Financials China Express Airlines Co.,LTD

Equities

002928

CNE1000033L8

Airlines

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
6.78 ^CNY	0.00%		+3.35%	-5.04%

Apr. 23	China Express Airlines Co.,LTD Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 21	Huaxia Yunyi International Education Technology Co., Ltd. agreed to acquire China Express Education & Technology Industry Ltd. from China Express Airlines Co.,LTD for CNY600 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,317	12,822	12,746	17,614	9,094	8,635	-	-
Enterprise Value (EV) ¹	9,133	13,464	16,767	21,100	13,601	9,115	8,537	7,280
P/E ratio	14.9 x	20.9 x	-129 x	-7.22 x	-9.42 x	25.4 x	10.1 x	7.11 x
Yield	0.62%	0.48%	-	-	-	0.4%	0.92%	1.29%
Capitalization / Revenue	1.35 x	2.71 x	3.21 x	6.66 x	1.77 x	1.19 x	0.92 x	0.83 x
EV / Revenue	1.69 x	2.85 x	4.23 x	7.98 x	2.64 x	1.25 x	0.91 x	0.7 x
EV / EBITDA	9.4 x	11.6 x	134 x	-38 x	-17.2 x	6.16 x	3.98 x	3.1 x
EV / FCF	-	-	-	-604,046,132 x	-	-	-	-
FCF Yield	-	-	-	-0%	-	-	-	-
Price to Book	2.63 x	3.26 x	3.52 x	4.36 x	2.96 x	2.54 x	2.01 x	1.61 x
Nbr of stocks (in thousands)	901,125	1,013,568	1,011,615	1,273,611	1,273,611	1,273,611	-	-
Reference price ²	8.120	12.65	12.60	13.83	7.140	6.780	6.780	6.780
Announcement Date	2/27/20	4/14/21	3/30/22	4/28/23	4/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,407	4,728	3,967	2,643	5,151	7,283	9,430	10,365
EBITDA ¹	972	1,162	124.7	-555	-791.1	1,479	2,145	2,345
EBIT ¹	543.1	699	-114.8	-2,341	-1,078	395.3	1,054	1,546
Operating Margin	10.04%	14.78%	-2.89%	-88.57%	-20.92%	5.43%	11.17%	14.91%
Earnings before Tax (EBT) ¹	583.8	721.8	-111.6	-2,345	-1,100	381.2	982.9	1,436
Net income ¹	502.2	612.9	-98.71	-1,974	-965	328	840.8	1,221
Net margin	9.29%	12.96%	-2.49%	-74.69%	-18.73%	4.5%	8.92%	11.78%
EPS ²	0.5460	0.6047	-0.0975	-1.915	-0.7577	0.2673	0.6719	0.9536
Free Cash Flow	-	-	-	-34.93	-	-	-	-
FCF margin	-	-	-	-1.32%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0507	0.0610	-	-	-	0.0268	0.0621	0.0877
Announcement Date	2/27/20	4/14/21	3/30/22	4/28/23	4/23/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 Q1	2023 Q1	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	-	1,045	1,300	1,616	2,096	2,497	1,982
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	11.66	-453.8	-275.9	-	-	-	-	-
Net margin	-	-	-26.41%	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	8/26/21	4/28/22	4/28/23	4/23/24	4/23/24	-	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,815	642	4,021	3,486	4,508	480	-	-
Net Cash position ¹	-	-	-	-	-	-	98.5	1,355
Leverage (Debt/EBITDA)	1.868 x	0.5528 x	32.24 x	-6.281 x	-5.698 x	0.3244 x	-	-
Free Cash Flow	-	-	-	-34.9	-	-	-	-
ROE (net income / shareholders' equity)	21.2%	18.3%	-2.61%	-69.7%	-27%	9.7%	19.6%	23%
ROA (Net income/ Total Assets)	-	5.75%	-0.71%	-11.7%	-	1.63%	3.03%	4.95%
Assets ¹	-	10,652	13,864	16,851	-	20,080	27,794	24,667
Book Value Per Share ²	3.090	3.880	3.580	3.170	2.420	2.670	3.370	4.200
Cash Flow per Share ²	1.170	0.9900	0.9000	0.2500	1.030	1.460	1.330	2.110
Capex ¹	1,079	756	1,808	352	541	665	1,097	911
Capex / Sales	19.95%	15.99%	45.57%	13.3%	10.5%	9.13%	11.64%	8.79%
Announcement Date	2/27/20	4/14/21	3/30/22	4/28/23	4/23/24	-	-	-

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

Ratings for China Express Airlines Co.,LTD

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.78 CNY

Average target price

8.224 CNY

Spread / Average Target

+21.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Regional Airlines

	1st Jan change	Capi.
CHINA EXPRESS AIRLINES CO.,LTD	-5.04%	1.2B
SOUTHWEST AIRLINES CO.	-5.26%	16.37B
AMERICAN AIRLINES GROUP INC.	+4.80%	9.45B
JUNEYAO AIRLINES CO., LTD	+2.25%	3.74B
VIETNAM AIRLINES	+65.71%	1.77B
EXCHANGE INCOME CORPORATION	+3.28%	1.61B
FRONTIER GROUP HOLDINGS, INC.	+7.88%	1.32B
AEGEAN AIRLINES S.A.	+16.05%	1.28B
ALLEGIANT TRAVEL COMPANY	-35.31%	974M
SPICEJET LIMITED	-7.48%	521M

Regional Airlines