Stock 601021 SPRING AIRLINES CO., LTD.
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Financials Spring Airlines Co., Ltd.

Equities

601021

CNE100001V45

Airlines

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
58.38 CNY -0.38% Intraday chart for Spring Airlines Co., Ltd. +2.46% +16.29%
Apr. 03 Tranche Update on Spring Airlines Co., Ltd.'s Equity Buyback Plan announced on August 31, 2023. CI
Mar. 18 Spring Airlines' Passenger Capacity Soars 141% in February MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 29,167 40,235 50,800 52,055 62,747 57,014 57,014 -
Enterprise Value (EV) 1 33,571 42,383 55,674 61,567 74,458 72,398 71,867 71,191
P/E ratio 19 x 21.8 x -86.6 x 1,420 x -19.5 x 22.8 x 16.2 x 13.2 x
Yield 0.63% 0.46% - - - 0.48% 0.69% 0.87%
Capitalization / Revenue 2.22 x 2.72 x 5.42 x 4.79 x 7.5 x 3.09 x 2.48 x 2.17 x
EV / Revenue 2.56 x 2.86 x 5.94 x 5.67 x 8.9 x 3.92 x 3.12 x 2.71 x
EV / EBITDA 12 x 13 x 156 x 52.7 x -35.4 x 15.1 x 11.2 x 9.61 x
EV / FCF -127 x - -15.8 x -13.7 x -18 x 49 x 71.6 x 62.3 x
FCF Yield -0.79% - -6.34% -7.32% -5.55% 2.04% 1.4% 1.61%
Price to Book 2.19 x 2.68 x 3.58 x 3.79 x 4.59 x 3.56 x 2.95 x 2.44 x
Nbr of stocks (in thousands) 916,898 916,728 916,463 916,463 976,606 976,606 976,606 -
Reference price 2 31.81 43.89 55.43 56.80 64.25 58.38 58.38 58.38
Announcement Date 4/18/19 4/29/20 4/29/21 4/28/22 4/27/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 13,114 14,804 9,373 10,858 8,369 18,465 23,004 26,265
EBITDA 1 2,795 3,251 357.7 1,169 -2,102 4,789 6,442 7,411
EBIT 1 1,918 2,311 -625.8 5.947 -3,417 3,102 4,689 5,947
Operating Margin 14.63% 15.61% -6.68% 0.05% -40.83% 16.8% 20.39% 22.64%
Earnings before Tax (EBT) 1 2,002 2,404 -604.6 16.03 -3,399 3,005 4,558 5,730
Net income 1 1,503 1,841 -588.4 39.11 -3,036 2,494 3,530 4,343
Net margin 11.46% 12.44% -6.28% 0.36% -36.27% 13.51% 15.34% 16.54%
EPS 2 1.670 2.010 -0.6400 0.0400 -3.300 2.556 3.614 4.438
Free Cash Flow 1 -264.4 - -3,531 -4,506 -4,133 1,478 1,004 1,144
FCF margin -2.02% - -37.67% -41.5% -49.39% 8% 4.36% 4.35%
FCF Conversion (EBITDA) - - - - - 30.87% 15.58% 15.43%
FCF Conversion (Net income) - - - - - 59.26% 28.45% 26.33%
Dividend per Share 2 0.2000 0.2000 - - - 0.2806 0.4053 0.5089
Announcement Date 4/18/19 4/29/20 4/29/21 4/28/22 4/27/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - - 3,184 2,220 - 1,293 - 2,951 1,764 3,863 4,168 6,072 4,008 5,691 4,380 7,880 4,735
EBITDA 1 - - - - - - - - - - - - 282.7 1,167 1,291 2,895 374.2
EBIT - - - -193.5 - -1,066 - -661.2 -1,102 - 626.6 1,962 - - - - -
Operating Margin - - - -8.72% - -82.42% - -22.4% -62.46% - 15.03% 32.32% - - - - -
Earnings before Tax (EBT) 1 - - - - - - - - -1,093 - 629.9 1,969 -208.6 750.8 977.9 2,608 -65.46
Net income 1 -408.6 - 148.6 -119.8 - -808.5 -1,245 - -1,299 355.6 482.8 1,839 -263.5 444.4 623 2,282 -121.8
Net margin - - 4.67% -5.4% - -62.51% - - -73.61% 9.21% 11.58% 30.28% -6.57% 7.81% 14.22% 28.95% -2.57%
EPS 2 - 0.3200 0.1600 -0.1300 -0.4800 -0.8800 - -0.5400 -1.400 0.3600 0.5000 1.880 -0.3646 0.6271 0.6433 1.816 0.1678
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 8/28/20 8/30/21 10/29/21 4/28/22 4/28/22 8/30/22 8/30/22 10/28/22 4/27/23 4/27/23 8/30/23 10/30/23 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 4,404 2,148 4,875 9,512 11,711 15,384 14,853 14,177
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.575 x 0.6606 x 13.63 x 8.14 x -5.573 x 3.213 x 2.306 x 1.913 x
Free Cash Flow 1 -264 - -3,531 -4,506 -4,133 1,478 1,004 1,144
ROE (net income / shareholders' equity) 12.5% 13% -4.02% 0.29% -24.4% 15.9% 19.1% 19.6%
ROA (Net income/ Total Assets) 6.37% 6.58% -1.9% 0.1% - 5% 7.63% 8.33%
Assets 1 23,589 27,970 30,904 38,307 - 49,886 46,239 52,117
Book Value Per Share 2 14.50 16.40 15.50 15.00 14.00 16.40 19.80 23.90
Cash Flow per Share 2 3.160 3.750 0.9000 1.840 0.4500 3.290 5.140 5.980
Capex 1 3,160 5,337 4,357 6,190 4,572 3,456 3,444 4,025
Capex / Sales 24.1% 36.05% 46.48% 57.01% 54.63% 18.72% 14.97% 15.32%
Announcement Date 4/18/19 4/29/20 4/29/21 4/28/22 4/27/23 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Spring Airlines Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
58.38 CNY
Average target price
75.4 CNY
Spread / Average Target
+29.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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