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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,4x - 9,2x | 8,8x |
Selected Fwd EBIT Multiple | 8,7x - 9,6x | 9,1x |
Fair Value | $1,28 - $1,49 | $1,39 |
Upside | -15,4% - -1,1% | -8,3% |
Benchmarks | Ticker | Full Ticker |
Qantas Airways Limited | QAN | ASX:QAN |
ANA Holdings Inc. | 9202 | TSE:9202 |
Japan Airlines Co., Ltd. | 9201 | TSE:9201 |
Singapore Airlines Limited | C6L | SGX:C6L |
Ryanair Holdings plc | RYAO.F | OTCPK:RYAO.F |
Cathay Pacific Airways Limited | CPCA.F | OTCPK:CPCA.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
QAN | 9202 | 9201 | C6L | RYAO.F | CPCA.F | ||
ASX:QAN | TSE:9202 | TSE:9201 | SGX:C6L | OTCPK:RYAO.F | OTCPK:CPCA.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 12.3% | 26.5% | 9.6% | 64.1% | 6.7% | 31.7% | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -9.3% | 2.4% | 48.3% | -36.8% | 22.8% | 7.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.6% | -8.6% | -15.9% | -4.7% | -0.6% | 2.1% | |
Prior Fiscal Year | 13.8% | 10.1% | 9.1% | 14.5% | 15.3% | 13.7% | |
Latest Fiscal Year | 10.0% | 8.7% | 8.6% | 8.9% | 11.2% | 12.6% | |
Latest Twelve Months | 9.9% | 8.7% | 10.0% | 8.9% | 14.4% | 12.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.92x | 0.59x | 0.62x | 0.98x | 1.74x | 0.99x | |
EV / LTM EBITDA | 5.6x | 3.8x | 3.4x | 5.4x | 7.7x | 5.1x | |
EV / LTM EBIT | 9.4x | 6.8x | 6.2x | 11.0x | 12.1x | 8.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.2x | 9.4x | 12.1x | ||||
Historical EV / LTM EBIT | -21.0x | 7.2x | 39.8x | ||||
Selected EV / LTM EBIT | 8.4x | 8.8x | 9.2x | ||||
(x) LTM EBIT | 13,196 | 13,196 | 13,196 | ||||
(=) Implied Enterprise Value | 110,260 | 116,063 | 121,866 | ||||
(-) Non-shareholder Claims * | (39,852) | (39,852) | (39,852) | ||||
(=) Equity Value | 70,408 | 76,211 | 82,014 | ||||
(/) Shares Outstanding | 6,439.4 | 6,439.4 | 6,439.4 | ||||
Implied Value Range | 10.93 | 11.84 | 12.74 | ||||
FX Rate: HKD/USD | 7.8 | 7.8 | 7.8 | Market Price | |||
Implied Value Range (Trading Cur) | 1.39 | 1.51 | 1.62 | 1.51 | |||
Upside / (Downside) | -7.8% | -0.2% | 7.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | QAN | 9202 | 9201 | C6L | RYAO.F | CPCA.F | |
Enterprise Value | 21,150 | 1,345,736 | 1,191,152 | 19,229 | 44,106 | 116,181 | |
(+) Cash & Short Term Investments | 2,340 | 1,287,995 | 953,149 | 9,256 | 4,348 | 8,912 | |
(+) Investments & Other | 46 | 158,953 | 175,290 | 4,666 | 0 | 16,497 | |
(-) Debt | (7,229) | (1,398,961) | (891,381) | (12,914) | (2,324) | (65,254) | |
(-) Other Liabilities | (5) | (10,200) | (41,268) | (414) | 0 | (7) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 16,302 | 1,383,523 | 1,386,942 | 19,823 | 46,130 | 76,329 | |
(/) Shares Outstanding | 1,482.0 | 469.9 | 436.6 | 3,026.4 | 1,780.9 | 6,439.4 | |
Implied Stock Price | 11.00 | 2,944.00 | 3,177.00 | 6.55 | 25.90 | 11.85 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 7.85 | |
Implied Stock Price (Trading Cur) | 11.00 | 2,944.00 | 3,177.00 | 6.55 | 30.26 | 1.51 | |
Trading Currency | AUD | JPY | JPY | SGD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 7.85 |