GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED Financials Guangzhou Baiyun International Airport Company Limited
Equities
600004
CNE000001DX0
Airport Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 10.29 CNY | -0.68% |
|
-0.58% | +5.21% |
| May. 03 | Baiyun International Airport's Advertising Unit Wins Construction Dispute | MT |
| May. 03 | Guangzhou Baiyun International Airport Signs Business Operation Deal with China Duty Free Group | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 36,110 | 33,442 | 28,543 | 35,524 | 23,147 | 24,354 | - | - |
| Enterprise Value (EV) 1 | 35,479 | 31,137 | 27,263 | 33,546 | 20,928 | 20,416 | 18,659 | 24,354 |
| P/E ratio | 36.4 x | -118 x | -70.9 x | -33.4 x | 51.5 x | 23 x | 17.8 x | 23.4 x |
| Yield | 0.83% | 0.3% | - | - | 0.76% | 1.33% | 1.69% | 1.07% |
| Capitalization / Revenue | 4.59 x | 6.4 x | 5.51 x | 8.95 x | 3.6 x | 3.24 x | 2.8 x | 2.63 x |
| EV / Revenue | 4.51 x | 5.96 x | 5.26 x | 8.45 x | 3.25 x | 2.72 x | 2.15 x | 2.63 x |
| EV / EBITDA | 12.2 x | 21.1 x | 24.5 x | 87 x | 9.94 x | 6.71 x | 5.46 x | 7.4 x |
| EV / FCF | 18.2 x | -22.3 x | -67.9 x | 5,410 x | 11.8 x | 8.91 x | 8.08 x | - |
| FCF Yield | 5.5% | -4.48% | -1.47% | 0.02% | 8.44% | 11.2% | 12.4% | - |
| Price to Book | 2.22 x | 1.74 x | 1.56 x | 2.07 x | 1.32 x | 1.32 x | 1.24 x | 1.2 x |
| Nbr of stocks (in thousands) | 2,069,321 | 2,366,718 | 2,366,718 | 2,366,718 | 2,366,718 | 2,366,718 | - | - |
| Reference price 2 | 17.45 | 14.13 | 12.06 | 15.01 | 9.780 | 10.29 | 10.29 | 10.29 |
| Announcement Date | 4/27/20 | 4/29/21 | 4/8/22 | 4/6/23 | 4/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,870 | 5,225 | 5,180 | 3,971 | 6,431 | 7,515 | 8,691 | 9,253 |
| EBITDA 1 | 2,913 | 1,473 | 1,115 | 385.5 | 2,104 | 3,041 | 3,416 | 3,293 |
| EBIT 1 | 1,316 | -174.8 | -541.5 | -1,449 | 671.3 | 1,435 | 1,830 | 1,565 |
| Operating Margin | 16.72% | -3.35% | -10.45% | -36.49% | 10.44% | 19.09% | 21.05% | 16.92% |
| Earnings before Tax (EBT) 1 | 1,327 | -148.4 | -530 | -1,446 | 677.8 | 1,467 | 1,893 | 1,438 |
| Net income 1 | 999.9 | -250.3 | -405.8 | -1,071 | 441.9 | 1,046 | 1,367 | 1,032 |
| Net margin | 12.7% | -4.79% | -7.83% | -26.98% | 6.87% | 13.92% | 15.73% | 11.15% |
| EPS 2 | 0.4800 | -0.1200 | -0.1700 | -0.4500 | 0.1900 | 0.4473 | 0.5791 | 0.4400 |
| Free Cash Flow 1 | 1,950 | -1,396 | -401.6 | 6.201 | 1,767 | 2,292 | 2,309 | - |
| FCF margin | 24.78% | -26.72% | -7.75% | 0.16% | 27.47% | 30.5% | 26.57% | - |
| FCF Conversion (EBITDA) | 66.93% | - | - | 1.61% | 83.95% | 75.37% | 67.6% | - |
| FCF Conversion (Net income) | 195.03% | - | - | - | 399.79% | 219.04% | 168.89% | - |
| Dividend per Share 2 | 0.1450 | 0.0423 | - | - | 0.0747 | 0.1371 | 0.1744 | 0.1100 |
| Announcement Date | 4/27/20 | 4/29/21 | 4/8/22 | 4/6/23 | 4/26/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 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 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | - | 1,551 | - | 793.4 | 1,275 | 663.3 | 1,359 | 1,531 | 1,717 | 1,823 | 1,663 | 1,839 | 2,223 | 2,140 | - | - |
| EBITDA | - | 413.7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | 23.71 | - | -578.7 | -113.2 | -657.2 | 59.25 | 165.2 | 164.1 | 282.7 | 268.4 | 345.6 | 345.6 | 345.6 | - | - |
| Operating Margin | - | 1.53% | - | -72.93% | -8.88% | -99.08% | 4.36% | 10.79% | 9.56% | 15.51% | 16.14% | 18.8% | 15.55% | 16.15% | - | - |
| Earnings before Tax (EBT) | - | 28.16 | - | -578 | -112.6 | - | - | 166.2 | 167.4 | 283.9 | - | - | - | - | - | - |
| Net income | -410 | 84.3 | - | -434.5 | -110 | - | 44.73 | 113.3 | 116 | 167.8 | - | - | - | - | - | - |
| Net margin | - | 5.44% | - | -54.77% | -8.62% | - | 3.29% | 7.4% | 6.76% | 9.2% | - | - | - | - | - | - |
| EPS 2 | - | 0.0400 | -0.0300 | -0.1900 | -0.0500 | -0.1800 | 0.0200 | 0.0500 | 0.0500 | 0.0700 | 0.0800 | 0.1100 | 0.1100 | 0.1100 | - | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | 0.1263 | - | - | - | 0.1715 |
| Announcement Date | 8/30/21 | 4/8/22 | 4/29/22 | 8/30/22 | 10/28/22 | 4/6/23 | 4/18/23 | 8/30/23 | 10/30/23 | 4/26/24 | 4/26/24 | - | - | - | - | - |
1CNY in Million2CNY
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 631 | 2,305 | 1,280 | 1,978 | 2,218 | 3,938 | 5,695 | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 1,950 | -1,396 | -402 | 6.2 | 1,767 | 2,292 | 2,309 | - |
| ROE (net income / shareholders' equity) | 6.24% | -1.46% | -2.18% | -6.03% | 2.54% | 5.91% | 7.53% | 6.26% |
| ROA (Net income/ Total Assets) | 3.84% | -0.95% | -1.51% | -3.93% | - | 4.05% | 4.3% | 4.4% |
| Assets 1 | 26,038 | 26,232 | 26,913 | 27,243 | - | 25,824 | 31,816 | 23,449 |
| Book Value Per Share 2 | 7.870 | 8.140 | 7.740 | 7.260 | 7.430 | 7.810 | 8.310 | 8.590 |
| Cash Flow per Share 2 | 1.460 | -0.0100 | 0.3600 | 0.3700 | 1.000 | 0.9300 | 1.290 | 1.360 |
| Capex 1 | 1,063 | 1,351 | 1,246 | 862 | 593 | 1,464 | 1,633 | 3,068 |
| Capex / Sales | 13.5% | 25.87% | 24.06% | 21.72% | 9.22% | 19.48% | 18.79% | 33.16% |
| Announcement Date | 4/27/20 | 4/29/21 | 4/8/22 | 4/6/23 | 4/26/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
10.29
CNY
Average target price
13.06
CNY
Spread / Average Target
+26.92%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +5.21% | 3.37B | |
| +11.30% | 25.83B | |
| +4.53% | 5.49B | |
| -2.36% | 4.49B | |
| +3.75% | 4.3B | |
| -7.29% | 3.44B | |
| 0.00% | 2.7B | |
| +17.87% | 2.36B | |
| +9.95% | 2.01B | |
| +24.02% | 1.66B |
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- Financials Guangzhou Baiyun International Airport Company Limited
