Market Closed -
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5-day change | 1st Jan Change | |
5.260 HKD | 0.00% | -4.36% | -24.32% |
Nov. 16 | Air China's Passenger Capacity Surges 248% in October | MT |
Nov. 15 | Air China Limited Reports Operating Results for the Month and Year to Date Ended October 2023 | CI |
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+
Sell
Buy

Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
4.805CNY
Average target price
6.079CNY
Spread / Average Target
+26.53%
EPS Revisions
1st Jan change | Capi. (M$) | |
---|---|---|
-24.32% | 16 165 M $ | |
+11.50% | 23 463 M $ | |
+44.76% | 21 953 M $ | |
+14.65% | 19 773 M $ | |
-26.18% | 13 794 M $ | |
+4.11% | 12 875 M $ | |
+34.75% | 12 456 M $ | |
+80.98% | 12 175 M $ | |
-25.14% | 11 609 M $ | |
+9.00% | 9 667 M $ |
- Stock
- Equities
- Stock Air China Limited - Hong Kong Stock Exchange
- Financials Air China Limited