.18% 0.88% 89.54 122.85 10,000.60 1.10 1.64% 1.39% 3.28% 568.86 64.07 10,238.24 1.12 POM Liquidity Ratios Activity Ratios Financial Leverage Ratios Profitabilit y Ratios Market Ratios Current Ratio Quick Ratio Inventory Turnover Average Age of Inventory Average Collection Period Average Payment Period Total Assets Turnover Debt Ratio Times Interest Earned Gross Profit Margin Operating Profit Margin Net Profit Margin ROA ROE EPS P/E BVPS P/B NKG DTL TIS Regarding liquidity ratios, the average current ratio of competitors was 0.99, but the average quick ratio was significantly lower (equaled to 0.43), suggesting that the competitors in steel manufacturing industry relied heavily on inventory and might be sorely lacking other liquid assets The same could be said about POM where current ratio was much greater than quick ratio In addition, it can be seen that POM was less liquid than the three companies in comparison, with current ratio and quick ratio both lower than the average of competitors This suggests that POM could face difficulty meeting current obligations In terms of activity ratios, inventory turnover of POM was significantly lower than the average of competitors, but was still higher than DTL’s ratio Consistent to this, average age of inventory of POM was much higher than NKG and TIS, but was lower than DTL Therefore, while the issue was not as bad as DTL, POM could have inventory issues in 2020 POM had a very high average collection period in 2020 (110.15 days) compared to its competitors (average of 40.27 days with maximum of 48.92 days) This shows that POM was inefficient in terms of collecting accounts receivable For average payment period, when compared to the average of competitors, POM’s ratio was lower than by 23.66% In trend analysis, this ratio of POM had been decreasing from 2018 to 2020, but in 2020 it was still more favorable than the average of its competitors In other words, while the difficulty of paying creditors had been rising for POM from 2018 to 2020, POM still settled credit payments faster than its competitors on average and was likely to attract good payment terms from the existing and new vendors POM’s considerably low assets turnover ratio of 0.59 (compared to average of competitors of 1.07) indicates that too much capital was tied up in the asset and that the assets was not being used as effectively as the competitors on average to generate revenue In terms of financial leverage ratios, for debt ratio, there was not a big difference between the average ratio (0.56), and POM’ ratio (0.52), in 2020, suggesting that POM’s financial leverage was relatively normal However, when compared separately to each competitor, significant differences could be found While POM and NKG financed its assets through liabilities and through equity in a fairly balanced manner (0.52 and 0.59 respectively), DTL and TIS’s debt ratios were on the two opposite extreme sides: DTL financed mainly through equity (0.28) and TIS financed mostly through debts Lower debt ratio is usually considered good, however, if it is too low, the firm does not finance increased operations through borrowing enough, which limits the total return that can be realized and passed on to shareholders On the other hand, if it is too high, there is a possibility that too much debt compromises the entire operation if cash flow dries up To wrap it up, POM’s debt ratio can be seen as good when compared to its competitors For times interest earned, POM’s ratio was lower than all competitors, and far below the average of its competitors by 77.8% This means that POM’s times interest earned ratio was not favorable because the lower the ratio, the higher risk the company presents to investors and creditors in terms of solvency Furthermore, from an investor or creditor's perspective, in general, companies that have a times interest earned ratio of less than 2.5 are considered a much higher risk for bankruptcy or default and, therefore, financially unstable (Horton, 2021) Regarding profitability ratios, it can be seen that POM gross profit margin (3.23%) was considerably lower than the average of mentioned competitors (5.59%) There was a huge gap when comparing the firm’s ratio to its closest competitor in terms of size – NKG (7.09%) Thus, POM' ability to generate revenue from the direct costs like direct labor and direct materials was quite poor when compared to its competitors For operating profit margin, POM’s ratio was higher than all three competitors, and significantly higher than TIS The fact that gross profit margin was lower than average and operating profit margin was higher than average could be because POM had relatively lower operating expenses and therefore could more efficiently generate profit through its core operations (extracting operating expenses) For net profit margin, although POM’s ratio was much higher than TIS, it was also significantly lower than NKG and DTL, thus lower than the average of three competitors This is not in accordance with POM’s low operating profit margin ratio compared to competitors The main reason could be interest expenses of POM was more unfavorable (tax expenses differences were not significant) For ROA and ROE, POM’s ratios were lower than the average of competitors: ROA equaled to 0.49% lower than average of 1.39%, and ROE equaled to 1.04% lowered than 3.28% This indicated that POM’s management of capital and operations were ineffective, which made it less attractive for investors to invest in With regard to market ratios, POM's EPS was also lower than the average its competitors (around 104 VND per share vs 569 VND per share) In addition, investors expected a recovery of POM and valued it the highest among the three competitors in 2020, reflected by its highest market price among competitors (POM=12,800, NKG=12,500, DTL=10,900, TIS=11,000) This led to a high P/E of 104.37 compared to the competitors average of 64.07, meaning POM’s stock was already overvalued, or else that investors were expecting substantially high growth rates in the future In 2020, POM's BVPS was slightly lower than the average of competitors (10,040 to 10,238) The P/B ratios of all companies in 2020 were greater than 1, showing the optimism of investors for the steel industry in 2020 Moreover, because the market price of POM was higher than its competitors, the P/B of POM was higher than the average of competitors (1.27 to 1.12), suggesting the stock price could be overvalued 2.3 Summary and investment recommendation For trend analysis from 2018 to 2020, it can be seen that POM’s liquidity had been worsened, and there is risk that the company can still struggle to pay its debts in the future, reflected by declining current and quick ratios Activity ratios in the given period show that POM had not used its assets to generate revenue efficiently, with inventory turnover and total assets turnover continuously decreased, and average age of inventory, average collection period, and average payment period continuously increased POM’s financial leverage had been balanced with debt ratios very slightly fluctuated throughout the years and near 0.5, while times earned interest significantly changed with a huge drop in 2019 and a considerable recovery in 2020, suggesting the possibility that financial leverage can be better managed in the upcoming year The profitability of POM saw a similar trend, with a significant decrease in 2019 and a slight increase in 2020, indicating potential for profitability recovery Attached with this potential was the increasing expectation of investors reflected by the surge of market stock price, when it was even higher than 2018 – the best operating year from 2018 to 2020, which led to the high value of P/E and P/B ratios For benchmark analysis, POM’s liquidity was not as good as its competitors For activity ratios, POM could have inventory issues, and it inefficiently collected accounts receivable and ineffectively used capital to generate revenue, but it settled credit payments faster than its competitors on average For financial leverage ratios, POM’s debt ratio can be seen as good when compared to its competitors, but times interest earned ratio was not favorable Profitability of POM was also unfavorable, where only operating profit margin was better but gross profit margin, net profit margin, ROA and ROE were not good Finally, market ratios showed that POM’s stock value might be already overvalued From these two above analyses, our prediction was that while POM’s stock price could still go up with the potential recovery and growth of steel manufacturing industry, investors’ profit could be undesirable due to the fact that the stock price at the end of 2020 was already overvalued There could be risk that investors bear opportunity cost of not investing in other stocks that could be more profitable Therefore, based on our analyses, we recommend investors not to invest in POM with high percentage of their capital, instead, they should keep POM investment portfolio low, to say, maximum of 30% Note that our recommendation was based on the trend analysis and benchmark analysis of financial ratios, and was not much affected by microeconomics or macroeconomics factors, such as the effects of Covid-19 pandemics globally and nationally, or the changes of Vietnamese stock market (more and more cash flow into the stock market since 2020) In reality, on December 03, 2021, POM’s closing market price was 15,250 VND/share Compared to the market price of 12,800 at the end of 2020, it has increased 19.24% in about 11 months, which is considered as a good number if compared to the average deposit interest rate at commercial banks (around 6%/year) However, as mentioned, the rise of POM could be due to other mentioned factors, such as when more cash flow has been attracted into the stock market, the VN Index (VNI – represents all stocks listed on HOSE) rose from around 1,070 at the end of 2020 to 1,443 on December 03, 2021, meaning that the stocks on HOSE overall have increased substantially In this circumstance, there are risk that some stocks will 10 be highly overvalued because of rising expectation of investors or the inexperience of new investors in the market POM, a stock listed on HOSE, could be that one stock From mid2020, the wave of the steel manufacturing industry surged in the stock market as the industry entered its rarest period of prosperity On November 2021, the group of steel stocks suddenly dropped sharply in the context of the global steel price decline and consumption demand slowing down (Chau, 2021) Now, we expect that the current stock price of POM will decline further to a certain amount after being heated up for a long period of time 11 REFERENCES Chau, M (2021) Cổ phiếu thép tiếp tục giảm sâu, nhà đầu tư nên hành động sao? Cafef.vn Retrieved December 2021, from https://cafef.vn/co-phieu-thep-tiep-tuc-giam-saunha-dau-tu-nen-hanh-dong-ra-sao-20211119165045852.chn Hayes, A (2021) Trend analysis Investopedia Retrieved 29 November 2021, from https://www.investopedia.com/terms/t/trendanalysis.asp Horton, M (2021) What does a high-times interest earned ratio signify for a company's future? Investopedia Retrieved December 2021, from https://www.investopedia.com/ask/answers/030615/what-does-high-times-interest-earnedratio-signify-regard-companys-future.asp POM: CTCP Thép Pomina - Công Ty Thép Pomina - Hồ sơ doanh nghiệp Vietstock Finance (2021) Retrieved December 2021, from https://finance.vietstock.vn/POM/ho-so-doanhnghiep.htm Pomina Introduction Pomina Steel (2021) Retrieved December 2021, from http://www.pomina-steel.com/gioi-thieu.html 12 APPENDICES All calculations were computed in the EXCEL file attached in RAR file 13 ... BVPS P/B 20 20 20 19 20 18 0.87 0.38 2. 64 138 .21 110.15 41.96 0.59 0. 52 1 .21 3 .23 % 4.85% 0.79% 0.49% 1.04% 122 .65 104.37 10,040.67 1 .27 0.97 0.53 4 .21 86.73 80.59 22 .03 1. 02 0.58 0.89 1.93% 2. 48% -0.38%... 1.46 0 .29 1.45 1.07 0. 52 0.59 0 .28 0.80 0.56 1 .21 2. 26 2. 86 1.34 2. 15 3 .23 % 7.09% 6.70% 2. 98% 5.59% 4.85% 4 .29 % 4.09% 0.99% 3. 12% 0.79% 0.49% 1.04% 122 .65 104.37 10,040.67 1 .27 2. 17% 3 .23 % 7.88%... delegation of group members i Table of contents ii List of tables iii PART COMPANY INTRODUCTION PART FINANCIAL ANALYSIS 2. 1 Trend analysis (20 18 -20 20) 2. 2 Benchmark analysis (Peer analysis) 2. 3 Summary