SHANGHAI INTERNATIONAL AIRPORT CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 37.5 CNY | +1.38% |
|
+3.31% | +14.40% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 151,748 | 145,794 | 89,970 | 143,610 | 81,572 | 93,318 | - | - |
| Enterprise Value (EV) 1 | 141,388 | 138,138 | 80,829 | 131,815 | 69,388 | 73,072 | 79,445 | 120,051 |
| P/E ratio | 30.2 x | -115 x | -52.5 x | -45.8 x | 86.3 x | 31.7 x | 22 x | 22 x |
| Yield | 1% | - | - | - | 0.37% | 1.08% | 1.34% | 1.37% |
| Capitalization / Revenue | 13.9 x | 33.9 x | 24.1 x | 26.2 x | 7.38 x | 6.6 x | 5.79 x | 5.59 x |
| EV / Revenue | 12.9 x | 32.1 x | 21.7 x | 24.1 x | 6.28 x | 5.17 x | 4.93 x | 7.19 x |
| EV / EBITDA | 18.7 x | -741 x | -86.6 x | -57.1 x | 22.6 x | 12 x | 10.4 x | 14.2 x |
| EV / FCF | 54.7 x | -54.3 x | -67.8 x | -97 x | 25 x | 19.5 x | 14 x | 18.7 x |
| FCF Yield | 1.83% | -1.84% | -1.47% | -1.03% | 4% | 5.14% | 7.13% | 5.36% |
| Price to Book | 4.74 x | 4.99 x | 3.27 x | 3.63 x | 2.01 x | 2.17 x | 2.03 x | 1.94 x |
| Nbr of stocks (in thousands) | 1,926,958 | 1,926,958 | 1,926,958 | 2,488,481 | 2,488,481 | 2,488,481 | - | - |
| Reference price 2 | 78.75 | 75.66 | 46.69 | 57.71 | 32.78 | 37.50 | 37.50 | 37.50 |
| Announcement Date | 2/22/20 | 2/26/21 | 2/25/22 | 3/24/23 | 3/2/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,945 | 4,301 | 3,728 | 5,480 | 11,047 | 14,138 | 16,126 | 16,697 |
| EBITDA 1 | 7,565 | -186.3 | -933.1 | -2,310 | 3,076 | 6,082 | 7,612 | 8,454 |
| EBIT 1 | 6,675 | -1,513 | -2,275 | -3,894 | 1,378 | 4,088 | 5,611 | 5,786 |
| Operating Margin | 60.98% | -35.19% | -61.04% | -71.05% | 12.47% | 28.92% | 34.79% | 34.65% |
| Earnings before Tax (EBT) 1 | 6,668 | -1,516 | -2,280 | -3,825 | 1,388 | 4,539 | 5,661 | 6,141 |
| Net income 1 | 5,030 | -1,267 | -1,711 | -2,995 | 934 | 2,944 | 4,232 | 4,251 |
| Net margin | 45.96% | -29.45% | -45.9% | -54.65% | 8.46% | 20.82% | 26.24% | 25.46% |
| EPS 2 | 2.610 | -0.6600 | -0.8900 | -1.260 | 0.3800 | 1.183 | 1.703 | 1.707 |
| Free Cash Flow 1 | 2,583 | -2,543 | -1,192 | -1,358 | 2,778 | 3,756 | 5,667 | 6,434 |
| FCF margin | 23.6% | -59.12% | -31.97% | -24.78% | 25.15% | 26.57% | 35.14% | 38.53% |
| FCF Conversion (EBITDA) | 34.14% | - | - | - | 90.32% | 61.75% | 74.45% | 76.1% |
| FCF Conversion (Net income) | 51.35% | - | - | - | 297.43% | 127.58% | 133.92% | 151.35% |
| Dividend per Share 2 | 0.7900 | - | - | - | 0.1200 | 0.4039 | 0.5015 | 0.5136 |
| Announcement Date | 2/22/20 | 2/26/21 | 2/25/22 | 3/24/23 | 3/2/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 943.5 | 980.4 | 840.9 | 324.9 | - | 2,964 | 1,351 | 2,154 | 2,714 | 3,052 | 3,126 | 3,012 | 3,502 | 5,043 | 3,648 | 3,321 |
| EBITDA 1 | - | -465.6 | -219.5 | - | - | - | -465.4 | -779 | - | - | - | - | 790.4 | 1,483 | 3,566 | -400.3 | 1,106 |
| EBIT 1 | - | -708.1 | -504.5 | -680.8 | -996.6 | - | -1,042 | -1,175 | -85.32 | 332.3 | 514.8 | 616.2 | 850.8 | 850.8 | 850.8 | 850.8 | 571.1 |
| Operating Margin | - | -75.05% | -51.46% | -80.96% | -306.72% | - | -35.15% | -86.98% | -3.96% | 12.24% | 16.87% | 19.71% | 28.24% | 24.29% | 16.87% | 23.32% | 17.19% |
| Earnings before Tax (EBT) 1 | - | -707.8 | -509.1 | -680.6 | -996.5 | - | -1,040 | -1,107 | -84.21 | 333.4 | 514.7 | 624.1 | 402.3 | 962.3 | 3,014 | -699.4 | 735.8 |
| Net income 1 | -740.7 | -510.4 | -459.9 | -508.5 | -749 | -1,258 | -845 | -892.4 | -99.35 | 231.8 | 364.3 | 437.2 | 352.5 | 598.8 | 2,700 | -1,011 | 661.7 |
| Net margin | - | -54.09% | -46.9% | -60.48% | -230.53% | - | -28.51% | -66.05% | -4.61% | 8.54% | 11.94% | 13.99% | 11.7% | 17.1% | 53.54% | -27.73% | 19.92% |
| EPS 2 | - | -0.2700 | -0.2400 | -0.2600 | -0.3900 | - | -0.1900 | -0.4200 | -0.0400 | 0.0900 | 0.1500 | 0.1800 | 0.3100 | 0.3100 | 0.3100 | 0.3100 | 0.2659 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.3182 | - | - | - |
| Announcement Date | 8/27/21 | 10/22/21 | 2/25/22 | 4/29/22 | 8/30/22 | 8/30/22 | 10/28/22 | 3/24/23 | 4/28/23 | 8/30/23 | 10/30/23 | 3/2/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | 26,732 |
| Net Cash position 1 | 10,360 | 7,656 | 9,140 | 11,796 | 12,184 | 20,246 | 13,873 | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | 3.162 x |
| Free Cash Flow 1 | 2,583 | -2,543 | -1,192 | -1,358 | 2,778 | 3,756 | 5,667 | 6,434 |
| ROE (net income / shareholders' equity) | 16.7% | -4.14% | -6.03% | -8.24% | 2.33% | 6.83% | 9.08% | 9.34% |
| ROA (Net income/ Total Assets) | 14.8% | -3.6% | -4.04% | -4.4% | - | 4.47% | 5.57% | 5.77% |
| Assets 1 | 34,050 | 35,184 | 42,304 | 68,113 | - | 65,843 | 75,927 | 73,719 |
| Book Value Per Share 2 | 16.60 | 15.20 | 14.30 | 15.90 | 16.30 | 17.30 | 18.50 | 19.30 |
| Cash Flow per Share 2 | 2.540 | -0.6300 | 0.1600 | -0.0500 | 1.620 | 1.720 | 2.270 | 2.450 |
| Capex 1 | 2,302 | 1,325 | 1,503 | 1,241 | 1,242 | 1,523 | 1,701 | 1,842 |
| Capex / Sales | 21.03% | 30.81% | 40.31% | 22.65% | 11.24% | 10.77% | 10.55% | 11.03% |
| Announcement Date | 2/22/20 | 2/26/21 | 2/25/22 | 3/24/23 | 3/2/24 | - | - | - |
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
D+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
37.5
CNY
Average target price
41.47
CNY
Spread / Average Target
+10.59%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +14.40% | 12.88B | |
| +1.11% | 12.49B | |
| +22.68% | 10.66B | |
| +6.10% | 9.26B | |
| -11.93% | 6.8B | |
| +6.89% | 6.3B | |
| +12.66% | 6.57B | |
| +38.59% | 3.57B | |
| -8.00% | 2.77B | |
| +49.65% | 2.71B |
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