SHANGHAI INTERNATIONAL AIRPORT CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 32.92 CNY | -0.24% |
|
+2.88% | +0.43% |
| 06-17 | Passenger Throughput in Shanghai International Airport's Two Airports Climbs in May | MT |
| 05-15 | Shanghai International Airport's Passenger Throughput at Two Airports Climbs in April | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 151,748 | 145,794 | 89,970 | 143,610 | 81,572 | 81,921 | - | - |
| Enterprise Value (EV) 1 | 141,388 | 138,138 | 80,829 | 131,815 | 69,388 | 71,890 | 71,632 | 57,137 |
| P/E ratio | 30.2 x | -115 x | -52.5 x | -45.8 x | 86.3 x | 31.9 x | 22.6 x | 19.2 x |
| Yield | 1% | - | - | - | 0.37% | 0.88% | 1.29% | 1.54% |
| Capitalization / Revenue | 13.9 x | 33.9 x | 24.1 x | 26.2 x | 7.38 x | 6.2 x | 5.36 x | 4.93 x |
| EV / Revenue | 12.9 x | 32.1 x | 21.7 x | 24.1 x | 6.28 x | 5.44 x | 4.69 x | 3.44 x |
| EV / EBITDA | 18.7 x | -741 x | -86.6 x | -57.1 x | 22.6 x | 12.6 x | 9.91 x | 7.33 x |
| EV / FCF | 54.7 x | -54.3 x | -67.8 x | -97 x | 25 x | 13.4 x | 11.9 x | 8.33 x |
| FCF Yield | 1.83% | -1.84% | -1.47% | -1.03% | 4% | 7.46% | 8.41% | 12% |
| Price to Book | 4.74 x | 4.99 x | 3.27 x | 3.63 x | 2.01 x | 1.91 x | 1.79 x | 1.67 x |
| Nbr of stocks (in thousands) | 1,926,958 | 1,926,958 | 1,926,958 | 2,488,481 | 2,488,481 | 2,488,481 | - | - |
| Reference price 2 | 78.75 | 75.66 | 46.69 | 57.71 | 32.78 | 33.00 | 33.00 | 33.00 |
| Announcement Date | 22/02/20 | 26/02/21 | 25/02/22 | 24/03/23 | 02/03/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,945 | 4,301 | 3,728 | 5,480 | 11,047 | 13,222 | 15,281 | 16,619 |
| EBITDA 1 | 7,565 | -186.3 | -933.1 | -2,310 | 3,076 | 5,707 | 7,227 | 7,791 |
| EBIT 1 | 6,675 | -1,513 | -2,275 | -3,894 | 1,378 | 3,368 | 4,910 | 5,597 |
| Operating Margin | 60.98% | -35.19% | -61.04% | -71.05% | 12.47% | 25.47% | 32.13% | 33.68% |
| Earnings before Tax (EBT) 1 | 6,668 | -1,516 | -2,280 | -3,825 | 1,388 | 3,516 | 5,112 | 5,911 |
| Net income 1 | 5,030 | -1,267 | -1,711 | -2,995 | 934 | 2,574 | 3,626 | 4,273 |
| Net margin | 45.96% | -29.45% | -45.9% | -54.65% | 8.46% | 19.47% | 23.73% | 25.71% |
| EPS 2 | 2.610 | -0.6600 | -0.8900 | -1.260 | 0.3800 | 1.034 | 1.458 | 1.716 |
| Free Cash Flow 1 | 2,583 | -2,543 | -1,192 | -1,358 | 2,778 | 5,363 | 6,024 | 6,858 |
| FCF margin | 23.6% | -59.12% | -31.97% | -24.78% | 25.15% | 40.56% | 39.42% | 41.27% |
| FCF Conversion (EBITDA) | 34.14% | - | - | - | 90.32% | 93.97% | 83.35% | 88.03% |
| FCF Conversion (Net income) | 51.35% | - | - | - | 297.43% | 208.31% | 166.13% | 160.49% |
| Dividend per Share 2 | 0.7900 | - | - | - | 0.1200 | 0.2888 | 0.4256 | 0.5069 |
| Announcement Date | 22/02/20 | 26/02/21 | 25/02/22 | 24/03/23 | 02/03/24 | - | - | - |
1CNY in Million2CNY
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 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 980.4 | 840.9 | 324.9 | - | 2,964 | 1,351 | 2,154 | 2,714 | 3,052 | 3,126 | 3,029 | 3,266 | 3,536 | 3,460 | 3,203 | 3,748 |
| EBITDA 1 | - | -219.5 | - | - | - | -465.4 | -779 | - | - | - | - | - | 1,258 | 1,461 | 1,007 | 1,264 | 1,485 |
| EBIT 1 | - | -504.5 | -680.8 | -996.6 | - | -1,042 | -1,175 | -85.32 | 332.3 | 514.8 | 616.2 | 531.3 | 727 | 828.2 | 601.2 | 703.3 | 925.1 |
| Operating Margin | - | -51.46% | -80.96% | -306.72% | - | -35.15% | -86.98% | -3.96% | 12.24% | 16.87% | 19.71% | 17.54% | 22.26% | 23.42% | 17.38% | 21.96% | 24.69% |
| Earnings before Tax (EBT) 1 | - | -509.1 | -680.6 | -996.5 | - | -1,040 | -1,107 | -84.21 | 333.4 | 514.7 | 624.1 | 530.5 | 642.3 | 855 | 491.3 | 755.1 | 898.3 |
| Net income 1 | -740.7 | -459.9 | -508.5 | -749 | -1,258 | -845 | -892.4 | -99.35 | 231.8 | 364.3 | 437.2 | 385.8 | 533.6 | 682.4 | 462.5 | 549.9 | 744.1 |
| Net margin | - | -46.9% | -60.48% | -230.53% | - | -28.51% | -66.05% | -4.61% | 8.54% | 11.94% | 13.99% | 12.73% | 16.34% | 19.3% | 13.37% | 17.17% | 19.86% |
| EPS 2 | - | -0.2400 | -0.2600 | -0.3900 | - | -0.1900 | -0.4200 | -0.0400 | 0.0900 | 0.1500 | 0.1800 | 0.1600 | 0.2222 | 0.2521 | 0.2075 | 0.2210 | 0.2990 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | 0.2486 | - | - | - | 0.3526 |
| Announcement Date | 27/08/21 | 25/02/22 | 29/04/22 | 30/08/22 | 30/08/22 | 28/10/22 | 24/03/23 | 28/04/23 | 30/08/23 | 30/10/23 | 02/03/24 | 29/04/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 10,360 | 7,656 | 9,140 | 11,796 | 12,184 | 10,031 | 10,289 | 24,784 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 2,583 | -2,543 | -1,192 | -1,358 | 2,778 | 5,363 | 6,024 | 6,858 |
| ROE (net income / shareholders' equity) | 16.7% | -4.14% | -6.03% | -8.24% | 2.33% | 5.78% | 8.09% | 8.88% |
| ROA (Net income/ Total Assets) | 14.8% | -3.6% | -4.04% | -4.4% | 1.36% | 3.61% | 5.01% | 5.73% |
| Assets 1 | 34,050 | 35,184 | 42,304 | 68,113 | 68,630 | 71,381 | 72,338 | 74,592 |
| Book Value Per Share 2 | 16.60 | 15.20 | 14.30 | 15.90 | 16.30 | 17.20 | 18.40 | 19.80 |
| Cash Flow per Share 2 | 2.540 | -0.6300 | 0.1600 | -0.0500 | 1.620 | 1.550 | 2.160 | 2.250 |
| Capex 1 | 2,302 | 1,325 | 1,503 | 1,241 | 1,242 | 750 | 949 | 936 |
| Capex / Sales | 21.03% | 30.81% | 40.31% | 22.65% | 11.24% | 5.67% | 6.21% | 5.63% |
| Announcement Date | 22/02/20 | 26/02/21 | 25/02/22 | 24/03/23 | 02/03/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
D+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
33
CNY
Average target price
38.33
CNY
Spread / Average Target
+16.16%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.43% | 11.3B | |
| +15.97% | 30.97B | |
| +1.88% | 12.62B | |
| +9.23% | 9.02B | |
| -4.49% | 7.92B | |
| +19.47% | 7B | |
| -13.18% | 6.95B | |
| +15.49% | 6.92B | |
| +37.77% | 3.54B | |
| +7.27% | 3.28B |
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- Financials Shanghai International Airport Co., Ltd.
