Projected Income Statement: Air China Limited

Forecast Balance Sheet: Air China Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 76,446 168,284 123,837 135,933 148,952 191,734 168,942 163,353
Change - 120.13% -26.41% 9.77% 9.58% 28.72% -11.89% -3.31%
Announcement Date 3/30/21 3/30/22 3/30/23 3/28/24 3/27/25 - - -
1CNY in Million
Estimates

Cash Flow Forecast: Air China Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 11,905 20,170 6,965 21,446 20,104 20,960 23,683 28,095
Change - 69.42% -65.47% 207.91% -6.25% 4.26% 12.99% 18.63%
Free Cash Flow (FCF) 1 -10,497 -13,040 -23,727 13,973 7,880 12,278 14,069 10,063
Change - -24.22% -81.96% 158.89% -43.61% 55.82% 14.59% -28.47%
Announcement Date 3/30/21 3/30/22 3/30/23 3/28/24 3/27/25 - - -
1CNY in Million
Estimates

Forecast Financial Ratios: Air China Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) -13.08% 5.46% -70.18% 6.03% 18.79% 21.04% 22.18% 23.07%
EBIT Margin (%) -26.62% -22.62% -87.12% -2.36% 1.33% 3.73% 7.01% 9.72%
EBT Margin (%) -26.58% -29.28% -86.73% -1.18% -0.96% 2.62% 5.68% 7.77%
Net margin (%) -20.73% -22.32% -73% -0.74% -0.14% 2.2% 3.89% 5.59%
FCF margin (%) -15.1% -17.5% -44.85% 9.9% 4.73% 7.03% 7.56% 4.96%
FCF / Net Income (%) 72.85% 78.39% 61.44% -1,335.36% -3,388.29% 318.73% 194.45% 88.81%

Profitability

        
ROA -4.98% -5.67% -13.02% -0.33% -0.07% 1.11% 1.94% 2.85%
ROE -16.86% -23.76% -90.86% -2.77% -0.56% 7.63% 13.16% 17.56%

Financial Health

        
Leverage (Debt/EBITDA) -8.41x 41.32x -3.34x 15.99x 4.76x 5.21x 4.09x 3.49x
Debt / Free cash flow -7.28x -12.91x -5.22x 9.73x 18.9x 15.62x 12.01x 16.23x

Capital Intensity

        
CAPEX / Current Assets (%) 17.13% 27.06% 13.17% 15.2% 12.06% 11.99% 12.73% 13.86%
CAPEX / EBITDA (%) -130.91% 495.29% -18.76% 252.24% 64.19% 57.01% 57.38% 60.08%
CAPEX / FCF (%) -113.42% -154.68% -29.35% 153.48% 255.14% 170.71% 168.33% 279.19%

Items per share

        
Cash flow per share 1 0.1025 0.5191 - 2.3 1.764 1.626 2.055 2.371
Change - 406.34% - - -23.3% -7.8% 26.34% 15.4%
Dividend per Share 1 - - - - - 0.00056 0.0266 -
Change - - - - - - 4,648.21% -
Book Value Per Share 1 5.338 4.23 - 2.298 2.846 2.892 3.242 3.965
Change - -20.76% - - 23.84% 1.62% 12.11% 22.31%
EPS 1 -1.049 -1.211 -2.812 -0.0674 -0.0147 0.1963 0.4168 0.7022
Change - -15.5% -132.13% 97.6% 78.19% 1,435.17% 112.38% 68.45%
Nbr of stocks (in thousands) 14,524,815 14,524,815 14,524,815 16,200,793 17,448,421 17,448,421 17,448,421 17,448,421
Announcement Date 3/30/21 3/30/22 3/30/23 3/28/24 3/27/25 - - -
1CNY
Estimates
2025 *2026 *
P/E ratio 25.3x 11.9x
PBR 1.72x 1.53x
EV / Sales 1.79x 1.55x
Yield 0.01% 0.53%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
13
Last Close Price
4.972CNY
Average target price
4.864CNY
Spread / Average Target
-2.18%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. 753 Stock
  4. Financials Air China Limited