Company Valuation: Kenya Airways Plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 21,759 21,759 21,759 21,759 21,759 20,055
Change - 0% 0% 0% 0% -7.83%
Enterprise Value (EV) 1 188,461 193,824 208,199 220,754 212,389 214,758
Change - 2.85% 7.42% 6.03% -3.79% 1.12%
P/E -0.62x -1.4x -0.58x -0.98x 5.18x -1.2x
PBR -0.34x -0.26x -0.2x -0.16x -0.18x -0.15x
PEG - 0x -0x 0x -0x 0x
Capitalization / Revenue 0.41x 0.31x 0.19x 0.12x 0.12x 0.12x
EV / Revenue 3.57x 2.76x 1.78x 1.24x 1.13x 1.33x
EV / EBITDA -24.6x 83.8x 32x 8.65x 9.68x 22.8x
EV / EBIT -10.7x -35.3x -160x 13.9x 21.4x -49.2x
EV / FCF 15.1x 133x 176x 10.6x -121x 11.1x
FCF Yield 6.62% 0.75% 0.57% 9.45% -0.83% 9.05%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -6.22 -2.727 -6.568 -3.901 0.74 -2.942
Distribution rate - - - - - -
Net sales 1 52,805 70,221 116,787 178,496 188,495 161,473
EBITDA 1 -7,665 2,313 6,514 25,508 21,952 9,409
EBIT 1 -17,619 -5,484 -1,303 15,917 9,945 -4,363
Net income 1 -36,227 -15,882 -38,252 -22,717 5,511 -17,134
Net Debt 1 166,702 172,065 186,440 198,995 190,630 194,703
Reference price 2 3.830 3.830 3.830 3.830 3.830 3.530
Nbr of stocks (in thousands) 5,681,241 5,681,241 5,681,241 5,681,241 5,681,241 5,681,241
Announcement Date 6/4/21 4/7/22 4/4/23 6/6/24 6/12/25 6/10/26
1KES in Million2KES
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 251M
13.6x0.92x7.53x0.91% 54.59B
10.4x0.79x6.92x-.--% 36.01B
13.79x1.38x6.31x1.84% 27.96B
8.39x0.82x3.9x2.13% 25.59B
13.79x0.74x6.72x1.73% 20.37B
66.17x2.28x13.44x0.07% 20.1B
28.65x1.09x5.82x3.68% 16.63B
-11.14x1.62x11.32x-.--% 16.18B
11.11x1.14x4.74x - 14.36B
Average 17.20x 1.20x 7.41x 1.3% 23.2B
Weighted average by Cap. 16.32x 1.12x 7.30x 1.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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