Stock AIRARABIA AIR ARABIA
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Financials Air Arabia

Equities

AIRARABIA

AEA003001012

Airlines

Market Closed - Dubai FM
Other stock markets
 06:57:13 2024-04-26 am EDT 		5-day change 1st Jan Change
2.67 AED +0.38% Intraday chart for Air Arabia +1.14% -5.32%
Mar. 15 Air Arabia to Pause Trading Amid General Assembly MT
Feb. 13 Air Arabia PJSC Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,513 5,973 6,767 10,033 13,160 12,460 - -
Enterprise Value (EV) 1 8,583 7,059 6,163 8,185 13,160 8,677 8,148 8,762
P/E ratio 7.67 x -32 x 9.67 x 8.27 x 8.55 x 8.41 x 7.37 x 8.48 x
Yield 5.59% - 6.21% - - 7.01% 7.19% 7.22%
Capitalization / Revenue 1.58 x 3.23 x 2.13 x 1.91 x 2.19 x 1.96 x 1.84 x 1.77 x
EV / Revenue 1.8 x 3.81 x 1.94 x 1.56 x 2.19 x 1.37 x 1.2 x 1.24 x
EV / EBITDA 5.75 x 16.9 x 4.88 x 4.78 x 6.98 x 4.75 x 4.07 x 4.61 x
EV / FCF 4.92 x 9.33 x 3.25 x 4.24 x - 3.52 x 3.36 x -
FCF Yield 20.3% 10.7% 30.8% 23.6% - 28.4% 29.8% -
Price to Book 1.35 x 1.33 x 1.11 x 1.43 x - 1.87 x 1.43 x 1.63 x
Nbr of stocks (in thousands) 4,666,700 4,666,700 4,666,700 4,666,700 4,666,700 4,666,700 - -
Reference price 2 1.610 1.280 1.450 2.150 2.820 2.670 2.670 2.670
Announcement Date 2/9/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,758 1,851 3,174 5,242 6,000 6,352 6,774 7,049
EBITDA 1 1,491 418.4 1,263 1,711 1,886 1,826 2,002 1,899
EBIT 1 932.5 -180.1 643 1,077 1,239 1,280 1,403 1,256
Operating Margin 19.6% -9.73% 20.26% 20.55% 20.64% 20.16% 20.71% 17.81%
Earnings before Tax (EBT) 1 1,008 -192.2 719.9 1,222 1,548 1,762 1,956 -
Net income 1 990.2 -192.2 719.9 1,222 1,547 1,490 1,592 1,682
Net margin 20.81% -10.38% 22.68% 23.31% 25.79% 23.46% 23.5% 23.86%
EPS 2 0.2100 -0.0400 0.1500 0.2600 0.3300 0.3175 0.3622 0.3150
Free Cash Flow 1 1,745 756.4 1,896 1,932 - 2,468 2,425 -
FCF margin 36.67% 40.86% 59.74% 36.85% - 38.85% 35.8% -
FCF Conversion (EBITDA) 116.98% 180.77% 150.08% 112.9% - 135.18% 121.1% -
FCF Conversion (Net income) 176.21% - 263.38% 158.11% - 165.64% 152.32% -
Dividend per Share 2 0.0900 - 0.0900 - - 0.1872 0.1920 0.1927
Announcement Date 2/9/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 804.4 1,302 1,129 1,114 1,606 1,393 1,429 1,396 - 1,630 1,545 1,434 1,392 1,626 1,541
EBITDA - - - - - - 461.4 540.7 - 523.2 360.6 - - - -
EBIT 1 138.6 439.6 280.8 160.8 339.8 295.7 301.4 382.1 - 362.6 192.4 183 - - -
Operating Margin 17.23% 33.77% 24.88% 14.43% 21.16% 21.22% 21.09% 27.38% - 22.25% 12.45% 12.76% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 208.9 466.8 290.9 160.1 415.7 355.2 341.6 459.2 801 521.6 224.8 286 - - -
Net margin 25.97% 35.86% 25.77% 14.37% 25.88% 25.49% 23.9% 32.9% - 32% 14.55% 19.95% - - -
EPS - - - - - - 0.0730 - - 0.1100 0.0500 - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/11/21 2/15/22 5/12/22 8/11/22 11/10/22 2/14/23 5/8/23 8/14/23 8/14/23 11/14/23 2/13/24 - - - -
1AED in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,070 1,085 - - - - - -
Net Cash position 1 - - 604 1,848 - 3,783 4,312 3,698
Leverage (Debt/EBITDA) 0.7173 x 2.594 x - - - - - -
Free Cash Flow 1 1,745 756 1,896 1,932 - 2,468 2,425 -
ROE (net income / shareholders' equity) 19.7% -3.82% 13.6% 18.7% - 19.4% 19.2% 18.4%
ROA (Net income/ Total Assets) 8.17% -1.51% 5.55% 8.81% - 9.15% 9.45% 9.3%
Assets 1 12,117 12,734 12,980 13,872 - 16,284 16,847 18,082
Book Value Per Share 2 1.190 0.9700 1.300 1.500 - 1.430 1.870 1.640
Cash Flow per Share 2 0.4500 0.1700 0.4200 0.4700 - 0.4600 0.5400 -
Capex 1 348 28.9 52.5 256 - 504 603 434
Capex / Sales 7.32% 1.56% 1.65% 4.88% - 7.93% 8.9% 6.16%
Announcement Date 2/9/20 2/11/21 2/15/22 2/14/23 2/13/24 - - -
1AED in Million2AED
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Air Arabia

Trading Rating
Investor Rating
ESG Refinitiv
D-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
2.67 AED
Average target price
3.157 AED
Spread / Average Target
+18.24%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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