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Market Closed -
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5-day change | 1st Jan Change | ||
| 12.83 HKD | -1.16% |
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-8.75% | +3.22% |
| Mar. 06 | Hong Kong authorities rule out chartering Cathay Pacific flights to Middle East - SCMP | RE |
| Mar. 06 | Airlines cancel flights as Middle East conflict escalates | RE |
Projected Income Statement: Cathay Pacific Airways Limited
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 46,934 | 45,587 | 51,036 | 94,485 | 104,371 | 112,321 | 116,935 | 123,680 |
| Change | - | -2.87% | 11.95% | 85.13% | 10.46% | 7.62% | 4.11% | 5.77% |
| EBITDA 1 | 2,716 | 12,336 | 15,735 | 25,323 | 25,236 | 25,899 | 25,018 | 25,391 |
| Change | - | 354.2% | 27.55% | 60.93% | -0.34% | 2.63% | -3.4% | 1.49% |
| EBIT 1 | -11,705 | -450 | 3,546 | 12,999 | 13,177 | 13,354 | 12,276 | 12,557 |
| Change | - | 96.16% | 888% | 266.58% | 1.37% | 1.34% | -8.07% | 2.29% |
| Interest Paid 1 | -2,895 | -2,629 | -2,909 | -2,733 | -3,056 | -2,963 | -2,802 | -2,866 |
| Earnings before Tax (EBT) 1 | -22,321 | -6,057 | -6,040 | 10,858 | 11,203 | 10,385 | 10,020 | 11,082 |
| Change | - | 72.86% | 0.28% | 279.77% | 3.18% | -7.31% | -3.51% | 10.6% |
| Net income 1 | -21,876 | -6,123 | -7,162 | 9,067 | 9,607 | 8,795 | 8,948 | 9,966 |
| Change | - | 72.01% | -16.97% | 226.6% | 5.96% | -8.46% | 1.75% | 11.37% |
| Announcement Date | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | 3/12/25 | - | - | - |
Forecast Balance Sheet: Cathay Pacific Airways Limited
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 73,788 | 89,854 | 58,829 | 52,764 | 57,941 | 46,652 | 42,694 | 37,301 |
| Change | - | 21.77% | -34.53% | -10.31% | 9.81% | -19.48% | -8.48% | -12.63% |
| Announcement Date | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | 3/12/25 | - | - | - |
Cash Flow Forecast: Cathay Pacific Airways Limited
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 5,418 | 2,276 | 3,729 | 6,801 | 9,207 | 9,397 | 11,695 | 12,714 |
| Change | - | -57.99% | 63.84% | 82.38% | 35.38% | 2.06% | 24.46% | 8.72% |
| Free Cash Flow (FCF) 1 | -19,709 | 6,559 | 14,107 | 19,607 | 14,334 | 18,240 | 13,774 | 14,470 |
| Change | - | 133.28% | 115.08% | 38.99% | -26.89% | 27.25% | -24.48% | 5.05% |
| Announcement Date | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | 3/12/25 | - | - | - |
Forecast Financial Ratios: Cathay Pacific Airways Limited
| Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 5.79% | 27.06% | 30.83% | 26.8% | 24.18% | 23.06% | 21.4% | 20.53% |
| EBIT Margin (%) | -24.94% | -0.99% | 6.95% | 13.76% | 12.63% | 11.89% | 10.5% | 10.15% |
| EBT Margin (%) | -47.56% | -13.29% | -11.83% | 11.49% | 10.73% | 9.25% | 8.57% | 8.96% |
| Net margin (%) | -46.61% | -13.43% | -14.03% | 9.6% | 9.2% | 7.83% | 7.65% | 8.06% |
| FCF margin (%) | -41.99% | 14.39% | 27.64% | 20.75% | 13.73% | 16.24% | 11.78% | 11.7% |
| FCF / Net Income (%) | 90.09% | -107.12% | -196.97% | 216.25% | 149.2% | 207.4% | 153.93% | 145.19% |
Profitability | ||||||||
| ROA | -10.33% | -3.05% | -3.79% | 5.11% | 5.56% | 5.67% | 5.42% | 5.46% |
| ROE | -31.83% | -8.42% | -10.52% | 14.64% | 17.08% | 16.25% | 15.48% | 15.25% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | 27.17x | 7.28x | 3.74x | 2.08x | 2.3x | 1.8x | 1.71x | 1.47x |
| Debt / Free cash flow | -3.74x | 13.7x | 4.17x | 2.69x | 4.04x | 2.56x | 3.1x | 2.58x |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 11.54% | 4.99% | 7.31% | 7.2% | 8.82% | 8.37% | 10% | 10.28% |
| CAPEX / EBITDA (%) | 199.48% | 18.45% | 23.7% | 26.86% | 36.48% | 36.28% | 46.75% | 50.07% |
| CAPEX / FCF (%) | -27.49% | 34.7% | 26.43% | 34.69% | 64.23% | 51.52% | 84.9% | 87.87% |
Items per share | ||||||||
| Cash flow per share 1 | -2.772 | 1.37 | 2.771 | 3.571 | 3.188 | 3.003 | 3.394 | 3.507 |
| Change | - | 149.43% | 102.25% | 28.88% | -10.72% | -5.81% | 13.04% | 3.33% |
| Dividend per Share 1 | - | - | - | 0.43 | 0.69 | 0.6602 | 0.6652 | 0.7194 |
| Change | - | - | - | - | 60.47% | -4.31% | 0.75% | 8.15% |
| Book Value Per Share 1 | 11.4 | 11.22 | 9.923 | 8.117 | 7.11 | 8.557 | 9.214 | 9.95 |
| Change | - | -1.55% | -11.58% | -18.2% | -12.41% | 20.36% | 7.67% | 7.99% |
| EPS 1 | -4.243 | -0.951 | -1.113 | 1.258 | 1.332 | 1.363 | 1.399 | 1.549 |
| Change | - | 77.59% | -17.03% | 213.03% | 5.88% | 2.33% | 2.66% | 10.72% |
| Nbr of stocks (in thousands) | 6,437,200 | 6,437,200 | 6,437,200 | 6,437,900 | 6,439,409 | 6,081,128 | 6,081,128 | 6,081,128 |
| Announcement Date | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | 3/12/25 | - | - | - |
| 2025 * | 2026 * | |
|---|---|---|
| P/E ratio | 9.41x | 9.17x |
| PBR | 1.5x | 1.39x |
| EV / Sales | 1.11x | 1.03x |
| Yield | 5.15% | 5.18% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
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Annual profits - Rate of surprise
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