bảng 1

2018 2019 2020

Retained Earnings 96,281,347,139 125,090,969,981 157,794,615,146
ROE 8.41% 9.22% 10.42%
Dividends 52,728,886,700 98,802,718,000
EPS 2,501 2,524 2,892
net income 290,018,255,245 487,014,695,785 296,437,024,936
pay-out ratio 49% 0% 69%
g=ROE*(1-payout) 4.28% 9.22% 3.22%

DPS 1226.88 0.00 1999.20

Shares 42978151 49421159 49421159

2018 2019 2020

Net income 290,018,255,245 487,014,695,785 296,437,024,936
ROE(%) 8.41% 9.22% 10.42%

C. Discount rate calulations 2018 2019

Current beta 0.6
Unlevered beta 0.513
Terminal growth 0.02
Tax rate 0.2
r_debt 0.175
Risk free rate 0.02
Market risk premium 11%
MV equity - 315,462,793,217,553
Debt/Value - -
Levered beta 0.62 0.59
k_equity 0.09 0.08
Debt/equity 0.27 0.18
WACC 0.09 0.08
ảng 1
2021 Average
205,236,758,013
12.12% source: CafeF.vn
49,387,359,000
2,773
317,424,198,686
27% 36.22% DPS/EPS
8.88%

740.38 991.61 total dividents paid/number of share

66705370

2021
317,424,198,686
12.12% 10.04%

2020 2021 𝐹𝐶𝐹𝐸 = 𝐹𝐶𝐹𝐹 − 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 × (1 − 𝑡ax rate) + 𝐼𝑛

current beta/[1 + (1-tax)*debt/equity]

151,953,305,228,412 - row3*row11
- - total Debt/(total debt + equity)
0.59 0.60 Unlevered beta*[1+(1-tax)*debt/equity]
0.08 0.09 Risk free rate+levered beta*market risk premium
0.18 0.21 Total Debt / Shareholders’ Equity
0.08 0.09 (1-tax rate)*r_debt*D/V+k_equity*(1-D/V)
discount each year at WACC
discount each year at k_equity
𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 × (1 − 𝑡ax rate) + 𝐼𝑛𝑐𝑟𝑒𝑎𝑠𝑒𝑠 𝑖𝑛 𝑛𝑒𝑡 𝑑𝑒𝑏t

-tax)*debt/equity]

(1-tax)*debt/equity]
ed beta*market risk premium
olders’ Equity
*D/V+k_equity*(1-D/V)