CHINA EASTERN AIRLINES CORPORATION LIMITED

Financials China Eastern Airlines Corporation Limited Hong Kong S.E.

Equities

670 CNE1000002K5

Airlines

Market Closed - Hong Kong S.E. Other stock markets 01:38:16 02/05/2024 pm IST			5-day change	1st Jan Change
2.08 ^HKD	+2.46%		+9.47%	-7.56%

30/04	China Eastern Airlines' Q1 Loss Narrows as Revenue Jumps 49%; Shanghai Shares Up 3%	MT
29/04	China's top airlines improve balance sheet in Q1; outlook positive for May Day	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	85,079	67,032	83,121	90,264	76,977	75,692	-	-
Enterprise Value (EV) ¹	1,51,156	1,61,349	1,82,835	2,14,251	1,97,151	2,60,070	2,58,821	2,56,059
P/E ratio	27.7 x	-6.48 x	-7.1 x	-2.79 x	-10.5 x	20.4 x	11.4 x	8.58 x
Yield	0.86%	-	-	-	-	0.19%	0.39%	0.78%
Capitalization / Revenue	0.7 x	1.04 x	1.24 x	1.96 x	0.68 x	0.57 x	0.49 x	0.46 x
EV / Revenue	1.25 x	2.5 x	2.72 x	4.65 x	1.73 x	1.95 x	1.67 x	1.57 x
EV / EBITDA	4.7 x	18.8 x	-25.4 x	-6.96 x	8.53 x	8.84 x	6.73 x	6.62 x
EV / FCF	7.07 x	-31.4 x	-145 x	-13 x	23.6 x	-1,646 x	18.8 x	19.2 x
FCF Yield	14.1%	-3.18%	-0.69%	-7.67%	4.24%	-0.06%	5.33%	5.2%
Price to Book	1.43 x	1.42 x	1.69 x	4.24 x	2.13 x	1.91 x	1.74 x	1.43 x
Nbr of stocks (in thousands)	1,63,79,509	1,63,79,509	1,88,74,440	1,88,74,440	2,22,91,297	2,22,91,297	-	-
Reference price ²	5.810	4.680	5.160	5.530	3.880	3.840	3.840	3.840
Announcement Date	31/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,20,986	64,425	67,127	46,111	1,13,741	1,33,506	1,55,164	1,63,070
EBITDA ¹	32,165	8,592	-7,210	-30,793	23,104	29,417	38,462	38,670
EBIT ¹	10,085	-13,656	-17,788	-40,144	-1,919	4,038	11,478	11,836
Operating Margin	8.34%	-21.2%	-26.5%	-87.06%	-1.69%	3.02%	7.4%	7.26%
Earnings before Tax (EBT) ¹	4,299	-16,488	-17,513	-40,154	-8,278	-2,627	8,824	12,210
Net income ¹	3,192	-11,836	-12,214	-37,386	-8,168	4,007	7,527	10,525
Net margin	2.64%	-18.37%	-18.2%	-81.08%	-7.18%	3%	4.85%	6.45%
EPS ²	0.2100	-0.7226	-0.7272	-1.981	-0.3700	0.1883	0.3377	0.4474
Free Cash Flow ¹	21,382	-5,137	-1,261	-16,427	8,367	-158	13,782	13,303
FCF margin	17.67%	-7.97%	-1.88%	-35.62%	7.36%	-0.12%	8.88%	8.16%
FCF Conversion (EBITDA)	66.48%	-	-	-	36.21%	-	35.83%	34.4%
FCF Conversion (Net income)	669.86%	-	-	-	-	-	183.1%	126.39%
Dividend per Share ²	0.0500	-	-	-	-	0.007470	0.0151	0.0300
Announcement Date	31/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	62,127	25,159	14,626	32,417	12,665	6,689	21,167	16,496	10,261	30,370	22,261	27,164	52,052	36,113	28,203	67,118	33,189	36,904	36,904	36,904
EBITDA ¹	-	-	-	-	-	-	-	-	-5,500	-	-	-	-	-	-	-	-	7,249	14,255	4,980
EBIT	-	-	-6,184	-8,045	-8,307	-11,751	-15,716	-9,984	-10,102	-	-4,003	-3,070	-	3,837	-	-	-872	-	-	-
Operating Margin	-	-	-42.28%	-24.82%	-65.59%	-175.68%	-74.25%	-60.52%	-98.45%	-	-17.98%	-11.3%	-	10.62%	-	-	-2.63%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,312	-	-	-	-
Net income ¹	1,251	-8,542	-4,052	-7,006	-7,760	-10,976	-18,736	-9,380	-9,270	-	-	-2,446	-	3,642	-	-1,919	-803	-1,173	8,284	-733.9
Net margin	2.01%	-33.95%	-27.7%	-21.61%	-61.27%	-164.09%	-88.52%	-56.86%	-90.34%	-	-	-9%	-	10.09%	-	-2.86%	-2.42%	-3.18%	22.45%	-1.99%
EPS ²	-	-	-0.2300	-	-	-0.5800	-	-0.5000	-0.4900	-	-	-0.1100	-	0.1600	-0.2500	-	-0.0400	0.0600	0.0600	0.0600
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	31/03/20	28/08/20	30/03/22	30/03/22	29/04/22	30/08/22	30/08/22	30/10/22	30/03/23	30/03/23	28/04/23	30/08/23	30/08/23	27/10/23	28/03/24	28/03/24	30/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	66,077	68,229	99,714	1,23,987	1,20,174	1,84,379	1,72,903	1,80,367
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.054 x	-9.897 x	-13.83 x	-4.026 x	5.201 x	6.268 x	4.495 x	4.664 x
Free Cash Flow ¹	21,382	-5,137	-1,261	-16,427	8,367	-158	13,783	13,303
ROE (net income / shareholders' equity)	5.03%	-19.6%	-22.2%	-114%	-32.4%	12.4%	16.4%	15.9%
ROA (Net income/ Total Assets)	1.22%	-4.19%	-4.26%	-13%	-2.85%	1.6%	2.01%	2.85%
Assets ¹	2,62,090	2,82,661	2,86,720	2,88,387	2,86,582	2,50,447	3,73,818	3,69,302
Book Value Per Share ²	4.080	3.300	3.060	1.300	1.820	2.010	2.210	2.690
Cash Flow per Share ²	1.770	0.0700	0.3400	-0.2900	1.190	1.410	1.470	1.390
Capex ¹	7,590	6,348	6,953	9,953	18,206	17,849	15,708	13,261
Capex / Sales	6.27%	10.83%	10.36%	21.58%	16.01%	13.37%	10.12%	8.13%
Announcement Date	31/03/20	30/03/21	30/03/22	30/03/23	28/03/24	-	-	-

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 China Eastern Airlines Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.84 CNY

Average target price

4.244 CNY

Spread / Average Target

+10.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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