CHINA AIRLINES, LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 23.15 TWD | +0.22% |
|
+4.51% | +6.93% |
| Jun. 10 | Ex-China Airlines Employee Allegedly Leaks Presidential Itineraries, Sensitive Data | MT |
| May. 30 | China Airlines, Ltd. Announces Term Expiration of Remuneration Committee | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 49,088 | 65,298 | 158,093 | 114,218 | 130,962 | 140,045 | - |
| Enterprise Value (EV) 1 | 118,370 | 156,172 | 209,615 | 114,218 | 167,812 | 140,045 | 140,045 |
| P/E ratio | -41.2 x | 402 x | 17.9 x | 39.6 x | 19.2 x | 13 x | 26.7 x |
| Yield | - | - | 3.01% | - | - | 3.93% | 1.9% |
| Capitalization / Revenue | 0.29 x | 0.57 x | 1.14 x | 0.76 x | 0.71 x | 0.7 x | 0.74 x |
| EV / Revenue | 0.29 x | 0.57 x | 1.14 x | 0.76 x | 0.71 x | 0.7 x | 0.74 x |
| EV / EBITDA | 1.38 x | 1.95 x | 3.52 x | 3.47 x | 3.21 x | 3.26 x | 4.22 x |
| EV / FCF | 2.65 x | -22.4 x | 4.5 x | - | 4.91 x | 6.15 x | 5.56 x |
| FCF Yield | 37.8% | -4.47% | 22.2% | - | 20.4% | 16.3% | 18% |
| Price to Book | 0.89 x | 1.13 x | 2.21 x | - | 1.79 x | 1.7 x | - |
| Nbr of stocks (in thousands) | 5,418,096 | 5,418,910 | 5,738,409 | 6,011,462 | 6,049,038 | 6,049,466 | - |
| Reference price 2 | 9.060 | 12.05 | 27.55 | 19.00 | 21.65 | 23.15 | 23.15 |
| Announcement Date | 3/17/20 | 3/17/21 | 3/15/22 | 3/16/23 | 3/15/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 168,444 | 115,251 | 138,841 | 150,722 | 184,817 | 201,425 | 189,375 |
| EBITDA 1 | 35,465 | 33,559 | 44,918 | 32,912 | 40,814 | 42,896 | 33,215 |
| EBIT 1 | 2,666 | 2,184 | 14,968 | 2,585 | 10,157 | 15,196 | 7,043 |
| Operating Margin | 1.58% | 1.9% | 10.78% | 1.71% | 5.5% | 7.54% | 3.72% |
| Earnings before Tax (EBT) 1 | -96.82 | -653.8 | 11,127 | 2,661 | 9,305 | 16,992 | 5,266 |
| Net income 1 | -1,200 | 140 | 9,380 | 2,860 | 6,819 | 11,061 | 5,198 |
| Net margin | -0.71% | 0.12% | 6.76% | 1.9% | 3.69% | 5.49% | 2.74% |
| EPS 2 | -0.2200 | 0.0300 | 1.540 | 0.4800 | 1.130 | 1.780 | 0.8674 |
| Free Cash Flow 1 | 18,552 | -2,922 | 35,159 | - | 26,661 | 22,778 | 25,173 |
| FCF margin | 11.01% | -2.53% | 25.32% | - | 14.43% | 11.31% | 13.29% |
| FCF Conversion (EBITDA) | 52.31% | - | 78.27% | - | 65.32% | 53.1% | 75.79% |
| FCF Conversion (Net income) | - | - | 374.83% | - | 391% | 205.93% | 484.29% |
| Dividend per Share 2 | - | - | 0.8300 | - | - | 0.9105 | 0.4395 |
| Announcement Date | 3/17/20 | 3/17/21 | 3/15/22 | 3/16/23 | 3/15/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 47,167 | 37,233 | 36,852 | 37,698 | 38,939 | 42,692 | 47,193 | 47,682 | 47,250 | 48,645 | 51,048 | 52,510 | 51,004 | 47,248 | 46,511 |
| EBITDA | 17,501 | 11,033 | 8,441 | - | 6,110 | 9,654 | 12,637 | 10,145 | 8,378 | 11,109 | - | - | - | - | - |
| EBIT 1 | 10,246 | 3,626 | 960.2 | -337.2 | -1,664 | 1,826 | 4,767 | 2,481 | 1,084 | 3,852 | 4,988 | 5,250 | 2,553 | 1,628 | 618 |
| Operating Margin | 21.72% | 9.74% | 2.61% | -0.89% | -4.27% | 4.28% | 10.1% | 5.2% | 2.29% | 7.92% | 9.77% | 10% | 5.01% | 3.45% | 1.33% |
| Earnings before Tax (EBT) 1 | 9,857 | 3,552 | 427.7 | -138.2 | -1,181 | 1,306 | 4,210 | 3,139 | 227.5 | 4,251 | 4,748 | 5,460 | 2,533 | 1,398 | 388 |
| Net income 1 | 7,825 | 3,072 | 420.2 | 126 | -758.9 | 1,306 | 3,294 | 2,297 | -79.02 | 3,099 | 3,444 | 4,024 | 1,867 | 1,300 | 282 |
| Net margin | 16.59% | 8.25% | 1.14% | 0.33% | -1.95% | 3.06% | 6.98% | 4.82% | -0.17% | 6.37% | 6.75% | 7.66% | 3.66% | 2.75% | 0.61% |
| EPS 2 | 1.280 | 0.5000 | 0.0700 | 0.0200 | -0.1200 | 0.2100 | 0.5500 | 0.3800 | -0.0200 | 0.5000 | 0.5700 | 0.6600 | 0.3100 | 0.2100 | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/15/22 | 5/9/22 | 8/9/22 | 11/9/22 | 3/16/23 | 5/10/23 | 8/9/23 | 11/8/23 | 3/15/24 | 5/9/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt | 69,282 | 90,874 | 51,521 | - | 36,850 | - | - |
| Net Cash position | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.954 x | 2.708 x | 1.147 x | - | 0.9029 x | - | - |
| Free Cash Flow 1 | 18,552 | -2,922 | 35,159 | - | 26,661 | 22,778 | 25,173 |
| ROE (net income / shareholders' equity) | -2.11% | 0.25% | 14.3% | - | 9.43% | 12.7% | 4.71% |
| ROA (Net income/ Total Assets) | -0.46% | 0.05% | 3.24% | - | 2.33% | 2.02% | 1.39% |
| Assets 1 | 261,593 | 285,714 | 289,459 | - | 292,830 | 547,575 | 373,953 |
| Book Value Per Share 2 | 10.20 | 10.60 | 12.50 | - | 12.10 | 13.60 | - |
| Cash Flow per Share 2 | 6.880 | 2.080 | 8.120 | - | 9.080 | 5.920 | 6.310 |
| Capex 1 | 18,975 | 12,645 | 14,131 | - | 29,185 | 14,000 | 19,500 |
| Capex / Sales | 11.26% | 10.97% | 10.18% | - | 15.79% | 6.95% | 10.3% |
| Announcement Date | 3/17/20 | 3/17/21 | 3/15/22 | 3/16/23 | 3/15/24 | - | - |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
23.15
TWD
Average target price
20.39
TWD
Spread / Average Target
-11.92%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.93% | 4.32B | |
| +22.52% | 32.59B | |
| +47.27% | 21.1B | |
| -10.62% | 20.95B | |
| +3.05% | 17.89B | |
| +26.15% | 17.44B | |
| -19.43% | 14.55B | |
| -5.14% | 12.85B | |
| +32.33% | 12.77B | |
| +2.06% | 10.79B |
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- Financials China Airlines, Ltd.
