Stock 601021 SPRING AIRLINES CO., LTD.
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Financials Spring Airlines Co., Ltd.

Equities

601021

CNE100001V45

Airlines

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
56.79 CNY +1.43% Intraday chart for Spring Airlines Co., Ltd. -1.05% +13.13%
29/04 Spring Airlines Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
29/04 Spring Airlines Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 40,235 50,800 52,055 62,747 49,026 55,490 - -
Enterprise Value (EV) 1 42,383 55,674 61,567 74,458 57,464 67,782 69,666 55,490
P/E ratio 21.8 x -86.6 x 1,420 x -19.5 x 21.7 x 16.9 x 13.2 x 12 x
Yield 0.46% - - - 1.39% 0.96% 1.23% 2.55%
Capitalization / Revenue 2.72 x 5.42 x 4.79 x 7.5 x 2.73 x 2.54 x 2.17 x 2.03 x
EV / Revenue 2.86 x 5.94 x 5.67 x 8.9 x 3.2 x 3.1 x 2.72 x 2.03 x
EV / EBITDA 13 x 156 x 52.7 x -35.4 x 14 x 11 x 9.51 x 6.25 x
EV / FCF - -15.8 x -13.7 x -18 x 16.5 x -84.9 x 24.8 x 14.9 x
FCF Yield - -6.34% -7.32% -5.55% 6.08% -1.18% 4.03% 6.72%
Price to Book 2.68 x 3.58 x 3.79 x 4.59 x 3.12 x 3 x 2.43 x 2.16 x
Nbr of stocks (in thousands) 9,16,728 9,16,463 9,16,463 9,76,606 9,76,606 9,77,103 - -
Reference price 2 43.89 55.43 56.80 64.25 50.20 56.79 56.79 56.79
Announcement Date 29/04/20 29/04/21 28/04/22 27/04/23 29/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,804 9,373 10,858 8,369 17,938 21,852 25,593 27,282
EBITDA 1 3,251 357.7 1,169 -2,102 4,097 6,165 7,324 8,884
EBIT 1 2,311 -625.8 5.947 -3,417 2,616 3,962 5,591 5,922
Operating Margin 15.61% -6.68% 0.05% -40.83% 14.59% 18.13% 21.85% 21.71%
Earnings before Tax (EBT) 1 2,404 -604.6 16.03 -3,399 2,642 4,098 5,514 5,938
Net income 1 1,841 -588.4 39.11 -3,036 2,257 3,280 4,191 4,623
Net margin 12.44% -6.28% 0.36% -36.27% 12.58% 15.01% 16.37% 16.95%
EPS 2 2.010 -0.6400 0.0400 -3.300 2.310 3.353 4.304 4.728
Free Cash Flow 1 - -3,531 -4,506 -4,133 3,491 -798 2,811 3,728
FCF margin - -37.67% -41.5% -49.39% 19.46% -3.65% 10.98% 13.66%
FCF Conversion (EBITDA) - - - - 85.22% - 38.38% 41.96%
FCF Conversion (Net income) - - - - 154.65% - 67.08% 80.64%
Dividend per Share 2 0.2000 - - - 0.7000 0.5458 0.6981 1.450
Announcement Date 29/04/20 29/04/21 28/04/22 27/04/23 29/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 2,220 - 1,293 - 2,951 1,764 3,863 4,168 6,072 3,835 5,168 4,380 7,880 4,735
EBITDA 1 - - - - - - - - - - - - 1,291 2,895 374.2
EBIT - -193.5 - -1,066 - -661.2 -1,102 - 626.6 1,962 -451.1 887 - - -
Operating Margin - -8.72% - -82.42% - -22.4% -62.46% - 15.03% 32.32% -11.76% 17.16% - - -
Earnings before Tax (EBT) 1 - - - - - - -1,093 - 629.9 1,969 -434.5 887.8 977.9 2,608 -65.46
Net income 1 -408.6 -119.8 - -808.5 -1,245 - -1,299 355.6 482.8 1,839 -419.9 809.9 623 2,282 -121.8
Net margin - -5.4% - -62.51% - - -73.61% 9.21% 11.58% 30.28% -10.95% 15.67% 14.22% 28.95% -2.57%
EPS 2 - -0.1300 -0.4800 -0.8800 - -0.5400 -1.400 0.3600 0.5000 1.880 -0.4300 0.8300 0.6500 1.300 -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 28/08/20 28/04/22 28/04/22 30/08/22 30/08/22 28/10/22 27/04/23 27/04/23 30/08/23 30/10/23 29/04/24 29/04/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,148 4,875 9,512 11,711 8,439 12,292 14,177 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6606 x 13.63 x 8.14 x -5.573 x 2.06 x 1.994 x 1.936 x -
Free Cash Flow 1 - -3,531 -4,506 -4,133 3,491 -798 2,811 3,728
ROE (net income / shareholders' equity) 13% -4.02% 0.29% -24.4% 15.3% 18.2% 19.5% 18%
ROA (Net income/ Total Assets) 6.58% -1.9% 0.1% - - 6.9% 8.4% 6.7%
Assets 1 27,970 30,904 38,307 - - 47,542 49,889 69,004
Book Value Per Share 2 16.40 15.50 15.00 14.00 16.10 18.90 23.30 26.30
Cash Flow per Share 2 3.750 0.9000 1.840 0.4500 6.840 5.150 6.180 6.730
Capex 1 5,337 4,357 6,190 4,572 3,203 2,889 3,145 3,043
Capex / Sales 36.05% 46.48% 57.01% 54.63% 17.86% 13.22% 12.29% 11.15%
Announcement Date 29/04/20 29/04/21 28/04/22 27/04/23 29/04/24 - - -
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 Spring Airlines Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
56.79 CNY
Average target price
71.71 CNY
Spread / Average Target
+26.27%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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