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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.6x - 0.7x | 0.7x |
Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.6x |
Fair Value | $0.36 - $0.40 | $0.38 |
Upside | 2.3% - 13.1% | 7.7% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
China Southern Airlines Company Limited | 60,002,900.0% | SHSE:600029 |
Spring Airlines Co., Ltd. | 60,102,100.0% | SHSE:601021 |
Juneyao Airlines Co., Ltd | 60,388,500.0% | SHSE:603885 |
InterGlobe Aviation Limited | 53,944,800.0% | BSE:539448 |
Norwegian Air Shuttle ASA | - | OB:NAS |
China Eastern Airlines Corporation Limited | - | PINC:CHEA.F |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
600029 | 601021 | 603885 | 539448 | NAS | CHEA.F | |||
SHSE:600029 | SHSE:601021 | SHSE:603885 | BSE:539448 | OB:NAS | PINC:CHEA.F | |||
Historical Sales Growth | ||||||||
5Y CAGR | 2.5% | 6.5% | 5.7% | 19.3% | -4.1% | 1.8% | ||
3Y CAGR | 19.7% | 24.2% | 23.4% | 67.6% | 91.0% | 25.3% | ||
Latest Twelve Months | 1.5% | 4.7% | 3.4% | 17.2% | 38.3% | 6.1% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -11.3% | -1.6% | -8.1% | -9.3% | -86.0% | -24.6% | ||
Prior Fiscal Year | -2.6% | -36.3% | 3.9% | -0.6% | 6.3% | -7.2% | ||
Latest Fiscal Year | -1.0% | 12.6% | 4.1% | 11.9% | 3.4% | -3.2% | ||
Latest Twelve Months | -1.8% | 11.0% | NA | 8.0% | 3.4% | -3.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 20.7x | 13.0x | 16.0x | 23.0x | 6.9x | 22.3x | ||
Price / LTM Sales | 0.6x | 2.7x | 1.3x | 2.8x | 0.4x | 0.6x | ||
LTM P/E Ratio | -29.8x | 25.1x | 31.6x | 35.1x | 11.5x | -17.7x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.4x | 1.3x | 2.8x | |||||
Historical LTM P/S Ratio | 0.6x | 1.0x | 1.8x | |||||
Selected Price / Sales Multiple | 0.6x | 0.7x | 0.7x | |||||
(x) LTM Sales | 132,337 | 132,337 | 132,337 | |||||
(=) Equity Value | 84,753 | 89,214 | 93,675 | |||||
(/) Shares Outstanding | 33,492.9 | 33,492.9 | 33,492.9 | |||||
Implied Value Range | 2.53 | 2.66 | 2.80 | |||||
FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.35 | 0.37 | 0.39 | 0.35 | ||||
Upside / (Downside) | -0.4% | 4.9% | 10.1% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 600029 | 601021 | 603885 | 539448 | NAS | CHEA.F | |
Value of Common Equity | 95,871 | 53,655 | 27,967 | 2,057,017 | 14,020 | 85,078 | |
(/) Shares Outstanding | 16,221.9 | 972.7 | 2,184.9 | 386.4 | 963.9 | 33,492.9 | |
Implied Stock Price | 5.91 | 55.16 | 12.80 | 5,323.00 | 14.55 | 2.54 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.22 | |
Implied Stock Price (Trading Cur) | 5.91 | 55.16 | 12.80 | 5,323.00 | 14.55 | 0.35 | |
Trading Currency | CNY | CNY | CNY | INR | NOK | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.22 |