Stock 600115 CHINA EASTERN AIRLINES CORPORATION LIMITED
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Financials China Eastern Airlines Corporation Limited

Equities

600115

CNE000000TR0

Airlines

End-of-day quote Shanghai S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
3.84 CNY +2.67% Intraday chart for China Eastern Airlines Corporation Limited +7.26% -1.03%
04-30 China Eastern Airlines' Q1 Loss Narrows as Revenue Jumps 49%; Shanghai Shares Up 3% MT
04-29 China's top airlines improve balance sheet in Q1; outlook positive for May Day RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 85,079 67,032 83,121 90,264 76,977 75,445 - -
Enterprise Value (EV) 1 151,156 161,349 182,835 214,251 197,151 259,823 258,575 255,812
P/E ratio 27.7 x -6.48 x -7.1 x -2.79 x -10.5 x 16.8 x 10.8 x 8.58 x
Yield 0.86% - - - - 0.29% 0.47% 0.78%
Capitalization / Revenue 0.7 x 1.04 x 1.24 x 1.96 x 0.68 x 0.57 x 0.49 x 0.46 x
EV / Revenue 1.25 x 2.5 x 2.72 x 4.65 x 1.73 x 1.95 x 1.67 x 1.57 x
EV / EBITDA 4.7 x 18.8 x -25.4 x -6.96 x 8.53 x 7.61 x 6.72 x 6.62 x
EV / FCF 7.07 x -31.4 x -145 x -13 x 23.6 x -1,644 x 18.8 x 19.2 x
FCF Yield 14.1% -3.18% -0.69% -7.67% 4.24% -0.06% 5.33% 5.2%
Price to Book 1.43 x 1.42 x 1.69 x 4.24 x 2.13 x 1.96 x 1.78 x 1.43 x
Nbr of stocks (in thousands) 16,379,509 16,379,509 18,874,440 18,874,440 22,291,297 22,291,297 - -
Reference price 2 5.810 4.680 5.160 5.530 3.880 3.840 3.840 3.840
Announcement Date 31/03/20 30/03/21 30/03/22 30/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 120,986 64,425 67,127 46,111 113,741 133,506 155,164 163,070
EBITDA 1 32,165 8,592 -7,210 -30,793 23,104 34,162 38,462 38,670
EBIT 1 10,085 -13,656 -17,788 -40,144 -1,919 5,364 11,869 11,836
Operating Margin 8.34% -21.2% -26.5% -87.06% -1.69% 4.02% 7.65% 7.26%
Earnings before Tax (EBT) 1 4,299 -16,488 -17,513 -40,154 -8,278 5,792 9,529 12,210
Net income 1 3,192 -11,836 -12,214 -37,386 -8,168 6,657 7,624 10,525
Net margin 2.64% -18.37% -18.2% -81.08% -7.18% 4.99% 4.91% 6.45%
EPS 2 0.2100 -0.7226 -0.7272 -1.981 -0.3700 0.2283 0.3563 0.4474
Free Cash Flow 1 21,382 -5,137 -1,261 -16,427 8,367 -158 13,782 13,303
FCF margin 17.67% -7.97% -1.88% -35.62% 7.36% -0.12% 8.88% 8.16%
FCF Conversion (EBITDA) 66.48% - - - 36.21% - 35.83% 34.4%
FCF Conversion (Net income) 669.86% - - - - - 180.78% 126.39%
Dividend per Share 2 0.0500 - - - - 0.0112 0.0182 0.0300
Announcement Date 31/03/20 30/03/21 30/03/22 30/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 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 62,127 25,159 14,626 32,417 12,665 6,689 21,167 16,496 10,261 30,370 22,261 27,164 52,052 36,113 28,203 67,118 33,189 36,904 36,904 36,904
EBITDA 1 - - - - - - - - -5,500 - - - - - - - - 7,249 14,255 4,980
EBIT - - -6,184 -8,045 -8,307 -11,751 -15,716 -9,984 -10,102 - -4,003 -3,070 - 3,837 - - -872 - - -
Operating Margin - - -42.28% -24.82% -65.59% -175.68% -74.25% -60.52% -98.45% - -17.98% -11.3% - 10.62% - - -2.63% - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - - -1,312 - - - -
Net income 1 1,251 -8,542 -4,052 -7,006 -7,760 -10,976 -18,736 -9,380 -9,270 - - -2,446 - 3,642 - -1,919 -803 -1,173 8,284 -733.9
Net margin 2.01% -33.95% -27.7% -21.61% -61.27% -164.09% -88.52% -56.86% -90.34% - - -9% - 10.09% - -2.86% -2.42% -3.18% 22.45% -1.99%
EPS 2 - - -0.2300 - - -0.5800 - -0.5000 -0.4900 - - -0.1100 - 0.1600 -0.2500 - -0.0400 0.0600 0.0600 0.0600
Dividend per Share 2 - - - - - - - - - - - - - - - - - - - -
Announcement Date 31/03/20 28/08/20 30/03/22 30/03/22 29/04/22 30/08/22 30/08/22 30/10/22 30/03/23 30/03/23 28/04/23 30/08/23 30/08/23 27/10/23 28/03/24 28/03/24 30/04/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 66,077 68,229 99,714 123,987 120,174 184,379 172,903 180,367
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.054 x -9.897 x -13.83 x -4.026 x 5.201 x 5.397 x 4.495 x 4.664 x
Free Cash Flow 1 21,382 -5,137 -1,261 -16,427 8,367 -158 13,783 13,303
ROE (net income / shareholders' equity) 5.03% -19.6% -22.2% -114% -32.4% 12.4% 16.4% 15.9%
ROA (Net income/ Total Assets) 1.22% -4.19% -4.26% -13% -2.85% 1.6% 2.01% 2.85%
Assets 1 262,090 282,661 286,720 288,387 286,582 416,035 378,621 369,302
Book Value Per Share 2 4.080 3.300 3.060 1.300 1.820 1.960 2.160 2.690
Cash Flow per Share 2 1.770 0.0700 0.3400 -0.2900 1.190 1.410 1.470 1.390
Capex 1 7,590 6,348 6,953 9,953 18,206 19,016 16,547 13,261
Capex / Sales 6.27% 10.83% 10.36% 21.58% 16.01% 14.24% 10.66% 8.13%
Announcement Date 31/03/20 30/03/21 30/03/22 30/03/23 28/03/24 - - -
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 China Eastern Airlines Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
3.84 CNY
Average target price
4.244 CNY
Spread / Average Target
+10.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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