Financials China Southern Airlines Company Limited Shanghai S.E.

Equities

600029

CNE000001FG0

Airlines

End-of-day quote Shanghai S.E. 06:00:00 2024-05-26 pm EDT 5-day change 1st Jan Change
5.98 CNY +0.67% Intraday chart for China Southern Airlines Company Limited +0.17% +3.82%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 78,905 82,476 104,417 123,100 91,701 94,423 - -
Enterprise Value (EV) 1 262,310 220,356 256,980 232,145 217,443 286,513 277,505 267,638
P/E ratio 21.3 x -5.05 x -5.07 x -2.36 x -13.1 x 12.7 x 8 x 5.31 x
Yield - - - - - 0.23% 1.31% 1.01%
Capitalization / Revenue 0.51 x 0.89 x 1.03 x 1.41 x 0.57 x 0.51 x 0.47 x 0.44 x
EV / Revenue 1.7 x 2.38 x 2.53 x 2.67 x 1.36 x 1.55 x 1.38 x 1.25 x
EV / EBITDA 7.49 x 24.6 x 21.2 x -10.2 x 25.1 x 8.58 x 7.01 x 6.25 x
EV / FCF 16.9 x -110 x -92.6 x -67.6 x 7.13 x -43.6 x 115 x 49.8 x
FCF Yield 5.93% -0.91% -1.08% -1.48% 14% -2.3% 0.87% 2.01%
Price to Book 0.9 x 0.86 x 0.91 x 1.87 x - 1.31 x 1.05 x 0.91 x
Nbr of stocks (in thousands) 12,267,172 15,329,302 16,948,417 18,120,890 18,120,906 18,120,908 - -
Reference price 2 4.683 3.888 3.805 4.487 3.008 2.978 2.978 2.978
Announcement Date 3/30/20 3/30/21 3/30/22 3/28/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 154,322 92,561 101,644 87,059 159,929 184,578 201,289 214,637
EBITDA 1 35,033 8,940 12,142 -22,852 8,674 33,401 39,584 42,791
EBIT 1 3,202 -16,550 -14,696 -32,199 -2,142 7,882 14,059 16,647
Operating Margin 2.07% -17.88% -14.46% -36.99% -1.34% 4.27% 6.98% 7.76%
Earnings before Tax (EBT) 1 4,070 -15,195 -13,910 -31,526 -1,645 6,108 13,967 16,326
Net income 1 2,651 -10,847 -12,106 -32,682 -4,209 6,418 10,686 12,775
Net margin 1.72% -11.72% -11.91% -37.54% -2.63% 3.48% 5.31% 5.95%
EPS 2 0.2200 -0.7700 -0.7500 -1.900 -0.2300 0.2347 0.3724 0.5609
Free Cash Flow 1 15,553 -2,012 -2,776 -3,432 30,501 -6,576 2,419 5,377
FCF margin 10.08% -2.17% -2.73% -3.94% 19.07% -3.56% 1.2% 2.51%
FCF Conversion (EBITDA) 44.4% - - - 351.64% - 6.11% 12.57%
FCF Conversion (Net income) 586.68% - - - - - 22.64% 42.09%
Dividend per Share 2 - - - - - 0.006910 0.0390 0.0300
Announcement Date 3/30/20 3/30/21 3/30/22 3/28/23 3/27/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2021 S1 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 81,383 38,964 - 23,149 50,068 21,471 19,346 40,817 29,344 16,898 46,242 34,055 37,775 71,830 47,661 40,438 88,099 44,601 43,227 48,179 45,223
EBITDA 1 - - - -2,841 - - - - - - - - - - - - - - 6,332 10,406 9,397
EBIT 1 - - - -7,298 - -5,907 -9,537 -10,564 -5,696 -11,059 -15,671 -1,467 -475 1,433 5,586 -5,786 - 1,519 96.53 4,170 670.7
Operating Margin - - - -31.53% - -27.51% -49.3% -25.88% -19.41% -65.45% -33.89% -4.31% -1.26% 1.99% 11.72% -14.31% - 3.41% 0.22% 8.66% 1.48%
Earnings before Tax (EBT) 1 - - - - - - - - -5,483 -10,917 -16,420 - -361 - 5,727 -5,611 - 1,583 -3.465 4,070 -182.4
Net income - - -4,690 -5,984 -7,416 -4,496 -6,992 -11,488 - - -21,209 -1,898 - - - - - - - - -
Net margin - - - -25.85% -14.81% -20.94% -36.14% -28.15% - - -45.87% -5.57% - - - - - - - - -
EPS 0.0800 -0.6400 - - -0.4500 - - -0.6800 - - -1.220 - - -0.1600 - - -0.0700 - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - -
Announcement Date 3/30/20 8/28/20 8/27/21 3/30/22 3/30/22 4/28/22 8/30/22 8/30/22 10/28/22 3/28/23 3/28/23 4/28/23 8/29/23 8/29/23 10/27/23 3/27/24 3/27/24 4/29/24 - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 183,405 137,880 152,563 109,045 125,742 192,090 183,082 173,215
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.235 x 15.42 x 12.56 x -4.772 x 14.5 x 5.751 x 4.625 x 4.048 x
Free Cash Flow 1 15,553 -2,012 -2,776 -3,432 30,501 -6,576 2,419 5,377
ROE (net income / shareholders' equity) 4.08% -14.6% -17.6% -62.2% -10.8% 11.5% 18% 19.1%
ROA (Net income/ Total Assets) 1.03% -3.43% -3.73% -10.3% -1.36% 1.7% 2.35% 3.15%
Assets 1 257,604 316,370 324,819 317,310 310,604 377,524 454,719 405,557
Book Value Per Share 2 5.230 4.540 4.190 2.400 - 2.270 2.840 3.260
Cash Flow per Share 2 2.540 -0.4400 0.8300 0.2000 - 1.680 1.780 1.900
Capex 1 15,622 11,061 16,147 6,897 9,633 15,478 20,117 17,259
Capex / Sales 10.12% 11.95% 15.89% 7.92% 6.02% 8.39% 9.99% 8.04%
Announcement Date 3/30/20 3/30/21 3/30/22 3/28/23 3/27/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
2.978 CNY
Average target price
3.63 CNY
Spread / Average Target
+21.89%
Consensus
  1. Stock Market
  2. Equities
  3. 1055 Stock
  4. 600029 Stock
  5. Financials China Southern Airlines Company Limited