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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7,9x - 8,7x | 8,3x |
Selected Fwd EBIT Multiple | 7,9x - 8,8x | 8,4x |
Fair Value | $1,12 - $1,32 | $1,22 |
Upside | -26,1% - -13,4% | -19,7% |
Benchmarks | Ticker | Full Ticker |
Qantas Airways Limited | QAN | ASX:QAN |
ANA Holdings Inc. | 9202 | TSE:9202 |
InterGlobe Aviation Limited | 539448 | BSE:539448 |
Japan Airlines Co., Ltd. | 9201 | TSE:9201 |
Singapore Airlines Limited | C6L | SGX:C6L |
Cathay Pacific Airways Limited | CPCA.F | OTCPK:CPCA.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
QAN | 9202 | 539448 | 9201 | C6L | CPCA.F | ||
ASX:QAN | TSE:9202 | BSE:539448 | TSE:9201 | SGX:C6L | OTCPK:CPCA.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 12.3% | 25.9% | 46.2% | 9.6% | 64.1% | 31.7% | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -9.3% | -7.3% | 3.0% | 6.3% | -36.8% | 1.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.6% | -9.4% | -2.3% | -16.7% | -4.7% | 0.5% | |
Prior Fiscal Year | 13.8% | 10.1% | 15.5% | 9.1% | 14.5% | 13.7% | |
Latest Fiscal Year | 10.0% | 8.5% | 13.6% | 8.6% | 8.9% | 12.6% | |
Latest Twelve Months | 9.9% | 8.5% | 13.6% | 8.6% | 8.9% | 12.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.91x | 0.59x | 3.14x | 0.69x | 1.04x | 1.05x | |
EV / LTM EBITDA | 5.5x | 3.9x | 12.9x | 4.0x | 5.8x | 5.3x | |
EV / LTM EBIT | 9.2x | 6.9x | 23.1x | 7.9x | 11.6x | 8.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.9x | 9.2x | 23.1x | ||||
Historical EV / LTM EBIT | -21.0x | 8.2x | 39.8x | ||||
Selected EV / LTM EBIT | 7.9x | 8.3x | 8.7x | ||||
(x) LTM EBIT | 13,177 | 13,177 | 13,177 | ||||
(=) Implied Enterprise Value | 103,972 | 109,444 | 114,916 | ||||
(-) Non-shareholder Claims * | (40,707) | (40,707) | (40,707) | ||||
(=) Equity Value | 63,265 | 68,737 | 74,209 | ||||
(/) Shares Outstanding | 7,280.9 | 7,280.9 | 7,280.9 | ||||
Implied Value Range | 8.69 | 9.44 | 10.19 | ||||
FX Rate: HKD/USD | 7.8 | 7.8 | 7.8 | Market Price | |||
Implied Value Range (Trading Cur) | 1.11 | 1.20 | 1.30 | 1.52 | |||
Upside / (Downside) | -27.2% | -20.9% | -14.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | QAN | 9202 | 539448 | 9201 | C6L | CPCA.F | |
Enterprise Value | 20,794 | 1,329,984 | 2,523,400 | 1,264,201 | 20,264 | 127,581 | |
(+) Cash & Short Term Investments | 2,340 | 1,216,418 | 437,377 | 749,030 | 9,256 | 10,534 | |
(+) Investments & Other | 46 | 150,654 | 13,183 | 200,900 | 4,666 | 17,241 | |
(-) Debt | (7,229) | (1,349,058) | (668,098) | (896,023) | (12,914) | (68,475) | |
(-) Other Liabilities | (5) | (9,778) | 0 | (41,615) | (414) | (7) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15,946 | 1,338,220 | 2,305,862 | 1,276,493 | 20,858 | 86,874 | |
(/) Shares Outstanding | 1,482.0 | 470.0 | 386.5 | 436.6 | 2,971.2 | 7,280.9 | |
Implied Stock Price | 10.76 | 2,847.50 | 5,965.85 | 2,924.00 | 7.02 | 11.93 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.85 | |
Implied Stock Price (Trading Cur) | 10.76 | 2,847.50 | 5,965.85 | 2,924.00 | 7.02 | 1.52 | |
Trading Currency | AUD | JPY | INR | JPY | SGD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.85 |