Financials China Southern Airlines Company Limited BOERSE MUENCHEN

Equities

ZNHH

CNE1000002T6

Airlines

Market Closed - BOERSE MUENCHEN Other stock markets 20:43:47 28/06/2024 BST			5-day change	1st Jan Change
0.3476 ^EUR	0.00%		-2.30%	-7.06%

06-18	China Southern Airlines' Passenger Capacity, Traffic Rise in May	MT
06-10	China's Three Biggest Carriers Deepen Partnership With Middle Eastern Peers	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	78,905	82,476	104,417	123,100	91,701	91,999	-	-
Enterprise Value (EV) ¹	262,310	220,356	256,980	232,145	252,893	284,089	275,081	265,214
P/E ratio	21.3 x	-5.05 x	-5.07 x	-2.36 x	-13.1 x	12.6 x	7.17 x	5.07 x
Yield	-	-	-	-	-	0.28%	1%	1.06%
Capitalization / Revenue	0.51 x	0.89 x	1.03 x	1.41 x	0.57 x	0.51 x	0.48 x	0.44 x
EV / Revenue	1.7 x	2.38 x	2.53 x	2.67 x	1.58 x	1.56 x	1.43 x	1.28 x
EV / EBITDA	7.49 x	24.6 x	21.2 x	-10.2 x	29.2 x	7.93 x	7.09 x	6.34 x
EV / FCF	16.9 x	-110 x	-92.6 x	-67.6 x	11.1 x	11.4 x	21.6 x	16 x
FCF Yield	5.93%	-0.91%	-1.08%	-1.48%	8.99%	8.75%	4.62%	6.24%
Price to Book	0.9 x	0.86 x	0.91 x	1.87 x	1.48 x	1.17 x	0.99 x	0.85 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	2.718	2.718	2.718
Announcement Date	30/03/20	30/03/21	30/03/22	28/03/23	27/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	154,322	92,561	101,644	87,059	159,929	182,060	192,800	206,928
EBITDA ¹	35,033	8,940	12,142	-22,852	8,674	35,807	38,773	41,804
EBIT ¹	3,202	-16,550	-14,696	-32,199	-2,142	8,389	10,963	14,327
Operating Margin	2.07%	-17.88%	-14.46%	-36.99%	-1.34%	4.61%	5.69%	6.92%
Earnings before Tax (EBT) ¹	4,070	-15,195	-13,910	-31,526	-1,645	5,435	10,355	14,873
Net income ¹	2,651	-10,847	-12,106	-32,682	-4,209	3,677	6,891	9,413
Net margin	1.72%	-11.72%	-11.91%	-37.54%	-2.63%	2.02%	3.57%	4.55%
EPS ²	0.2200	-0.7700	-0.7500	-1.900	-0.2300	0.2157	0.3791	0.5355
Free Cash Flow ¹	15,553	-2,012	-2,776	-3,432	22,738	24,864	12,710	16,544
FCF margin	10.08%	-2.17%	-2.73%	-3.94%	14.22%	13.66%	6.59%	8%
FCF Conversion (EBITDA)	44.4%	-	-	-	262.14%	69.44%	32.78%	39.58%
FCF Conversion (Net income)	586.68%	-	-	-	-	676.21%	184.44%	175.77%
Dividend per Share ²	-	-	-	-	-	0.007680	0.0272	0.0289
Announcement Date	30/03/20	30/03/21	30/03/22	28/03/23	27/03/24	-	-	-

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	243	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	-	-	-	-5,460	-1,659	-	-	-	-
Net margin	-	-	-	-25.85%	-14.81%	-20.94%	-36.14%	-28.15%	-	-	-45.87%	-5.57%	-	-	-	-13.5%	-1.88%	-	-	-	-
EPS	0.0800	-0.6400	-	-	-0.4500	-	-	-0.6800	-	-	-1.220	-	-	-0.1600	-	-	-0.0700	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/03/20	28/08/20	27/08/21	30/03/22	30/03/22	28/04/22	30/08/22	30/08/22	28/10/22	28/03/23	28/03/23	28/04/23	29/08/23	29/08/23	27/10/23	27/03/24	27/03/24	29/04/24	-	-	-

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	161,192	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	18.58 x	5.365 x	4.722 x	4.144 x
Free Cash Flow ¹	15,553	-2,012	-2,776	-3,432	22,738	24,864	12,744	16,545
ROE (net income / shareholders' equity)	4.08%	-14.6%	-17.6%	-62.2%	-10.6%	8.76%	14.4%	17.6%
ROA (Net income/ Total Assets)	1.03%	-3.43%	-3.73%	-10.3%	-1.33%	1.47%	2.29%	3.72%
Assets ¹	257,604	316,370	324,819	317,310	315,801	249,411	300,610	252,891
Book Value Per Share ²	5.230	4.540	4.190	2.400	2.030	2.310	2.760	3.210
Cash Flow per Share ²	2.540	-0.4400	0.8300	0.2000	1.890	1.680	1.780	1.900
Capex ¹	15,622	11,061	16,147	6,897	11,369	13,948	19,435	15,678
Capex / Sales	10.12%	11.95%	15.89%	7.92%	7.11%	7.66%	10.08%	7.58%
Announcement Date	30/03/20	30/03/21	30/03/22	28/03/23	27/03/24	-	-	-

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 Southern Airlines Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.718 CNY

Average target price

3.449 CNY

Spread / Average Target

+26.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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