Company Valuation: China Southern Airlines Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,04,399 1,23,293 91,580 1,05,270 1,32,238 89,231 - -
Change - 18.1% -25.72% 14.95% 25.62% -32.52% - -
Enterprise Value (EV) 1 1,75,018 3,05,301 2,52,772 3,15,642 2,51,678 3,04,797 3,01,167 2,88,500
Change - 74.44% -17.21% 24.87% -20.26% 21.11% -1.19% -4.21%
P/E Ratio -9.08x -4x -25x -72.1x 160x -114x 19.9x 10.3x
PBR 1.71x 3.35x 2.84x 3.39x 4.08x 2.84x 2.49x 2.05x
PEG - -0x 0.3x 1.2x -1x 1x -0x 0.1x
Capitalization / Revenue 1.03x 1.42x 0.57x 0.6x 0.73x 0.45x 0.43x 0.4x
EV / Revenue 1.72x 3.51x 1.58x 1.81x 1.38x 1.53x 1.45x 1.3x
EV / EBITDA 14.5x -87.5x 9.05x 8.61x 6.13x 8.31x 6.87x 5.64x
EV / EBIT -12.2x -10.8x 288x 37.9x 63.4x 102x 35.8x 19.1x
EV / FCF -63x -37.1x 11.1x 33x 12.1x 22.3x 18.8x -
FCF Yield -1.59% -2.7% 9% 3.03% 8.29% 4.49% 5.32% -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.75 -1.9 -0.23 -0.09 0.05 -0.0478 0.2739 0.53
Distribution rate - - - - - - - -
Net sales 1 1,01,644 87,059 1,59,929 1,74,224 1,82,256 1,99,498 2,07,256 2,22,363
EBITDA 1 12,051 -3,488 27,919 36,668 41,051 36,662 43,857 51,175
EBIT 1 -14,302 -28,203 877 8,327 3,967 2,981 8,421 15,104
Net income 1 -12,103 -32,699 -4,140 -1,769 857 -5,039 5,487 6,768
Net Debt 1 70,619 1,82,008 1,61,192 2,10,372 1,19,440 2,15,566 2,11,936 1,99,269
Reference price 2 6.810 7.600 5.760 6.490 8.010 5.460 5.460 5.460
Nbr of stocks (in thousands) 1,69,48,417 1,81,20,890 1,81,20,906 1,81,20,912 1,81,20,922 1,81,20,969 - -
Announcement Date 30/03/22 28/03/23 27/03/24 26/03/25 30/03/26 - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.9x0.99x8.57x0.92% 5.49TCr
12.24x0.83x7.34x-.--% 3.89TCr
12.56x1.61x6.64x1.8% 3.15TCr
9.26x0.83x4.03x2% 2.69TCr
-342.45x2.55x13.46x0.2% 2TCr
25.52x1.19x5.87x3.71% 1.76TCr
10.04x1.22x5.02x2.97% 1.59TCr
-21.58x1.59x10.45x-.--% 1.51TCr
133.16x1.68x9.52x-.--% 1.28TCr
Average -15.93x 1.39x 7.88x 1.29% 2.59TCr
Weighted average by Cap. -11.78x 1.27x 7.73x 1.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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