Financials BOC Aviation Limited

Equities

2588

SG9999015267

Corporate Financial Services

Market Closed - Hong Kong S.E. 03:08:11 2024-02-23 am EST 5-day change 1st Jan Change
57.7 HKD +0.17% Intraday chart for BOC Aviation Limited -0.69% -3.35%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 5,136 7,060 5,998 5,083 5,790 5,118 5,118 -
Enterprise Value (EV) 1 17,172 20,312 22,516 21,410 20,551 21,183 22,187 22,384
P/E ratio 8.32 x 10.1 x 11.8 x 9.04 x 278 x 6.82 x 7.41 x 6.26 x
Yield 4.23% 3.48% 2.97% 3.87% 3.19% 4.2% 4.74% 5.43%
Capitalization / Revenue 2.98 x 3.57 x 2.92 x 2.33 x 2.51 x 2.22 x 2.01 x 1.82 x
EV / Revenue 9.95 x 10.3 x 11 x 9.81 x 8.91 x 9.18 x 8.72 x 7.94 x
EV / EBITDA 10.9 x 11.1 x 11.7 x 10.7 x 9.53 x 9.9 x 9.31 x 8.53 x
EV / FCF -7.09 x -13.1 x -8 x -66.9 x 25.7 x 20 x 16.7 x 20.1 x
FCF Yield -14.1% -7.64% -12.5% -1.49% 3.9% 5% 5.97% 4.99%
Price to Book 1.22 x 1.54 x 1.26 x 0.97 x 1.11 x 0.9 x 0.84 x 0.77 x
Nbr of stocks (in thousands) 694,010 694,010 694,010 694,010 694,010 694,010 694,010 -
Reference price 2 7.401 10.17 8.642 7.324 8.342 7.374 7.374 7.374
Announcement Date 3/13/19 3/11/20 3/11/21 3/10/22 3/9/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 1,726 1,976 2,054 2,183 2,307 2,307 2,545 2,819
EBITDA 1 1,581 1,837 1,925 2,007 2,156 2,140 2,384 2,623
EBIT 1 1,038 1,228 1,205 1,242 1,370 1,322 1,482 1,658
Operating Margin 60.17% 62.13% 58.68% 56.88% 59.4% 57.32% 58.24% 58.8%
Earnings before Tax (EBT) 1 685.2 774.9 563 638.7 29.5 830.1 785.6 927.6
Net income 1 620.4 702.3 509.8 561.3 20.06 743.4 695.4 822.6
Net margin 35.95% 35.54% 24.82% 25.71% 0.87% 32.23% 27.32% 29.18%
EPS 2 0.8900 1.010 0.7300 0.8100 0.0300 1.082 0.9946 1.178
Free Cash Flow 1 -2,421 -1,552 -2,815 -320 800.6 1,060 1,326 1,116
FCF margin -140.28% -78.54% -137.05% -14.66% 34.7% 45.94% 52.08% 39.59%
FCF Conversion (EBITDA) - - - - 37.12% 49.51% 55.6% 42.55%
FCF Conversion (Net income) - - - - 3,990.84% 142.52% 190.6% 135.67%
Dividend per Share 2 0.3129 0.3541 0.2571 0.2831 0.2659 0.3098 0.3498 0.4002
Announcement Date 3/13/19 3/11/20 3/11/21 3/10/22 3/9/23 - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 12,036 13,252 16,518 16,326 14,761 16,065 17,069 17,266
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.612 x 7.213 x 8.582 x 8.133 x 6.845 x 7.507 x 7.16 x 6.583 x
Free Cash Flow 1 -2,421 -1,552 -2,815 -320 801 1,060 1,326 1,116
ROE (net income / shareholders' equity) 15.5% 16% 10.9% 11.2% 0.38% 13.6% 11.6% 12.5%
ROA (Net income/ Total Assets) 3.62% 3.69% 2.35% 2.37% 0.09% 2.78% 2.81% 3.07%
Assets 1 17,148 19,031 21,668 23,724 22,978 26,783 24,775 26,765
Book Value Per Share 2 6.050 6.600 6.880 7.590 7.500 8.160 8.740 9.640
Cash Flow per Share 2 2.480 2.370 2.630 2.600 2.890 2.430 2.670 2.870
Capex 1 4,143 3,197 4,641 2,124 1,208 2,125 2,102 3,177
Capex / Sales 240.11% 161.81% 225.98% 97.3% 52.36% 92.13% 82.58% 112.68%
Announcement Date 3/13/19 3/11/20 3/11/21 3/10/22 3/9/23 - - -
1USD in Million2USD
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
14
Last Close Price
7.374 USD
Average target price
9.357 USD
Spread / Average Target
+26.89%
Consensus

Annual profits - Rate of surprise

+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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