Company Valuation: Air China Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 111,175 133,649 105,883 122,800 148,542 109,173 - -
Change - 20.21% -20.77% 15.98% 20.96% -26.5% - -
Enterprise Value (EV) 1 188,658 257,486 265,647 263,191 304,605 312,979 314,662 308,340
Change - 36.48% 3.17% -0.92% 15.74% 2.75% 0.54% -2.01%
P/E -3.66x -2.19x -66.5x -329x -57.8x -11.5x 11.9x 7.24x
PBR 1.05x - 1.95x 1.7x 2.61x 1.34x 1.25x 1.03x
PEG - -0x 0.7x 4.2x -0x -0x -0x 0.1x
Capitalization / Revenue 1.49x 2.53x 0.75x 0.74x 0.87x 0.56x 0.55x 0.51x
EV / Revenue 2.53x 4.87x 1.88x 1.58x 1.78x 1.59x 1.59x 1.44x
EV / EBITDA -15.3x -18.2x 8.79x 8.4x 10x 11.8x 8.01x 6.75x
EV / EBIT -8.63x -7.26x 85.7x 119x -783x 57.9x 34.6x 22.3x
EV / FCF 26.8x -10.9x 21x 33.4x 16.2x 48.6x 34x 19x
FCF Yield 3.72% -9.21% 4.76% 2.99% 6.18% 2.06% 2.94% 5.26%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.211 -2.812 -0.0674 -0.0147 -0.11 -0.2962 0.2865 0.4709
Distribution rate - - - - - - - -
Net sales 1 74,532 52,898 141,100 166,699 171,485 196,359 198,237 213,406
EBITDA 1 -12,365 -14,168 30,212 31,321 30,329 26,589 39,279 45,651
EBIT 1 -21,851 -35,444 3,101 2,218 -389.2 5,404 9,096 13,805
Net income 1 -16,642 -38,617 -1,038 -232.6 -1,788 -3,320 5,628 9,959
Net Debt 1 77,483 123,837 159,763 140,390 156,063 203,807 205,489 199,168
Reference price 2 4.432 6.148 4.484 4.839 6.353 3.407 3.407 3.407
Nbr of stocks (in thousands) 14,524,815 14,524,815 16,200,793 17,448,421 17,448,421 20,492,561 - -
Announcement Date 3/30/22 3/30/23 3/28/24 3/27/25 3/26/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.56x0.9x6.98x0.97% 52.37B
9.9x0.79x6.49x-.--% 35.9B
13.42x1.36x6.11x1.86% 28.36B
8.42x0.82x3.85x2.14% 26.17B
68.12x2.33x13.57x0.06% 20.9B
28.51x1.11x5.92x3.6% 17.04B
-11.5x1.59x11.77x-.--% 16.23B
10.87x1.15x4.78x3.21% 14.66B
-47.81x1.55x9.76x-.--% 12.08B
Average 10.28x 1.29x 7.69x 1.32% 24.86B
Weighted average by Cap. 13.05x 1.18x 7.31x 1.21%

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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