Company Valuation: Air T, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 68.5 65.45 70.63 62.64 46.07 58.92
Change - -4.45% 7.92% -11.32% -26.45% 27.89%
Enterprise Value (EV) 1 152.6 203.8 202.3 180.7 168.8 262.3
Change - 33.56% -0.74% -10.68% -6.59% 55.34%
P/E -9.4x 6.02x -5.8x -9.17x -7.57x 0.76x
PBR 4.99x 2.65x 5.93x 12.9x -14.2x 0.74x
PEG - -0x 0x 0.2x 0.97x -0x
Capitalization / Revenue 0.39x 0.37x 0.29x 0.22x 0.16x 0.18x
EV / Revenue 0.87x 1.15x 0.82x 0.63x 0.58x 0.8x
EV / EBITDA -25.9x 19.1x 725x 44.3x 25.2x -40x
EV / EBIT -17x 23.2x -52.1x 141x 72.1x -13.9x
EV / FCF -9.17x -5.45x 26.6x 9.01x 14.1x -7.17x
FCF Yield -10.9% -18.4% 3.76% 11.1% 7.07% -14%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -2.529 3.78 -4.32 -2.422 -2.233 28.85
Distribution rate - - - - - -
Net sales 1 175.1 177.1 247.3 286.8 291.8 327.1
EBITDA 1 -5.891 10.66 0.279 4.08 6.699 -6.557
EBIT 1 -8.998 8.797 -3.883 1.282 2.343 -18.9
Net income 1 -7.277 10.93 -12.3 -6.819 -6.14 77.98
Net Debt 1 84.13 138.4 131.7 118.1 122.8 203.3
Reference price 2 23.77 22.75 25.05 22.20 16.90 21.80
Nbr of stocks (in thousands) 2,882 2,877 2,820 2,822 2,726 2,703
Announcement Date 6/25/21 6/28/22 6/27/23 6/26/24 6/27/25 6/29/26
1USD in Million2USD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 86.22M
14.27x9.31x28.74x4.83% 41.68B
14.05x0.45x4.3x2.93% 25.17B
11x1.6x5.82x3.85% 16.34B
9.26x0.66x5.13x2.53% 8.61B
10.58x0.39x5.02x1.22% 3.16B
17.66x0.89x6.75x5.77% 2.45B
54.83x2.38x35.64x - 1.5B
13.81x0.53x3.48x2.71% 1B
Average 18.18x 2.02x 11.86x 3.4% 11.11B
Weighted average by Cap. 13.82x 4.39x 15.36x 3.86%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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