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 81,312 - -
Change - 18.1% -25.72% 14.95% 25.62% -38.51% - -
Enterprise Value (EV) 1 175,018 305,301 252,772 315,642 251,678 301,433 306,321 280,211
Change - 74.44% -17.21% 24.87% -20.26% 19.77% 1.62% -8.52%
P/E -9.08x -4x -25x -72.1x 160x -120x 18.4x 9.54x
PBR 1.71x 3.35x 2.84x 3.39x 4.08x 2.6x 2.29x 1.89x
PEG - -0x 0.3x 1.2x -1x 1x -0x 0.1x
Capitalization / Revenue 1.03x 1.42x 0.57x 0.6x 0.73x 0.41x 0.4x 0.37x
EV / Revenue 1.72x 3.51x 1.58x 1.81x 1.38x 1.51x 1.51x 1.28x
EV / EBITDA 14.5x -87.5x 9.05x 8.61x 6.13x 8.13x 6.98x 5.47x
EV / EBIT -12.2x -10.8x 288x 37.9x 63.4x -116x 45.7x 24.2x
EV / FCF -63x -37.1x 11.1x 33x 12.1x 22x 19.1x -
FCF Yield -1.59% -2.7% 9% 3.03% 8.29% 4.54% 5.23% -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.75 -1.9 -0.23 -0.09 0.05 -0.0421 0.2739 0.5274
Distribution rate - - - - - - - -
Net sales 1 101,644 87,059 159,929 174,224 182,256 199,408 203,051 219,595
EBITDA 1 12,051 -3,488 27,919 36,668 41,051 37,086 43,857 51,185
EBIT 1 -14,302 -28,203 877 8,327 3,967 -2,598 6,701 11,561
Net income 1 -12,103 -32,699 -4,140 -1,769 857 -4,452 5,495 6,642
Net Debt 1 70,619 182,008 161,192 210,372 119,440 220,121 225,008 198,898
Reference price 2 6.810 7.600 5.760 6.490 8.010 5.030 5.030 5.030
Nbr of stocks (in thousands) 16,948,417 18,120,890 18,120,906 18,120,912 18,120,922 18,120,970 - -
Announcement Date 30/03/22 28/03/23 27/03/24 26/03/25 30/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.51x0.99x7.42x0.88% 56.71B
10.35x0.84x6.55x-.--% 38.56B
13.81x1.54x6.79x1.75% 32B
9.07x0.83x3.97x1.97% 26.71B
-369.47x2.72x14.38x0.19% 21.13B
28.58x1.23x6.26x3.44% 18.58B
11.69x1.23x4.87x2.99% 15.73B
-13.66x1.51x9.98x-.--% 13.42B
8.56x0.41x4.03x3.5% 12.51B
Average -31.95x 1.26x 7.14x 1.64% 26.15B
Weighted average by Cap. -22.60x 1.21x 7.13x 1.35%

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