Financials Cebu Air, Inc. Philippines S.E.

Equities

CEBCP

PHY1234G1115

Airlines

End-of-day quote Philippines S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
32.5 ^PHP	+2.04%		+2.20%	+0.15%

09/05	Cebu Air's Net Income Soars 108% in Q1	MT
09/05	Cebu Air, Inc. Approves Management Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	53,782	30,316	25,756	23,605	20,215	18,671	-	-
Enterprise Value (EV) ¹	92,731	1,01,292	1,02,686	23,605	20,215	48,829	35,438	18,671
P/E ratio	5.88 x	-1.36 x	-1 x	-1.6 x	4.79 x	2.03 x	1.63 x	-
Yield	7.82%	-	-	-	-	-	-	-
Capitalization / Revenue	0.63 x	1.34 x	1.64 x	-	0.22 x	0.19 x	0.17 x	-
EV / Revenue	1.09 x	4.48 x	6.52 x	-	0.22 x	0.5 x	0.33 x	-
EV / EBITDA	3.31 x	-21.6 x	-11.7 x	-	0.93 x	1.59 x	1.01 x	-
EV / FCF	25.2 x	-	-	-	-	6.97 x	2.96 x	15.1 x
FCF Yield	3.96%	-	-	-	-	14.4%	33.8%	6.63%
Price to Book	1.2 x	1.34 x	2.4 x	-	-	-	-	-
Nbr of stocks (in thousands)	6,00,917	6,00,317	6,11,048	6,16,314	6,21,987	6,24,436	-	-
Reference price ²	89.50	50.50	42.15	38.30	32.50	29.90	29.90	29.90
Announcement Date	30/03/20	30/03/21	01/04/22	30/03/23	27/03/24	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	84,807	22,618	15,741	-	90,603	97,480	1,07,736	-
EBITDA ¹	28,020	-4,695	-8,802	-	21,839	30,670	34,991	-
EBIT ¹	12,621	-20,769	-23,158	-	8,579	9,826	11,908	-
Operating Margin	14.88%	-91.83%	-147.12%	-	9.47%	10.08%	11.05%	-
Earnings before Tax (EBT) ¹	10,284	-22,895	-	-	5,574	8,378	10,776	-
Net income ¹	9,123	-22,236	-24,899	-13,979	7,923	9,048	11,315	14,352
Net margin	10.76%	-98.31%	-158.18%	-	8.74%	9.28%	10.5%	-
EPS ²	15.22	-37.14	-42.13	-23.89	6.790	14.71	18.39	-
Free Cash Flow ¹	3,674	-	-	-	-	7,008	11,983	1,238
FCF margin	4.33%	-	-	-	-	7.19%	11.12%	-
FCF Conversion (EBITDA)	13.11%	-	-	-	-	22.85%	34.25%	-
FCF Conversion (Net income)	40.27%	-	-	-	-	77.46%	105.91%	8.62%
Dividend per Share	7.000	-	-	-	-	-	-	-
Announcement Date	30/03/20	30/03/21	01/04/22	30/03/23	27/03/24	-	-	-

¹PHP in Million²PHP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2
Net sales ¹	6,591	-	13,973
EBITDA	-	-	-
EBIT ¹	-4,319	-	-2,818
Operating Margin	-65.52%	-	-20.16%
Earnings before Tax (EBT)	-	-	-
Net income	-2,906	-	-
Net margin	-44.09%	-	-
EPS ²	-4.960	-	-3.350
Dividend per Share ²	-	-	-
Announcement Date	01/04/22	11/05/22	11/08/22

¹PHP in Million²PHP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	38,949	70,976	76,931	-	-	30,158	16,767	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.39 x	-15.12 x	-8.74 x	-	-	0.9833 x	0.4792 x	-
Free Cash Flow ¹	3,674	-	-	-	-	7,009	11,983	1,238
ROE (net income / shareholders' equity)	21%	-66%	-150%	-	-	146%	74.4%	-
ROA (Net income/ Total Assets)	6%	-	-	-	-	4.9%	5.5%	-
Assets ¹	1,52,049	-	-	-	-	1,84,649	2,05,725	-
Book Value Per Share	74.70	37.80	17.60	-	-	-	-	-
Cash Flow per Share	48.80	-22.10	-	-	-	-	-	-
Capex ¹	25,570	4,045	5,507	-	-	19,593	18,046	28,753
Capex / Sales	30.15%	17.88%	34.98%	-	-	20.1%	16.75%	-
Announcement Date	30/03/20	30/03/21	01/04/22	30/03/23	27/03/24	-	-	-

¹PHP in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Cebu Air, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

29.9 PHP

Average target price

55 PHP

Spread / Average Target

+83.95%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

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