Company Valuation: China Southern Airlines Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 104,399 123,293 91,580 105,270 132,238 88,791 - -
Change - 18.1% -25.72% 14.95% 25.62% -32.86% - -
Enterprise Value (EV) 1 175,018 305,301 252,772 315,642 251,678 309,194 314,172 315,332
Change - 74.44% -17.21% 24.87% -20.26% 22.85% 1.61% 0.37%
P/E -9.08x -4x -25x -72.1x 160x -114x 19.9x 10.3x
PBR 1.71x 3.35x 2.84x 3.39x 4.08x 2.83x 2.49x 2.05x
PEG - -0x 0.3x 1.2x -1x 1x -0x 0.1x
Capitalization / Revenue 1.03x 1.42x 0.57x 0.6x 0.73x 0.45x 0.43x 0.4x
EV / Revenue 1.72x 3.51x 1.58x 1.81x 1.38x 1.55x 1.54x 1.42x
EV / EBITDA 14.5x -87.5x 9.05x 8.61x 6.13x 8.92x 7.16x 6.16x
EV / EBIT - - - - - - 46,311,792x 20,877,872x
EV / FCF -63x -37.1x 11.1x 33x 12.1x 22.6x 19.6x -
FCF Yield -1.59% -2.7% 9% 3.03% 8.29% 4.42% 5.1% -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.75 -1.9 -0.23 -0.09 0.05 -0.0478 0.2739 0.53
Distribution rate - - - - - - - -
Net sales 1 101,644 87,059 159,929 174,224 182,256 199,498 204,189 222,363
EBITDA 1 12,051 -3,488 27,919 36,668 41,051 34,666 43,857 51,175
EBIT -14,302 -28,203 877 8,327 3,967 - 6,784 15,104
Net income 1 -12,103 -32,699 -4,140 -1,769 857 -5,039 5,487 10,351
Net Debt 1 70,619 182,008 161,192 210,372 119,440 220,404 225,382 226,542
Reference price 2 6.810 7.600 5.760 6.490 8.010 5.450 5.450 5.450
Nbr of stocks (in thousands) 16,948,417 18,120,890 18,120,906 18,120,912 18,120,922 18,120,969 - -
Announcement Date 30/3/22 28/3/23 27/3/24 26/3/25 30/3/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.7x0.98x8.49x0.93% 54.33B
12.09x0.83x7.28x-.--% 38.46B
12.66x1.62x6.7x1.78% 31.72B
9.36x0.84x4.06x1.98% 27.2B
-339.61x2.53x13.36x0.21% 19.79B
25.56x1.19x5.9x3.69% 17.72B
10.05x1.22x5.03x2.97% 15.86B
-20.68x1.58x10.36x-.--% 14.72B
130.25x1.66x9.46x-.--% 12.5B
Average -15.85x 1.38x 7.85x 1.28% 25.81B
Weighted average by Cap. -11.64x 1.27x 7.68x 1.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation China Southern Airlines Company Limited
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