Financials Controladora Vuela Compañía de Aviación, S.A.B. de C.V.

Equities

VOLAR A

MX01VO000009

Airlines

End-of-day quote Mexican S.E. 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
14.68 MXN -2.13% Intraday chart for Controladora Vuela Compañía de Aviación, S.A.B. de C.V. +10.63% -8.25%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 10,604 20,015 28,881 42,838 19,017 16,903 16,903 -
Enterprise Value (EV) 1 8,264 57,394 68,263 77,233 60,699 65,154 56,641 64,228
P/E ratio -15.4 x 7.58 x -5.9 x 20.2 x -29.6 x 93.5 x 21.6 x 12.3 x
Yield - - - - - - - -
Capitalization / Revenue 0.39 x 0.58 x 1.3 x 0.96 x 0.36 x 0.32 x 0.33 x 0.31 x
EV / Revenue 0.3 x 1.65 x 3.08 x 1.73 x 1.16 x 1.17 x 1.11 x 1.16 x
EV / EBITDA 1.39 x 5.37 x 19.5 x 4.72 x 5.63 x 4.62 x 3.43 x 3.78 x
EV / FCF -10 x 8.29 x 79.5 x 6.39 x 12.7 x 13.9 x 16.4 x 3.93 x
FCF Yield -9.97% 12.1% 1.26% 15.7% 7.88% 7.21% 6.11% 25.5%
Price to Book 1.16 x 3.67 x 9.05 x 6.56 x 3.74 x 4.48 x 3.49 x 2.41 x
Nbr of stocks (in thousands) 1,011,877 1,011,877 1,165,977 1,165,977 1,165,977 1,151,451 1,151,451 -
Reference price 2 10.48 19.78 24.77 36.74 16.31 14.68 14.68 14.68
Announcement Date 22/02/19 26/02/20 19/02/21 24/02/22 22/02/23 26/02/24 - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 27,305 34,753 22,160 44,662 52,352 55,790 50,837 55,166
EBITDA 1 5,935 10,695 3,498 16,375 10,776 14,089 16,524 16,986
EBIT 1 -881 4,355 -3,254 8,066 809.1 3,817 4,907 5,603
Operating Margin -3.23% 12.53% -14.68% 18.06% 1.55% 6.84% 9.65% 10.16%
Earnings before Tax (EBT) 1 -921 3,734 -5,700 2,714 -2,317 136.9 1,735 2,200
Net income 1 -687 2,639 -4,294 2,121 -551.7 136.9 1,273 1,062
Net margin -2.52% 7.59% -19.38% 4.75% -1.05% 0.25% 2.5% 1.92%
EPS 2 -0.6800 2.610 -4.200 1.820 -0.5517 0.1712 0.6808 1.191
Free Cash Flow 1 -823.6 6,925 858.1 12,094 4,781 4,513 3,459 16,358
FCF margin -3.02% 19.93% 3.87% 27.08% 9.13% 8.12% 6.8% 29.65%
FCF Conversion (EBITDA) - 64.75% 24.53% 73.85% 44.37% 35.99% 20.93% 96.3%
FCF Conversion (Net income) - 262.43% - 570.19% - - 271.85% 1,540.96%
Dividend per Share 2 - - - - - - - -
Announcement Date 22/02/19 26/02/20 19/02/21 24/02/22 22/02/23 26/02/24 - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 11,501 12,804 13,954 11,601 14,274 15,346 15,079 13,189 13,161 15,481 15,390 11,735 12,704 13,329 13,281
EBITDA 1 4,696 5,235 5,161 1,985 2,210 3,492 3,806 2,219 3,568 3,779 4,810 3,243 4,103 4,472 4,978
EBIT 1 2,651 3,123 3,032 -634.3 -413.1 698.5 1,103 -559.3 858.3 712 2,807 528.1 1,021 1,323 1,722
Operating Margin 23.05% 24.39% 21.73% -5.47% -2.89% 4.55% 7.32% -4.24% 6.52% 4.6% 18.24% 4.5% 8.04% 9.93% 12.97%
Earnings before Tax (EBT) 1 2,197 2,165 -600 -1,330 -1,673 -179.6 514.9 -1,732 134.6 -620.7 2,208 -387 41.93 456.9 801.6
Net income 1 1,538 1,515 -200 -1,003 -1,012 798.2 514.9 -1,281 101 -712 1,917 -294.1 79.67 242.2 502.6
Net margin 13.37% 11.83% -1.43% -8.64% -7.09% 5.2% 3.41% -9.71% 0.77% -4.6% 12.46% -2.51% 0.63% 1.82% 3.78%
EPS 2 1.319 1.300 - - - 0.5987 - -1.083 - -0.5477 1.712 -0.7178 0.1080 0.2777 0.4938
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 15/07/21 21/10/21 24/02/22 27/04/22 21/07/22 25/10/22 22/02/23 25/04/23 24/07/23 24/10/23 26/02/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 37,379 39,382 34,395 41,682 47,419 39,737 47,324
Net Cash position 1 2,340 - - - - - - -
Leverage (Debt/EBITDA) - 3.495 x 11.26 x 2.1 x 3.868 x 3.366 x 2.405 x 2.786 x
Free Cash Flow 1 -824 6,925 858 12,094 4,781 4,513 3,459 16,358
ROE (net income / shareholders' equity) -7.15% 65.4% -89.6% 83.2% -10.2% 3.35% 33.1% 13.5%
ROA (Net income/ Total Assets) -3.05% 4.4% -6.53% 5.16% -0.71% 0.17% 1.79% 1.57%
Assets 1 22,493 60,017 65,745 41,089 78,161 82,450 70,922 67,427
Book Value Per Share 2 9.060 5.390 2.740 5.600 4.360 3.570 4.210 6.090
Cash Flow per Share 2 0.5600 9.360 4.270 13.60 9.670 10.70 6.860 6.560
Capex 1 1,389 2,584 3,501 3,775 6,229 5,743 6,188 7,069
Capex / Sales 5.09% 7.44% 15.8% 8.45% 11.9% 10.33% 12.17% 12.81%
Announcement Date 22/02/19 26/02/20 19/02/21 24/02/22 22/02/23 26/02/24 - -
1MXN in Million2MXN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
14.68 MXN
Average target price
20.82 MXN
Spread / Average Target
+41.86%
Consensus
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