Financials Avicopter Plc

Equities

600038

CNE0000015V6

Aerospace & Defense

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
43.28 ^CNY	+1.81%		+1.15%	+12.33%

Apr. 26	Avicopter Plc Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 25	Avicopter to Issue Shares Worth 5.08 Billion Yuan to Parent to Fully Acquire Two Aircraft Makers	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,124	36,966	47,335	27,358	22,713	31,664	-	-
Enterprise Value (EV) ¹	24,359	34,524	44,221	26,430	22,713	31,664	31,664	31,664
P/E ratio	47.8 x	48.8 x	51.8 x	70.7 x	51.3 x	49 x	31.9 x	31.3 x
Yield	0.63%	0.62%	0.58%	0.42%	0.52%	0.46%	1.02%	0.46%
Capitalization / Revenue	1.78 x	1.88 x	2.17 x	1.4 x	0.97 x	1.15 x	0.95 x	0.84 x
EV / Revenue	1.78 x	1.88 x	2.17 x	1.4 x	0.97 x	1.15 x	0.95 x	0.84 x
EV / EBITDA	30.1 x	34.4 x	38.4 x	47.6 x	-	39.9 x	32.6 x	26.3 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	3.44 x	4.17 x	4.92 x	2.81 x	2.27 x	2.43 x	2.26 x	2.16 x
Nbr of stocks (in thousands)	589,477	589,477	589,477	589,477	589,477	731,606	-	-
Reference price ²	47.71	62.71	80.30	46.41	38.53	43.28	43.28	43.28
Announcement Date	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	15,795	19,655	21,790	19,473	23,330	27,580	33,405	37,782
EBITDA ¹	933.8	1,075	1,234	574.8	-	793.1	972.3	1,203
EBIT ¹	674	841.8	1,016	372.2	350.3	549.1	841.7	857.5
Operating Margin	4.27%	4.28%	4.66%	1.91%	1.5%	1.99%	2.52%	2.27%
Earnings before Tax (EBT) ¹	679.5	834	1,015	383.3	351.4	551.5	847.4	854.4
Net income ¹	588.2	757.7	913.2	387.1	442.7	547.4	822.7	857.4
Net margin	3.72%	3.85%	4.19%	1.99%	1.9%	1.98%	2.46%	2.27%
EPS ²	0.9979	1.285	1.549	0.6566	0.7510	0.8825	1.357	1.382
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.3000	0.3880	0.4650	0.1970	0.2000	0.2000	0.4400	0.2000
Announcement Date	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2
Net sales ¹	7,596	1,625	5,126	3,862	8,860	3,227	7,331
EBITDA	383.6	-	-	-	-	-	-
EBIT ¹	322.8	11.16	43.17	30.39	287.5	9.59	130.2
Operating Margin	4.25%	0.69%	0.84%	0.79%	3.24%	0.3%	1.78%
Earnings before Tax (EBT) ¹	321.6	11.08	44.95	40.23	287.1	9.671	130.6
Net income ¹	294.2	11.27	5.588	30.91	339.3	14.29	111.7
Net margin	3.87%	0.69%	0.11%	0.8%	3.83%	0.44%	1.52%
EPS ²	0.5000	0.0191	0.0100	0.0500	0.5800	0.0242	0.1900
Dividend per Share ²	0.4650	-	-	-	0.1970	-	-
Announcement Date	3/30/22	4/29/22	8/30/22	10/28/22	3/15/23	4/28/23	8/22/23

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,765	2,442	3,114	927	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.4%	8.92%	10.1%	4.09%	4.59%	5.16%	7.45%	7.12%
ROA (Net income/ Total Assets)	2.34%	2.88%	-	-	-	2.72%	3.24%	3.84%
Assets ¹	25,180	26,317	-	-	-	20,125	25,393	22,328
Book Value Per Share ²	13.90	15.00	16.30	16.50	17.00	17.80	19.20	20.00
Cash Flow per Share ²	1.310	-1.160	2.460	-2.860	1.220	-1.020	1.980	0.6600
Capex ¹	89.5	160	133	136	197	295	279	375
Capex / Sales	0.57%	0.81%	0.61%	0.7%	0.84%	1.07%	0.84%	0.99%
Announcement Date	3/30/20	3/30/21	3/30/22	3/15/23	3/15/24	-	-	-

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

Ratings for Avicopter Plc

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

43.28 CNY

Average target price

46 CNY

Spread / Average Target

+6.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Commercial Aircraft Manufacturing

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Commercial Aircraft Manufacturing