China Eastern Airlines Corporation Limited

OTCPK:CHEAF

中國 / 工業 / 客運航空

綜觀

股息

5 年 DCF 增長退出價

股價

0.34 USD

公允價值

0.20 USD

Metrics	Range	Conclusion
Discount Rate	12.0% - 11.0%	11.5%
Perpetuity Growth Rate	2.3% - 3.3%	2.8%
Fair Value	$0.15 - $0.27	$0.20
Upside	-57.6% - -20.5%	-41.1%

3.6%

Revenue 5y CAGR

24.8%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

0.34 USD

公允價值

0.20 USD

看漲

-41.1%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(CNY in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	132,120	142,744	152,310	160,552	157,851	157,851
% Growth	16.1%	8.0%	6.7%	5.4%	-1.7%	0.0%

EBITDA	11,676	32,552	37,880	40,935	40,246	40,246
% of Revenue	8.8%	22.8%	24.9%	25.5%	25.5%	25.5%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(CNY in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		32,552	37,880	40,935	40,246	40,246	40,246
Other Income / (Exp)		0	0	0	0	0	0
D&A		(27,748)	(28,558)	(28,835)	(17,536)	(17,536)	(13,902)

EBIT		4,804	9,321	12,100	22,710	22,710	26,344
Pro forma Taxes		(769)	(1,491)	(1,936)	(3,634)	(3,634)	(4,215)
NOPAT	201	4,035	7,830	10,164	19,076	19,076	22,129

Capital Expenditures	(16,339)	(16,000)	(15,491)	(15,211)	(13,200)	(14,634)	(14,634)
NWC Investment	3,479	2,016	1,815	1,564	(513)	0	824
(+) D&A	11,437	27,748	28,558	28,835	17,536	17,536	13,902

Free Cash Flow	(1,223)	17,799	22,713	25,352	22,900	21,979	22,221
% Growth		NM	28%	12%	-10%	-4%	1%

載入錯誤

China Eastern Airlines Corporation Limited

OTCPK:CHEAF

中國 / 工業 / 客運航空

5 年 DCF 增長退出價