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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 2.4x - 2.7x | 2.6x |
Historical Pb Multiple | 1.6x - 4.0x | 3.0x |
Fair Value | $15.81 - $17.48 | $16.64 |
Upside | 34.3% - 48.5% | 41.4% |
Benchmarks | - | Full Ticker |
International Consolidated Airlines Group S.A. | - | LSE:IAG |
Deutsche Lufthansa AG | - | LSE:0H4A |
Jet2 plc | - | AIM:JET2 |
Cathay Pacific Airways Limited | - | OTCPK:CPCA.F |
Japan Airlines Co., Ltd. | 920,100.0% | TSE:9201 |
Ryanair Holdings plc | - | OTCPK:RYAO.F |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
IAG | 0H4A | JET2 | CPCA.F | 9201 | RYAO.F | |||
LSE:IAG | LSE:0H4A | AIM:JET2 | OTCPK:CPCA.F | TSE:9201 | OTCPK:RYAO.F | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 9.8% | 2.7% | 23.9% | 41.5% | -8.7% | 16.7% | ||
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
Latest Twelve Months | 2.9% | -27.8% | 15.2% | 6.0% | -3.1% | -18.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -23.8% | -10.2% | -13.8% | -10.8% | -12.4% | -4.1% | ||
Prior Fiscal Year | 9.0% | 5.4% | 5.8% | 9.6% | 2.5% | 12.2% | ||
Latest Fiscal Year | 8.5% | 3.7% | 6.4% | 9.2% | 5.8% | 14.3% | ||
Latest Twelve Months | 8.5% | 3.7% | 7.2% | 9.2% | 5.5% | 12.0% | ||
Return on Equity | ||||||||
5 Year Average Margin | -60.4% | -27.1% | -0.1% | -7.8% | -5.6% | 7.7% | ||
Prior Fiscal Year | 100.4% | 21.3% | 30.5% | 17.4% | 4.3% | 23.5% | ||
Latest Twelve Months | 57.9% | 13.1% | 29.3% | 17.1% | 11.0% | 20.7% | ||
Next Fiscal Year | 42.5% | 10.8% | 27.5% | 16.6% | 7.4% | 20.9% | ||
Two Fiscal Years Forward | 32.7% | 12.6% | 23.4% | 15.8% | 12.0% | 24.8% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 0.4x | 0.2x | 0.4x | 0.5x | 0.6x | 1.4x | ||
Price / LTM EPS | 4.9x | 5.2x | 5.3x | 5.9x | 10.6x | 11.8x | ||
Price / Book | 2.2x | 0.6x | 1.5x | 1.1x | 1.1x | 2.4x | ||
Price / Fwd Book | 1.5x | 0.6x | 1.6x | 1.2x | 1.1x | 1.9x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.6x | 1.1x | 2.2x | |||||
Historical P/B Ratio | 1.6x | 3.0x | 4.0x | |||||
Selected P/B Multiple | 2.4x | 2.6x | 2.7x | |||||
(x) Book Value | 8,170 | 8,170 | 8,170 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | IAG | 0H4A | JET2 | CPCA.F | 9201 | RYAO.F | |
Value of Common Equity | 13,239 | 7,136 | 2,651 | 67,809 | 1,027,437 | 14,862 | |
(/) Shares Outstanding | 4,791.7 | 1,198.3 | 214.7 | 7,280.9 | 436.6 | 1,396.5 | |
Implied Stock Price | 2.76 | 5.96 | 12.35 | 9.31 | 2,353.50 | 10.64 | |
FX Conversion Rate to Trading Currency | 1.16 | 1.00 | 1.00 | 7.76 | 1.00 | 0.90 | |
Implied Stock Price (Trading Cur) | 2.38 | 5.96 | 12.35 | 1.20 | 2,353.50 | 11.77 | |
Trading Currency | GBP | EUR | GBP | USD | JPY | USD | |
FX Rate to Reporting Currency | 1.16 | 1.00 | 1.00 | 7.76 | 1.00 | 0.90 |