SHENZHEN AIRPORT CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7.19 CNY | -0.69% |
|
+1.55% | +11.82% |
| May. 15 | Shenzhen Airport's Passenger Throughput Slips in April | MT |
| Apr. 26 | Shenzhen Airport Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 20,036 | 16,755 | 15,012 | 16,119 | 13,186 | 14,745 | - | - |
| Enterprise Value (EV) 1 | 17,453 | 16,660 | 16,430 | 20,454 | 16,971 | 15,832 | 14,628 | 13,686 |
| P/E ratio | 33.7 x | 596 x | -436 x | -14.1 x | 33.2 x | 33.3 x | 22 x | 19.5 x |
| Yield | 0.82% | - | 0.41% | - | 1.56% | 0.85% | 1.36% | 2.07% |
| Capitalization / Revenue | 5.26 x | 5.59 x | 4.54 x | 6.03 x | 3.17 x | 3.09 x | 2.78 x | 2.62 x |
| EV / Revenue | 4.59 x | 5.56 x | 4.97 x | 7.66 x | 4.07 x | 3.31 x | 2.76 x | 2.43 x |
| EV / EBITDA | 13.4 x | 34.6 x | 33.3 x | -43.7 x | 12.3 x | 8.9 x | 7.14 x | 6.24 x |
| EV / FCF | -20.2 x | -7.03 x | -28.9 x | -42.2 x | 20 x | 15.9 x | 10.9 x | - |
| FCF Yield | -4.94% | -14.2% | -3.46% | -2.37% | 4.99% | 6.28% | 9.17% | - |
| Price to Book | 1.66 x | 1.41 x | 1.26 x | 1.51 x | 1.19 x | 1.3 x | 1.23 x | 1.2 x |
| Nbr of stocks (in thousands) | 2,050,770 | 2,050,770 | 2,050,770 | 2,050,770 | 2,050,770 | 2,050,770 | - | - |
| Reference price 2 | 9.770 | 8.170 | 7.320 | 7.860 | 6.430 | 7.190 | 7.190 | 7.190 |
| Announcement Date | 3/27/20 | 4/1/21 | 4/8/22 | 3/30/23 | 4/7/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,807 | 2,997 | 3,306 | 2,671 | 4,165 | 4,779 | 5,307 | 5,625 |
| EBITDA 1 | 1,307 | 481.3 | 493.9 | -467.7 | 1,381 | 1,779 | 2,049 | 2,193 |
| EBIT 1 | 855.3 | 58.82 | -11.33 | -1,416 | 502 | 678 | 916.1 | 1,043 |
| Operating Margin | 22.47% | 1.96% | -0.34% | -53.01% | 12.05% | 14.19% | 17.26% | 18.54% |
| Earnings before Tax (EBT) 1 | 777.1 | 52.77 | -26.59 | -1,436 | 533.3 | 592.2 | 884.6 | 996.1 |
| Net income 1 | 593.7 | 28.07 | -34.44 | -1,143 | 396.7 | 443.2 | 671.6 | 754.2 |
| Net margin | 15.6% | 0.94% | -1.04% | -42.78% | 9.53% | 9.27% | 12.65% | 13.41% |
| EPS 2 | 0.2895 | 0.0137 | -0.0168 | -0.5572 | 0.1934 | 0.2158 | 0.3272 | 0.3696 |
| Free Cash Flow 1 | -862.3 | -2,370 | -568.9 | -484.9 | 847.5 | 994 | 1,341 | - |
| FCF margin | -22.65% | -79.09% | -17.21% | -18.15% | 20.35% | 20.8% | 25.27% | - |
| FCF Conversion (EBITDA) | - | - | - | - | 61.38% | 55.88% | 65.46% | - |
| FCF Conversion (Net income) | - | - | - | - | 213.64% | 224.3% | 199.69% | - |
| Dividend per Share 2 | 0.0800 | - | 0.0300 | - | 0.1000 | 0.0608 | 0.0974 | 0.1488 |
| Announcement Date | 3/27/20 | 4/1/21 | 4/8/22 | 3/30/23 | 4/7/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 944.4 | - | 672.8 | 726.9 | 623.8 | 906.8 | 1,040 | 1,095 | 1,123 | 1,128 | 1,256 | 1,256 | 1,256 | 1,397 | 1,397 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | -13.03 | - | -412.1 | -346.6 | -263.2 | -135.1 | 56.45 | 281.3 | 299.3 | - | 180.3 | 180.3 | 180.3 | 229.9 | 229.9 |
| Operating Margin | - | -1.38% | - | -61.25% | -47.69% | -42.2% | -14.9% | 5.43% | 25.7% | 26.66% | - | 14.35% | 14.35% | 14.35% | 16.46% | 16.46% |
| Earnings before Tax (EBT) 1 | - | -34.49 | - | -413.2 | -352.3 | -277.2 | -135 | 55.98 | 281.6 | 330.7 | - | 137.9 | 137.9 | 137.9 | 202.8 | 202.8 |
| Net income 1 | -151.3 | -46.49 | -298.8 | -321.7 | -269.3 | -252.9 | -107.9 | 52.77 | 219 | 232.7 | 94.58 | 106.2 | 106.2 | 106.2 | 156.2 | 156.2 |
| Net margin | - | -4.92% | - | -47.82% | -37.04% | -40.55% | -11.9% | 5.07% | 20.01% | 20.73% | 8.38% | 8.45% | 8.45% | 8.45% | 11.18% | 11.18% |
| EPS 2 | - | -0.0300 | -0.1457 | -0.1500 | -0.1300 | -0.1300 | -0.0526 | 0.0200 | 0.1100 | 0.1100 | 0.0461 | 0.0518 | 0.0518 | 0.0518 | 0.0762 | 0.0762 |
| Dividend per Share 2 | - | 0.0300 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/20/20 | 4/8/22 | 4/28/22 | 8/25/22 | 10/27/22 | 3/30/23 | 4/27/23 | 8/24/23 | 10/26/23 | 4/7/24 | 4/26/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 1,419 | 4,335 | 3,784 | 1,087 | - | - |
| Net Cash position 1 | 2,583 | 94.4 | - | - | - | - | 117 | 1,059 |
| Leverage (Debt/EBITDA) | - | - | 2.872 x | -9.27 x | 2.741 x | 0.6113 x | - | - |
| Free Cash Flow 1 | -862 | -2,370 | -569 | -485 | 847 | 994 | 1,341 | - |
| ROE (net income / shareholders' equity) | 5.02% | 0.23% | -0.29% | -10.1% | 3.63% | 3.97% | 5.73% | 6.23% |
| ROA (Net income/ Total Assets) | 4.32% | 0.19% | -0.17% | - | - | 1.95% | 2.55% | 1.1% |
| Assets 1 | 13,737 | 14,545 | 20,721 | - | - | 22,726 | 26,289 | 68,564 |
| Book Value Per Share 2 | 5.880 | 5.810 | 5.800 | 5.210 | 5.420 | 5.550 | 5.840 | 6.010 |
| Cash Flow per Share 2 | 0.4700 | 0.2400 | 0.4800 | 0.1500 | 0.5600 | 0.9300 | 0.9400 | 0.9400 |
| Capex 1 | 1,826 | 2,871 | 1,559 | 788 | 303 | 414 | 785 | 1,128 |
| Capex / Sales | 47.97% | 95.82% | 47.17% | 29.51% | 7.29% | 8.66% | 14.79% | 20.05% |
| Announcement Date | 3/27/20 | 4/1/21 | 4/8/22 | 3/30/23 | 4/7/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
7.19
CNY
Average target price
8.025
CNY
Spread / Average Target
+11.61%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +11.82% | 2.04B | |
| +10.46% | 25.95B | |
| +4.74% | 5.56B | |
| -6.04% | 5.26B | |
| -3.54% | 4.52B | |
| -1.01% | 4.14B | |
| +6.13% | 3.4B | |
| -13.48% | 3.14B | |
| 0.00% | 2.66B | |
| +15.54% | 2.32B |
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- Financials Shenzhen Airport Co., Ltd.
