Company Valuation: AirAsia Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,079 2,601 3,510 4,330 1,839 1,654 - -
Change - -15.53% 34.94% 23.37% -57.54% -10.02% - -
Enterprise Value (EV) 1 18,552 19,995 26,492 5,477 2,753 2,409 2,072 1,645
Change - 7.78% 32.5% -79.33% -49.74% -12.47% -14.01% -20.62%
P/E -0.95x -1.02x 4.13x -9.01x 0.14x 8.04x 5.9x 4.46x
PBR -0.99x -0.44x -0.4x -0.49x 1.89x 1.37x 1.11x 0.73x
PEG - 0x -0x 0x -0x -0.1x 0.2x 0.1x
Capitalization / Revenue 3.09x 0.39x 0.24x 2.89x 0.92x 0.48x 0.44x 0.41x
EV / Revenue 18.6x 3.03x 1.79x 3.66x 1.38x 0.7x 0.56x 0.41x
EV / EBITDA -17.3x 55.4x 13.2x -8.26x -5.56x 4.39x 3.13x 2.07x
EV / EBIT -6.57x -17.7x 94.5x -7.16x -4.57x 5.99x 4.73x 3.32x
EV / FCF -51.2x -1,363x 34.2x 1.75x 0.51x 15.1x 6.14x 3.85x
FCF Yield -1.95% -0.07% 2.92% 57.3% 196% 6.61% 16.3% 26%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.83 -0.612 0.2 -0.111 3.001 0.046 0.0628 0.083
Distribution rate - - - - - - - -
Net sales 1 996.7 6,606 14,772 1,498 1,994 3,459 3,730 4,027
EBITDA 1 -1,072 360.9 2,009 -663.2 -494.9 548.3 662.5 792.9
EBIT 1 -2,823 -1,126 280.5 -765.3 -602.8 402 438 495.6
Net income 1 -3,119 -2,480 837 -475.1 13,034 194 260.4 395.8
Net Debt 1 15,472 17,393 22,982 1,147 914.3 755.1 417.6 -9.6
Reference price 2 0.7900 0.6250 0.8250 1.0000 0.4150 0.3700 0.3700 0.3700
Nbr of stocks (in thousands) 38,98,053 41,61,793 42,54,582 43,30,434 44,30,196 44,71,141 - -
Announcement Date 28/02/22 28/02/23 29/02/24 28/02/25 25/02/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.04x0.7x4.39x - 40Cr
13.25x0.94x7.22x0.9% 5.56TCr
10.41x0.82x6.69x-.--% 3.84TCr
13.87x1.41x6.34x1.8% 2.88TCr
8.11x0.8x3.82x2.08% 2.55TCr
-349.79x2.6x13.71x0.2% 2TCr
28.52x1.21x6.21x3.61% 1.84TCr
-13.52x1.64x10.96x-.--% 1.62TCr
10.77x1.15x4.58x3.24% 1.45TCr
-119.83x1.51x8.5x-.--% 1.2TCr
Average -39.02x 1.28x 7.24x 1.32% 2.3TCr
Weighted average by Cap. -27.10x 1.22x 7.29x 1.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation AirAsia Group