CHINA AIRLINES, LTD.

2610
End-of-day quote Taiwan Stock Exchange - 06:00 2022-11-28 pm EST
18.15 TWD +5.22%
Valuation
Fiscal Period: December 2021 2022
Capitalization1 158 093103 698
Enterprise Value (EV)1 209 615118 406
P/E ratio 17,9x27,3x
Yield 3,01%1,74%
Capitalization / Revenue 1,14x0,66x
EV / Revenue 1,51x0,76x
EV / EBITDA 4,67x3,80x
Price to Book 2,21x1,48x
Nbr of stocks (in thousands) 5 738 4096 011 462
Reference price (TWD) 27,617,3
Announcement Date 03/15/2022-
Previous period Next period
1 TWD in Million
Estimates
Income Statement Evolution
Annual Income Statement Data
Fiscal Period: December 2021 2022
Net sales1 138 841156 239
EBITDA1 44 91831 120
Operating profit (EBIT)1 14 9685 386
Operating Margin 10,8%3,45%
Pre-Tax Profit (EBT)1 11 1274 087
Net income1 9 3803 863
Net margin 6,76%2,47%
EPS2 1,540,63
Dividend per Share2 0,830,30
Announcement Date 03/15/2022-
Previous period Next period
1 TWD in Million
2 TWD
Estimates
Finances - Leverage
Fiscal Period: December 2021 2022
Net Debt1 51 52114 708
Net Cash position1 --
Leverage (Debt / EBITDA) 1,15x0,47x
Free Cash Flow1 35 15925 544
ROE (Net Profit / Equities) 14,3%4,72%
Shareholders' equity1 65 80281 773
ROA (Net Profit / Asset) 3,24%1,13%
Assets1 289 459341 865
Book Value Per Share2 12,511,6
Cash Flow per Share2 8,125,79
Capex1 14 13120 631
Capex / Sales 10,2%13,2%
Announcement Date 03/15/2022-
Previous period Next period
1 TWD in Million
2 TWD
Estimates
Financial Ratios
Size 2022e 2023e
Capitalization 103 698 M TWD -
Enterprise Value (EV) 118 406 M TWD 138 761 M TWD
Valuation 2022e 2023e
P/E ratio (Price / EPS) 27,3x 18,8x
Capitalization / Revenue 0,66x 0,58x
EV / Revenue 0,76x 0,66x
EV / EBITDA 3,80x 3,18x
Yield (DPS / Price) 1,74% 1,74%
Price to book (Price / BVPS) 1,48x 1,34x
Profitability 2022e 2023e
Operating Margin (EBIT / Sales) 3,45% 5,03%
Operating Leverage (Delta EBIT / Delta Sales) - 4,69x
Net Margin (Net Profit / Revenue) 2,47% 3,20%
ROA (Net Profit / Asset) 1,13% 1,86%
ROE (Net Profit / Equities) 4,72% 7,70%
Rate of Dividend 47,6% 32,8%
Balance Sheet Analysis 2022e 2023e
CAPEX / Sales   13,2% 7,91%
Cash Flow / CA 22,3% 18,3%
Capital Intensity (Assets / Revenue) 2,19x 1,72x
Financial Leverage (Net Debt / EBITDA) 0,47x 0,94x
Price Earning Ratio
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
EPS & Dividend