Financials Air China Limited

Equities

753

CNE1000001S0

Airlines

Market Closed - Hong Kong Stock Exchange 03:08:15 2023-11-30 am EST Intraday chart for Air China Limited 5-day change 1st Jan Change
5.260 HKD 0.00% -4.36% -24.32%

Valuation

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 103 422 128 759 98 007 111 194 133 440 115 260 - -
Enterprise Value (EV) 1 192 413 164 134 174 453 279 478 257 277 306 513 297 859 277 159
P/E ratio 11,2x 15,0x -4,90x -3,66x -2,18x 53,3x 12,4x 8,24x
Yield 1,92% 0,63% - - - 0,09% 1,20% 1,39%
Capitalization / Revenue 0,76x 0,95x 1,41x 1,49x 2,52x 0,81x 0,68x 0,63x
EV / Revenue 1,41x 1,21x 2,51x 3,75x 4,86x 2,17x 1,76x 1,51x
EV / EBITDA 6,67x 8,52x -19,2x 68,6x -6,93x 10,7x 7,94x 6,90x
EV / FCF 10,1x 6,31x -16,6x -21,4x -10,8x 17,2x 16,1x 13,4x
FCF Yield 9,93% 15,8% -6,02% -4,67% -9,22% 5,82% 6,20% 7,48%
Price to Book 0,93x 1,10x 0,96x 1,05x - 2,05x 1,72x 1,43x
Nbr of stocks (in thousands) 14 524 815 14 524 815 14 524 815 14 524 815 14 524 815 16 200 793 - -
Reference price 2 5,99 7,07 5,13 4,43 6,14 4,80 4,80 4,80
Announcement Date 03/27/19 03/31/20 03/30/21 03/30/22 03/30/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 136 774 136 181 69 504 74 532 52 898 141 500 169 644 183 525
EBITDA 1 28 850 19 258 -9 094 4 072 -37 124 28 736 37 522 40 186
EBIT 1 14 346 9 178 -18 500 -16 862 -46 085 6 781 12 597 15 908
Operating Margin 10,5% 6,74% -26,6% -22,6% -87,1% 4,79% 7,43% 8,67%
Earnings before Tax (EBT) 1 9 977 9 105 -18 475 -21 826 -45 877 1 169 9 379 13 130
Net income 1 7 336 6 409 -14 409 -16 635 -38 617 1 125 6 115 8 998
Net margin 5,36% 4,71% -20,7% -22,3% -73,0% 0,80% 3,60% 4,90%
EPS 2 0,54 0,47 -1,05 -1,21 -2,81 0,09 0,39 0,58
Free Cash Flow 1 19 111 25 998 -10 497 -13 040 -23 727 17 839 18 471 20 745
FCF margin 14,0% 19,1% -15,1% -17,5% -44,9% 12,6% 10,9% 11,3%
FCF Conversion (EBITDA) 66,2% 135% - - - 62,1% 49,2% 51,6%
FCF Conversion (Net income) 261% 406% - - - 1 585% 302% 231%
Dividend per Share 2 0,11 0,04 - - - 0,00 0,06 0,07
Announcement Date 27/03/19 31/03/20 30/03/21 30/03/22 30/03/23 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December 2019 S1 2019 S2 2020 S1 2021 Q2 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 65 313 70 868 29 646 23 083 19 794 17 074 36 868 12 918 11 035 23 953 18 136 10 809 28 945 25 068 34 545 59 613 45 864 39 661 77 128 42 440 36 284 59 797 35 459
EBITDA 1 - - - - - - - - - - - - - - - - - 3 227 - 8 649 5 178 19 902 -2 138
EBIT 1 - - - 2 615 -8 636 -7 173 -10 820 -10 450 -12 608 -16 973 -16 373 -12 739 -18 471 -3 295 -2 388 -796 5 253 4 491 2 205 3 326 -274 14 584 -7 337
Operating Margin - - - 11,3% -43,6% -42,0% -29,3% -80,9% -114% -70,9% -90,3% -118% -63,8% -13,1% -6,91% -1,33% 11,5% 11,3% 2,86% 7,84% -0,75% 24,4% -20,7%
Earnings before Tax (EBT) - - - - - - - - - - - - -22 801 - - - - - 5 555 - - - -
Net income - 3 269 - -574 - -6 321 -9 854 -8 900 -10 537 -19 437 - - -19 181 - - - - - 4 507 - - - -
Net margin - 4,61% - -2,49% - -37,0% -26,7% -68,9% -95,5% -81,1% - - -66,3% - - - - - 5,84% - - - -
EPS - - - - - - -0,72 - - - - - -1,40 - - -0,22 - - -0,01 - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 08/28/19 03/31/20 08/28/20 08/27/21 10/29/21 03/30/22 03/30/22 04/28/22 08/30/22 08/30/22 10/28/22 03/30/23 03/30/23 04/26/23 08/30/23 08/30/23 10/26/23 - - - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 88 991 35 375 76 446 168 284 123 837 189 889 178 846 161 899
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3,08x 1,84x -8,41x 41,3x -3,34x 6,61x 4,77x 4,03x
Free Cash Flow 1 19 111 25 998 -10 497 -13 040 -23 727 17 839 18 471 20 745
ROE (net income / shareholders' equity) 8,20% 7,09% -16,9% -23,8% -90,9% 3,79% 20,9% 19,1%
Shareholders' equity 1 89 428 90 389 85 465 70 013 42 502 29 728 29 322 46 991
ROA (Net income/ Total Assets) 3,07% 2,38% -4,98% -5,67% -13,0% 0,45% 1,86% 2,35%
Assets 1 239 186 268 929 289 172 293 493 296 692 250 082 328 755 382 878
Book Value Per Share 2 6,41 6,44 5,34 4,23 - 2,35 2,79 3,36
Cash Flow per Share 2 1,39 2,79 0,10 0,52 - 1,42 2,03 1,95
Capex 1 12 308 12 342 11 905 20 170 6 965 15 575 20 704 15 095
Capex / Sales 9,00% 9,06% 17,1% 27,1% 13,2% 11,0% 12,2% 8,23%
Announcement Date 03/27/19 03/31/20 03/30/21 03/30/22 03/30/23 - - -
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

Trading Rating :
Investor Rating :
ESG Refinitiv :
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
4.805CNY
Average target price
6.079CNY
Spread / Average Target
+26.53%
Consensus
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