Financials Spring Airlines Co., Ltd.

Equities

601021

CNE100001V45

Airlines

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
56.65 ^CNY	+2.07%		+1.76%	+12.85%

Apr. 29	Spring Airlines Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 29	Spring Airlines Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	40,235	50,800	52,055	62,747	49,026	55,353	-	-
Enterprise Value (EV) ¹	42,383	55,674	61,567	74,458	57,464	66,344	64,963	62,365
P/E ratio	21.8 x	-86.6 x	1,420 x	-19.5 x	21.7 x	17 x	13.3 x	12 x
Yield	0.46%	-	-	-	1.39%	0.96%	1.24%	2.01%
Capitalization / Revenue	2.72 x	5.42 x	4.79 x	7.5 x	2.73 x	2.52 x	2.19 x	1.99 x
EV / Revenue	2.86 x	5.94 x	5.67 x	8.9 x	3.2 x	3.02 x	2.57 x	2.24 x
EV / EBITDA	13 x	156 x	52.7 x	-35.4 x	14 x	11.4 x	9.19 x	8.03 x
EV / FCF	-	-15.8 x	-13.7 x	-18 x	16.5 x	-83.1 x	23.1 x	16.7 x
FCF Yield	-	-6.34%	-7.32%	-5.55%	6.08%	-1.2%	4.33%	5.98%
Price to Book	2.68 x	3.58 x	3.79 x	4.59 x	3.12 x	2.99 x	2.48 x	2.16 x
Nbr of stocks (in thousands)	916,728	916,463	916,463	976,606	976,606	977,103	-	-
Reference price ²	43.89	55.43	56.80	64.25	50.20	56.65	56.65	56.65
Announcement Date	4/29/20	4/29/21	4/28/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,804	9,373	10,858	8,369	17,938	21,997	25,256	27,851
EBITDA ¹	3,251	357.7	1,169	-2,102	4,097	5,802	7,066	7,770
EBIT ¹	2,311	-625.8	5.947	-3,417	2,616	3,890	5,470	5,803
Operating Margin	15.61%	-6.68%	0.05%	-40.83%	14.59%	17.68%	21.66%	20.84%
Earnings before Tax (EBT) ¹	2,404	-604.6	16.03	-3,399	2,642	4,058	5,388	5,956
Net income ¹	1,841	-588.4	39.11	-3,036	2,257	3,269	4,156	4,619
Net margin	12.44%	-6.28%	0.36%	-36.27%	12.58%	14.86%	16.46%	16.59%
EPS ²	2.010	-0.6400	0.0400	-3.300	2.310	3.341	4.247	4.721
Free Cash Flow ¹	-	-3,531	-4,506	-4,133	3,491	-798	2,811	3,728
FCF margin	-	-37.67%	-41.5%	-49.39%	19.46%	-3.63%	11.13%	13.39%
FCF Conversion (EBITDA)	-	-	-	-	85.22%	-	39.78%	47.98%
FCF Conversion (Net income)	-	-	-	-	154.65%	-	67.64%	80.71%
Dividend per Share ²	0.2000	-	-	-	0.7000	0.5453	0.7011	1.137
Announcement Date	4/29/20	4/29/21	4/28/22	4/27/23	4/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	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	-	2,220	-	1,293	-	2,951	1,764	3,863	4,168	6,072	3,835	5,168	5,105	6,626	4,772	5,300	5,718
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	1,291	2,895	374.2	-	-
EBIT	-	-193.5	-	-1,066	-	-661.2	-1,102	-	626.6	1,962	-451.1	887	-	-	-	-	-
Operating Margin	-	-8.72%	-	-82.42%	-	-22.4%	-62.46%	-	15.03%	32.32%	-11.76%	17.16%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-1,093	-	629.9	1,969	-434.5	887.8	977.9	2,608	-65.46	-	-
Net income ¹	-408.6	-119.8	-	-808.5	-1,245	-	-1,299	355.6	482.8	1,839	-419.9	809.9	623	2,282	-121.8	-	-
Net margin	-	-5.4%	-	-62.51%	-	-	-73.61%	9.21%	11.58%	30.28%	-10.95%	15.67%	12.2%	34.44%	-2.55%	-	-
EPS ²	-	-0.1300	-0.4800	-0.8800	-	-0.5400	-1.400	0.3600	0.5000	1.880	-0.4300	0.8300	0.6889	1.471	0.6200	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/28/20	4/28/22	4/28/22	8/30/22	8/30/22	10/28/22	4/27/23	4/27/23	8/30/23	10/30/23	4/29/24	4/29/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,148	4,875	9,512	11,711	8,439	10,992	9,610	7,012
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6606 x	13.63 x	8.14 x	-5.573 x	2.06 x	1.895 x	1.36 x	0.9025 x
Free Cash Flow ¹	-	-3,531	-4,506	-4,133	3,491	-798	2,811	3,728
ROE (net income / shareholders' equity)	13%	-4.02%	0.29%	-24.4%	15.3%	18.3%	19.3%	18.3%
ROA (Net income/ Total Assets)	6.58%	-1.9%	0.1%	-	-	6.8%	8.1%	7.47%
Assets ¹	27,970	30,904	38,307	-	-	48,074	51,309	61,864
Book Value Per Share ²	16.40	15.50	15.00	14.00	16.10	18.90	22.90	26.30
Cash Flow per Share ²	3.750	0.9000	1.840	0.4500	6.840	4.900	5.980	6.350
Capex ¹	5,337	4,357	6,190	4,572	3,203	4,042	3,580	4,075
Capex / Sales	36.05%	46.48%	57.01%	54.63%	17.86%	18.38%	14.17%	14.63%
Announcement Date	4/29/20	4/29/21	4/28/22	4/27/23	4/29/24	-	-	-

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 Spring Airlines Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

56.65 CNY

Average target price

71.27 CNY

Spread / Average Target

+25.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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