Financials Asia Aviation

Equities

AAV

TH3437010004

Airlines

End-of-day quote Thailand S.E. 06:00:00 2024-06-13 pm EDT 5-day change 1st Jan Change
2.02 THB -3.81% Intraday chart for Asia Aviation -8.18% +1.51%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,864 11,446 25,092 37,223 25,571 25,957 - -
Enterprise Value (EV) 1 28,862 72,070 64,871 80,180 67,349 61,369 59,083 25,957
P/E ratio -22.9 x -2.4 x -1.98 x -4.42 x 52.5 x 14.4 x 8.6 x 6.87 x
Yield - - - - - 3.47% 3.96% 3.47%
Capitalization / Revenue 0.27 x 0.84 x 6.55 x 2.12 x 0.62 x 0.52 x 0.49 x 0.47 x
EV / Revenue 0.72 x 5.29 x 16.9 x 4.57 x 1.63 x 1.23 x 1.11 x 0.47 x
EV / EBITDA 22.8 x -39.8 x -8.44 x -88.9 x 10.4 x 6.33 x 5.61 x 2.36 x
EV / FCF -34 x -32.3 x -14.6 x -2,473 x 11.3 x 19.8 x 13 x 3.16 x
FCF Yield -2.95% -3.09% -6.85% -0.04% 8.82% 5.06% 7.71% 31.7%
Price to Book 0.54 x 0.8 x 1.24 x 4.68 x 2.91 x 2.79 x 2.29 x 1.79 x
Nbr of stocks (in thousands) 4,850,000 4,850,000 9,878,571 12,164,286 12,850,000 12,850,000 - -
Reference price 2 2.240 2.360 2.540 3.060 1.990 2.020 2.020 2.020
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 40,181 13,634 3,828 17,553 41,241 50,089 52,991 55,680
EBITDA 1 1,266 -1,812 -7,685 -901.6 6,456 9,695 10,535 10,987
EBIT 1 -450.5 -7,551 -11,851 -8,476 1,463 4,348 4,800 5,174
Operating Margin -1.12% -55.38% -309.54% -48.29% 3.55% 8.68% 9.06% 9.29%
Earnings before Tax (EBT) 1 -865.6 -9,327 -13,699 -10,666 526.6 2,490 3,075 3,176
Net income 1 -474 -4,764 -6,647 -8,030 465.8 1,761 3,003 3,344
Net margin -1.18% -34.94% -173.63% -45.75% 1.13% 3.52% 5.67% 6.01%
EPS 2 -0.0977 -0.9823 -1.283 -0.6921 0.0379 0.1400 0.2350 0.2940
Free Cash Flow 1 -850 -2,230 -4,447 -32.42 5,937 3,106 4,555 8,221
FCF margin -2.12% -16.35% -116.15% -0.18% 14.4% 6.2% 8.6% 14.77%
FCF Conversion (EBITDA) - - - - 91.97% 32.04% 43.24% 74.83%
FCF Conversion (Net income) - - - - 1,274.63% 176.39% 151.66% 245.81%
Dividend per Share 2 - - - - - 0.0700 0.0800 0.0700
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales - - - - - - - - 9,662 12,457 13,794 -
EBITDA - - - - -597.9 2,044 2,294 - 249.4 2,797 1,048 -
EBIT - - - - -2,139 4,281 986.8 -761.9 -642 1,491 83.68 -
Operating Margin - - - - - - - - -6.64% 11.97% 0.61% -
Earnings before Tax (EBT) - - - - - - 499.8 -1,301 -2,124 3,452 -536.8 -
Net income 1 -5,655 -2,371 -4,724 -7,094 -4,050 3,114 359.4 -1,013 -1,695 2,814 -409.1 907
Net margin - - - - - - - - -17.54% 22.59% -2.97% -
EPS -0.1200 - -0.4067 -0.6205 - 0.2740 0.0280 -0.0832 -0.1393 0.2309 -0.0318 -
Dividend per Share - - - - - - - - - - - -
Announcement Date 2/24/22 5/17/22 8/11/22 8/11/22 11/14/22 2/24/23 5/12/23 8/11/23 11/13/23 2/22/24 5/13/24 -
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 17,998 60,624 39,780 42,957 41,777 35,412 33,126 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 14.21 x -33.46 x -5.177 x -47.65 x 6.471 x 3.653 x 3.144 x -
Free Cash Flow 1 -850 -2,230 -4,447 -32.4 5,937 3,106 4,555 8,221
ROE (net income / shareholders' equity) -2.35% -27.9% -51.6% -57% 5.69% 18.3% 26% 24.6%
ROA (Net income/ Total Assets) -0.76% -7.28% -9.55% -11.8% 0.7% 3.8% 5.45% 6.2%
Assets 1 62,327 65,441 69,593 67,947 66,243 46,342 55,108 53,944
Book Value Per Share 2 4.110 2.940 2.040 0.6500 0.6800 0.7300 0.8800 1.130
Cash Flow per Share 2 0.2000 -0.1900 -0.8400 0.0500 0.5100 0.5600 0.5700 0.5300
Capex 1 1,816 1,332 99.6 596 - 6,022 5,495 4,918
Capex / Sales 4.52% 9.77% 2.6% 3.4% - 12.02% 10.37% 8.83%
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
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
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
2.02 THB
Average target price
3.077 THB
Spread / Average Target
+52.33%
Consensus
  1. Stock Market
  2. Equities
  3. AAV Stock
  4. Financials Asia Aviation