Stock 600004 GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED
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Financials Guangzhou Baiyun International Airport Company Limited

Equities

600004

CNE000001DX0

Airport Services

End-of-day quote Shanghai S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
10.58 CNY +0.67% Intraday chart for Guangzhou Baiyun International Airport Company Limited +3.02% +8.18%
Apr. 26 Guangzhou Baiyun International Airport Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Mar. 13 China Minsheng Banking Names President, Vice Presidents MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 20,797 36,110 33,442 28,543 35,524 25,040 25,040 -
Enterprise Value (EV) 1 19,683 35,479 31,137 27,263 33,546 20,928 21,102 19,345
P/E ratio 18.3 x 36.4 x -118 x -70.9 x -33.4 x 51.5 x 21.6 x 16.4 x
Yield 1.69% 0.83% 0.3% - - 0.76% 1.31% 1.76%
Capitalization / Revenue 2.68 x 4.59 x 6.4 x 5.51 x 8.95 x 3.6 x 3.12 x 2.78 x
EV / Revenue 2.54 x 4.51 x 5.96 x 5.26 x 8.45 x 3.25 x 2.63 x 2.15 x
EV / EBITDA 6.9 x 12.2 x 21.1 x 24.5 x 87 x 9.94 x 6.61 x 5.31 x
EV / FCF 15.1 x 18.2 x -22.3 x -67.9 x 5,410 x 11.8 x 9.21 x 8.38 x
FCF Yield 6.62% 5.5% -4.48% -1.47% 0.02% 8.44% 10.9% 11.9%
Price to Book 1.33 x 2.22 x 1.74 x 1.56 x 2.07 x 1.32 x 1.33 x 1.25 x
Nbr of stocks (in thousands) 2,069,321 2,069,321 2,366,718 2,366,718 2,366,718 2,366,718 2,366,718 -
Reference price 2 10.05 17.45 14.13 12.06 15.01 10.58 10.58 10.58
Announcement Date 4/29/19 4/27/20 4/29/21 4/8/22 4/6/23 4/26/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 7,747 7,870 5,225 5,180 3,971 6,431 8,025 8,997
EBITDA 1 2,851 2,913 1,473 1,115 385.5 2,104 3,194 3,642
EBIT 1 1,528 1,316 -174.8 -541.5 -1,449 671.3 1,518 1,995
Operating Margin 19.73% 16.72% -3.35% -10.45% -36.49% 10.44% 18.91% 22.17%
Earnings before Tax (EBT) 1 1,538 1,327 -148.4 -530 -1,446 677.8 1,590 2,081
Net income 1 1,129 999.9 -250.3 -405.8 -1,071 441.9 1,156 1,521
Net margin 14.58% 12.7% -4.79% -7.83% -26.98% 6.87% 14.4% 16.91%
EPS 2 0.5500 0.4800 -0.1200 -0.1700 -0.4500 0.1900 0.4907 0.6459
Free Cash Flow 1 1,303 1,950 -1,396 -401.6 6.201 1,767 2,292 2,309
FCF margin 16.82% 24.78% -26.72% -7.75% 0.16% 27.47% 28.56% 25.66%
FCF Conversion (EBITDA) 45.7% 66.93% - - 1.61% 83.95% 71.75% 63.4%
FCF Conversion (Net income) 115.4% 195.03% - - - 399.79% 198.34% 151.8%
Dividend per Share 2 0.1700 0.1450 0.0423 - - 0.0747 0.1386 0.1857
Announcement Date 4/29/19 4/27/20 4/29/21 4/8/22 4/6/23 4/26/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 3,860 1,210 - 1,234 1,551 - 793.4 1,275 663.3 1,359 1,531 1,717 1,823 1,985 1,816 2,393 2,268
EBITDA - 93.84 - 299.2 413.7 - - - - - - - - - - - -
EBIT 1 584.2 -291.5 - -89.02 23.71 - -578.7 -113.2 -657.2 59.25 165.2 164.1 282.7 237.8 -165.3 854.9 314.6
Operating Margin 15.14% -24.09% - -7.22% 1.53% - -72.93% -8.88% -99.08% 4.36% 10.79% 9.56% 15.51% 11.98% -9.11% 35.73% 13.87%
Earnings before Tax (EBT) 1 - -288.4 - -85.85 28.16 - -578 -112.6 - - 166.2 167.4 283.9 - - - -
Net income 1 428.1 -255.3 -410 -80.1 84.3 - -434.5 -110 - 44.73 113.3 116 167.8 - - - -
Net margin 11.09% -21.1% - -6.49% 5.44% - -54.77% -8.62% - 3.29% 7.4% 6.76% 9.2% - - - -
EPS 2 - -0.1000 - -0.0400 0.0400 -0.0300 -0.1900 -0.0500 -0.1800 0.0200 0.0500 0.0500 0.0700 0.0900 0.0900 0.0700 0.1600
Dividend per Share 2 - - - - - - - - - - - - - - 0.1263 - -
Announcement Date 8/30/19 8/30/21 8/30/21 10/29/21 4/8/22 4/29/22 8/30/22 10/28/22 4/6/23 4/18/23 8/30/23 10/30/23 4/26/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 1,114 631 2,305 1,280 1,978 2,218 3,938 5,695
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,303 1,950 -1,396 -402 6.2 1,767 2,292 2,309
ROE (net income / shareholders' equity) 7.36% 6.24% -1.46% -2.18% -6.03% 2.54% 6.51% 8.14%
ROA (Net income/ Total Assets) 4.56% 3.84% -0.95% -1.51% -3.93% 1.52% 4.03% 4.85%
Assets 1 24,790 26,038 26,232 26,913 27,243 29,503 28,696 31,386
Book Value Per Share 2 7.550 7.870 8.140 7.740 7.260 7.430 7.940 8.460
Cash Flow per Share 2 1.510 1.460 -0.0100 0.3600 0.3700 1.000 1.140 1.300
Capex 1 1,816 1,063 1,351 1,246 862 593 1,886 3,507
Capex / Sales 23.44% 13.5% 25.87% 24.06% 21.72% 9.22% 23.5% 38.98%
Announcement Date 4/29/19 4/27/20 4/29/21 4/8/22 4/6/23 4/26/24 - -
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 Guangzhou Baiyun International Airport Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
10.58 CNY
Average target price
13.44 CNY
Spread / Average Target
+27.07%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Airport Operators
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