Financials Gol Linhas Aéreas Inteligentes S.A. OTC Markets

Equities

GOLLQ

US38045R2067

Airlines

Market Closed - OTC Markets Other stock markets 01:24:36 08/05/2024 am IST			5-day change	1st Jan Change
0.61 ^USD	+1.67%		-6.15%	-83.15%

25/04	LATAM scraps plan to acquire Boeing B737s after talks end with bankrupt Gol	RE
22/04	LATAM's share of Brazil airline market hits 11-year high as Gol drops	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,082	8,829	6,726	3,065	3,751	563.3	-	-
Enterprise Value (EV) ¹	24,946	25,099	28,612	25,683	23,345	20,874	20,357	563.3
P/E ratio	-112 x	-1.48 x	-0.93 x	-1.92 x	-3.07 x	-1.26 x	0.63 x	-
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.94 x	1.39 x	0.9 x	0.2 x	0.2 x	0.03 x	0.03 x	0.03 x
EV / Revenue	1.8 x	3.94 x	3.85 x	1.69 x	1.24 x	1.13 x	1.01 x	0.03 x
EV / EBITDA	5.7 x	10.2 x	-52.2 x	11.3 x	4.66 x	4.81 x	3.9 x	0.11 x
EV / FCF	15.7 x	273 x	-345 x	19.6 x	24.6 x	8.58 x	6.2 x	0.17 x
FCF Yield	6.37%	0.37%	-0.29%	5.11%	4.07%	11.7%	16.1%	592%
Price to Book	-1.71 x	-0.62 x	-0.32 x	-0.14 x	-0.13 x	-0.02 x	-0.03 x	-
Nbr of stocks (in thousands)	3,55,494	3,54,019	3,94,962	4,17,511	4,18,224	4,20,362	-	-
Reference price ²	36.80	24.94	17.03	7.340	8.970	1.340	1.340	1.340
Announcement Date	20/02/20	18/03/21	14/03/22	08/03/23	27/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,865	6,372	7,433	15,199	18,774	18,512	20,158	21,733
EBITDA ¹	4,373	2,469	-547.6	2,277	5,006	4,344	5,220	4,973
EBIT ¹	2,645	1,600	-1,644	557.1	3,339	2,711	3,471	3,043
Operating Margin	19.08%	25.11%	-22.12%	3.67%	17.79%	14.64%	17.22%	14%
Earnings before Tax (EBT) ¹	388.9	-5,817	-7,376	-1,518	-956.8	-444.8	667.4	-
Net income ¹	-117.3	-5,988	-7,222	-1,561	-1,222	-179.4	754.7	-
Net margin	-0.85%	-93.98%	-97.15%	-10.27%	-6.51%	-0.97%	3.74%	-
EPS ²	-0.3300	-16.83	-18.23	-3.822	-2.920	-1.062	2.135	-
Free Cash Flow ¹	1,589	91.99	-82.94	1,311	949.8	2,434	3,286	3,332
FCF margin	11.46%	1.44%	-1.12%	8.63%	5.06%	13.15%	16.3%	15.33%
FCF Conversion (EBITDA)	36.33%	3.73%	-	57.59%	18.97%	56.04%	62.94%	67%
FCF Conversion (Net income)	-	-	-	-	-	-	435.35%	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	18/03/21	14/03/22	08/03/23	27/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,900	2,922	3,220	3,242	4,010	4,727	4,920	4,146	4,665	5,042	4,731	3,880	4,514	4,899
EBITDA ¹	464.7	248.8	146	439	695.2	1,093	1,193	947.3	1,250	1,616	1,216	758	1,094	1,415
EBIT ¹	338.1	-93.7	77.14	-191.9	40.72	631.2	796.5	537.2	825.1	1,180	780	314	628	939
Operating Margin	17.79%	-3.21%	2.4%	-5.92%	1.02%	13.35%	16.19%	12.96%	17.68%	23.41%	16.49%	8.09%	13.91%	19.17%
Earnings before Tax (EBT) ¹	-2,720	-2,842	2,738	-2,968	-1,537	250	637.2	534.6	-1,256	-0.873	75	-439	-187	106
Net income ¹	-2,527	-2,809	2,608	-2,851	-1,549	230.9	619.5	556.3	-1,300	-1.098	75	-439	-187	106
Net margin	-132.99%	-96.13%	80.97%	-87.94%	-38.63%	4.89%	12.59%	13.42%	-27.87%	-0.02%	1.59%	-11.31%	-4.14%	2.16%
EPS ²	-6.380	-7.091	6.569	-7.041	-3.714	0.3640	1.480	1.328	-3.110	-	0.1789	-1.047	-0.4468	0.2529
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	09/11/21	14/03/22	28/04/22	28/07/22	27/10/22	08/03/23	26/04/23	27/07/23	06/11/23	27/03/24	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,863	16,270	21,885	22,619	19,594	20,310	19,793	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.713 x	6.59 x	-39.97 x	9.932 x	3.914 x	4.676 x	3.792 x	-
Free Cash Flow ¹	1,589	92	-82.9	1,311	950	2,434	3,286	3,332
ROE (net income / shareholders' equity)	-	54.2%	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-0.91%	-42.6%	-53.1%	-9.95%	-7.26%	-2.41%	0.39%	-
Assets ¹	12,834	14,056	13,608	15,686	16,847	7,435	1,92,030	-
Book Value Per Share ²	-21.60	-40.50	-53.10	-52.20	-68.80	-56.40	-43.00	-
Cash Flow per Share ²	6.280	2.120	1.870	5.300	5.410	12.80	13.90	-
Capex ¹	873	662	789	857	872	1,200	1,243	695
Capex / Sales	6.29%	10.39%	10.61%	5.64%	4.64%	6.48%	6.17%	3.2%
Announcement Date	20/02/20	18/03/21	14/03/22	08/03/23	27/03/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Gol Linhas Aéreas Inteligentes S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

1.34 BRL

Average target price

1.025 BRL

Spread / Average Target

-23.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airlines

	1st Jan change	Capi.
DELTA AIR LINES, INC.	+29.75%	33.69B
RYANAIR HOLDINGS PLC	-0.39%	23.35B
SINGAPORE AIRLINES LIMITED	+1.37%	20.46B
INTERGLOBE AVIATION LIMITED	+36.86%	18.26B
UNITED AIRLINES HOLDINGS, INC.	+27.70%	17.32B
AIR CHINA LIMITED	-21.46%	14.25B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+44.36%	14.12B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-12.99%	12.27B
CHINA EASTERN AIRLINES CORPORATION LIMITED	-1.29%	10.42B

Other Airlines