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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €1.24 - €1.37 | €1.31 |
| Upside | 26.7% - 40.0% | 33.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Finnair Oyj | - | HLSE:FIA1S |
| China Southern Airlines Company Limited | - | DB:ZNHH |
| Air China Limited | - | DB:AD2 |
| Air Canada | - | DB:ADH2 |
| Air France-KLM SA | - | ENXTPA:AF |
| Norwegian Air Shuttle ASA | - | DB:NWC |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FIA1S | ZNHH | AD2 | ADH2 | AF | NWC | |||
| HLSE:FIA1S | DB:ZNHH | DB:AD2 | DB:ADH2 | ENXTPA:AF | DB:NWC | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -0.2% | 2.5% | 4.1% | 3.1% | 3.0% | -4.7% | ||
| 3Y CAGR | 54.0% | 19.7% | 30.8% | 51.5% | 30.0% | 88.9% | ||
| Latest Twelve Months | 2.0% | 8.9% | 18.1% | 1.9% | 4.8% | 33.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -29.9% | -11.5% | -23.7% | -31.0% | -15.8% | -86.0% | ||
| Prior Fiscal Year | 7.2% | -2.6% | -0.7% | 10.4% | 2.6% | 6.3% | ||
| Latest Fiscal Year | 1.2% | -1.0% | -0.1% | 7.7% | 0.8% | 3.5% | ||
| Latest Twelve Months | 1.2% | -1.0% | -0.1% | 7.7% | 0.8% | 3.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.6x | 18.4x | 23.9x | 3.8x | 4.0x | 2.5x | ||
| Price / LTM Sales | 0.2x | 0.5x | 0.7x | 0.2x | 0.1x | 0.3x | ||
| LTM P/E Ratio | 16.1x | -54.1x | -475.3x | 2.6x | 8.0x | 9.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.2x | 0.7x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.4x | 3.3x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.4x | |||||
| (x) LTM Sales | 34,183 | 34,183 | 34,183 | |||||
| (=) Equity Value | 13,763 | 14,488 | 15,212 | |||||
| (/) Shares Outstanding | 963.9 | 963.9 | 963.9 | |||||
| Implied Value Range | 14.28 | 15.03 | 15.78 | |||||
| FX Rate: NOK/EUR | 12.1 | 12.1 | 12.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.18 | 1.24 | 1.31 | 0.98 | ||||
| Upside / (Downside) | 20.5% | 26.8% | 33.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FIA1S | ZNHH | AD2 | ADH2 | AF | NWC | |
| Value of Common Equity | 596 | 103,174 | 125,211 | 4,286 | 1,955 | 11,423 | |
| (/) Shares Outstanding | 204.8 | 32,942.8 | 28,799.7 | 322.7 | 262.7 | 963.9 | |
| Implied Stock Price | 2.91 | 3.13 | 4.35 | 13.28 | 7.44 | 11.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 8.26 | 8.26 | 1.58 | 1.00 | 12.08 | |
| Implied Stock Price (Trading Cur) | 2.91 | 0.38 | 0.53 | 8.43 | 7.44 | 0.98 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 8.26 | 8.26 | 1.58 | 1.00 | 12.08 | |