Financials Lufthansa

Equities

LHA

DE0008232125

Airlines

Market Closed - Xetra 16:35:17 24/06/2024 BST 5-day change 1st Jan Change
5.81 EUR +1.47% Intraday chart for Lufthansa -1.46% -27.81%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,847 6,465 7,388 9,283 9,621 6,952 - -
Enterprise Value (EV) 1 14,509 16,387 16,411 16,154 15,303 12,662 11,748 11,387
P/E ratio 6.44 x -0.86 x -2.07 x 11.8 x 5.75 x 5.05 x 3.85 x 3.56 x
Yield - - - - 3.73% 4.75% 5.79% 6.88%
Capitalization / Revenue 0.22 x 0.48 x 0.44 x 0.28 x 0.27 x 0.18 x 0.17 x 0.16 x
EV / Revenue 0.4 x 1.21 x 0.98 x 0.49 x 0.43 x 0.34 x 0.29 x 0.27 x
EV / EBITDA 3.02 x -6.46 x 497 x 4.27 x 3.12 x 2.88 x 2.35 x 2.16 x
EV / FCF 24.9 x -4.47 x -19.2 x 5.61 x 7.17 x 7.4 x 6.81 x 8.95 x
FCF Yield 4.01% -22.4% -5.21% 17.8% 13.9% 13.5% 14.7% 11.2%
Price to Book 0.77 x 4.8 x 1.66 x 1.1 x 1 x 0.65 x 0.57 x 0.51 x
Nbr of stocks (in thousands) 478,194 597,743 1,195,486 1,195,486 1,195,486 1,196,618 - -
Reference price 2 16.41 10.82 6.180 7.765 8.048 5.810 5.810 5.810
Announcement Date 19/03/20 04/03/21 03/03/22 03/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 36,424 13,589 16,811 32,770 35,442 37,797 40,535 42,178
EBITDA 1 4,802 -2,537 33 3,786 4,910 4,400 5,003 5,267
EBIT 1 2,026 -5,451 -2,349 1,509 2,682 2,145 2,673 2,871
Operating Margin 5.56% -40.11% -13.97% 4.6% 7.57% 5.67% 6.6% 6.81%
Earnings before Tax (EBT) 1 1,860 -8,631 -2,606 1,050 2,317 1,737 2,337 2,534
Net income 1 1,213 -6,725 -2,191 791 1,673 1,372 1,816 1,955
Net margin 3.33% -49.49% -13.03% 2.41% 4.72% 3.63% 4.48% 4.64%
EPS 2 2.550 -12.51 -2.990 0.6600 1.400 1.150 1.509 1.631
Free Cash Flow 1 582 -3,669 -855 2,882 2,134 1,710 1,726 1,273
FCF margin 1.6% -27% -5.09% 8.79% 6.02% 4.52% 4.26% 3.02%
FCF Conversion (EBITDA) 12.12% - - 76.12% 43.46% 38.86% 34.51% 24.17%
FCF Conversion (Net income) 47.98% - - 364.35% 127.56% 124.65% 95.06% 65.11%
Dividend per Share 2 - - - - 0.3000 0.2762 0.3361 0.3997
Announcement Date 19/03/20 04/03/21 03/03/22 03/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,771 5,833 5,363 8,462 13,825 10,068 8,877 7,017 9,389 16,406 10,275 8,761 7,392 9,861 - 10,638 8,944 - -
EBITDA 1 - - -28 958 - 1,706 1,150 - 1,508 - 2,026 973 -279 1,490 - 2,314 903.3 - -
EBIT 1 -2,095 -271 -591 393 -198 1,132 575 -273 965 453 1,468 402 -849 926.2 - 1,513 343.7 - -
Operating Margin -36.3% -4.65% -11.02% 4.64% -1.43% 11.24% 6.48% -3.89% 10.28% 2.76% 14.29% 4.59% -11.49% 9.39% - 14.23% 3.84% - -
Earnings before Tax (EBT) 1 -2,234 -288 -690 356 -334 1,078 306 -530 1,086 511 1,489 297 -939 525.1 -459 1,286 863.4 - -
Net income 1 -1,805 -314 -584 259 -325 809 307 -467 881 414 1,192 67 -734 494.2 -367 1,065 493 - -
Net margin -31.28% -5.38% -10.89% 3.06% -2.35% 8.04% 3.46% -6.66% 9.38% 2.52% 11.6% 0.76% -9.93% 5.01% - 10.01% 5.51% - -
EPS 2 - -0.4500 -0.4900 0.2200 - - 0.2500 -0.3900 0.7400 - 1.000 0.0500 -0.6100 0.5794 - 1.093 0.3917 - -
Dividend per Share 2 - - - - - - - - - - - 0.3000 - - - - 0.2580 - -
Announcement Date 05/08/21 03/03/22 05/05/22 05/08/22 05/08/22 27/10/22 03/03/23 03/05/23 03/08/23 03/08/23 02/11/23 07/03/24 30/04/24 - - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,662 9,922 9,023 6,871 5,682 5,710 4,796 4,435
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.387 x -3.911 x 273.4 x 1.815 x 1.157 x 1.298 x 0.9587 x 0.8419 x
Free Cash Flow 1 582 -3,669 -855 2,882 2,134 1,710 1,726 1,273
ROE (net income / shareholders' equity) 12.1% -488% -75.6% 12.3% 18.6% 13.6% 15.8% 15.6%
ROA (Net income/ Total Assets) 3% -16.4% -5.34% 1.84% 3.77% 2.97% 3.64% 4.06%
Assets 1 40,436 41,081 41,011 42,935 44,328 46,211 49,926 48,167
Book Value Per Share 2 21.20 2.250 3.720 7.030 8.080 8.980 10.10 11.30
Cash Flow per Share 2 8.470 -4.330 0.8400 4.320 4.140 2.990 3.780 3.380
Capex 1 3,559 1,273 1,329 2,286 4,115 2,848 3,094 3,021
Capex / Sales 9.77% 9.37% 7.91% 6.98% 11.61% 7.53% 7.63% 7.16%
Announcement Date 19/03/20 04/03/21 03/03/22 03/03/23 07/03/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
17
Last Close Price
5.81 EUR
Average target price
8.076 EUR
Spread / Average Target
+39.01%
Consensus