Financials BOC Aviation Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:35 2024-05-13 am EDT			5-day change	1st Jan Change
64 ^HKD	+0.63%		+2.40%	+7.20%

May. 03	BOC Aviation Shareholders to Meet May. 30 to Vote on Deposit Agreements	MT
Apr. 18	BOC Aviation Limited Announces Resignation of Wang Xiao as A Non-Executive Director and A Member of the Risk Committee and the Strategy and Budget Committee	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,060	5,998	5,083	5,790	5,306	5,685	-	-
Enterprise Value (EV) ¹	20,312	22,516	21,410	20,551	21,439	23,427	24,960	26,601
P/E ratio	10.1 x	11.8 x	9.04 x	278 x	6.95 x	8.28 x	7.22 x	6.31 x
Yield	3.48%	2.97%	3.87%	3.19%	5.04%	4.15%	4.66%	5.06%
Capitalization / Revenue	3.57 x	2.92 x	2.33 x	2.51 x	2.16 x	2.29 x	2.09 x	1.94 x
EV / Revenue	10.3 x	11 x	9.81 x	8.91 x	8.71 x	9.42 x	9.17 x	9.09 x
EV / EBITDA	11.1 x	11.7 x	10.7 x	9.53 x	9.33 x	10 x	9.74 x	9.68 x
EV / FCF	-13.1 x	-8 x	-66.9 x	25.7 x	35 x	44 x	22.6 x	-107 x
FCF Yield	-7.64%	-12.5%	-1.49%	3.9%	2.86%	2.27%	4.43%	-0.93%
Price to Book	1.54 x	1.26 x	0.97 x	1.11 x	0.92 x	0.91 x	0.85 x	0.78 x
Nbr of stocks (in thousands)	694,010	694,010	694,010	694,010	694,010	694,010	-	-
Reference price ²	10.17	8.642	7.324	8.342	7.645	8.192	8.192	8.192
Announcement Date	3/11/20	3/11/21	3/10/22	3/9/23	3/14/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,976	2,054	2,183	2,307	2,461	2,487	2,722	2,927
EBITDA ¹	1,837	1,925	2,007	2,156	2,298	2,337	2,564	2,747
EBIT ¹	1,228	1,205	1,242	1,370	1,503	1,497	1,661	1,792
Operating Margin	62.13%	58.68%	56.88%	59.4%	61.06%	60.18%	61.04%	61.23%
Earnings before Tax (EBT) ¹	774.9	563	638.7	29.5	860.6	781.6	896.6	1,030
Net income ¹	702.3	509.8	561.3	20.06	763.9	691.6	792.8	858.6
Net margin	35.54%	24.82%	25.71%	0.87%	31.04%	27.81%	29.13%	29.33%
EPS ²	1.010	0.7300	0.8100	0.0300	1.100	0.9891	1.134	1.298
Free Cash Flow ¹	-1,552	-2,815	-320	800.6	613.2	532.5	1,106	-248
FCF margin	-78.54%	-137.05%	-14.66%	34.7%	24.92%	21.41%	40.62%	-8.47%
FCF Conversion (EBITDA)	-	-	-	37.12%	26.68%	22.78%	43.12%	-
FCF Conversion (Net income)	-	-	-	3,990.84%	80.28%	76.99%	139.45%	-
Dividend per Share ²	0.3541	0.2571	0.2831	0.2659	0.3852	0.3402	0.3820	0.4142
Announcement Date	3/11/20	3/11/21	3/10/22	3/9/23	3/14/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,252	16,518	16,326	14,761	16,133	17,742	19,275	20,915
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.213 x	8.582 x	8.133 x	6.845 x	7.02 x	7.591 x	7.518 x	7.613 x
Free Cash Flow ¹	-1,552	-2,815	-320	801	613	533	1,106	-248
ROE (net income / shareholders' equity)	16%	10.9%	11.2%	0.38%	14%	11.5%	12.1%	12.1%
ROA (Net income/ Total Assets)	3.69%	2.35%	2.37%	0.09%	3.3%	2.72%	2.97%	3.08%
Assets ¹	19,031	21,668	23,724	22,978	23,121	25,429	26,670	27,875
Book Value Per Share ²	6.600	6.880	7.590	7.500	8.280	8.980	9.660	10.60
Cash Flow per Share ²	2.370	2.630	2.600	2.890	3.290	2.550	2.700	3.300
Capex ¹	3,197	4,641	2,124	1,208	1,670	3,342	3,236	3,181
Capex / Sales	161.81%	225.98%	97.3%	52.36%	67.85%	134.35%	118.89%	108.67%
Announcement Date	3/11/20	3/11/21	3/10/22	3/9/23	3/14/24	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.192 USD

Average target price

9.436 USD

Spread / Average Target

+15.19%

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