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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 3.1x - 3.5x | 3.3x |
Historical Pb Multiple | 2.7x - 4.0x | 3.1x |
Fair Value | €20.71 - €22.89 | €21.80 |
Upside | -12.7% - -3.6% | -8.1% |
Benchmarks | - | Full Ticker |
Deutsche Lufthansa AG | - | LSE:0H4A |
International Consolidated Airlines Group S.A. | - | LSE:IAG |
Japan Airlines Co., Ltd. | 920,100.0% | TSE:9201 |
easyJet plc | - | LSE:EZJ |
Southwest Airlines Co. | - | LSE:0L8F |
Ryanair Holdings plc | - | DB:RY4C |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
0H4A | IAG | 9201 | EZJ | 0L8F | RY4C | |||
LSE:0H4A | LSE:IAG | TSE:9201 | LSE:EZJ | LSE:0L8F | DB:RY4C | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 2.7% | 9.8% | 14.9% | 5.3% | -27.4% | 20.0% | ||
3Y CAGR | NM- | NM- | NM- | NM- | -21.9% | NM- | ||
Latest Twelve Months | -23.2% | 6.4% | 12.0% | 10.2% | 39.2% | -15.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -9.9% | -23.4% | -12.3% | -22.9% | -3.5% | -3.9% | ||
Prior Fiscal Year | 5.4% | 9.0% | 5.8% | 4.0% | 1.8% | 14.3% | ||
Latest Fiscal Year | 3.7% | 8.5% | 5.7% | 4.9% | 1.7% | 11.6% | ||
Latest Twelve Months | 3.2% | 8.9% | 5.7% | 4.3% | 2.0% | 11.6% | ||
Return on Equity | ||||||||
5 Year Average Margin | -26.1% | -56.5% | -5.3% | -13.8% | -1.1% | 8.2% | ||
Prior Fiscal Year | 21.3% | 100.4% | 11.1% | 12.2% | 4.4% | 28.9% | ||
Latest Twelve Months | 12.3% | 61.7% | 11.4% | 16.3% | 5.6% | 22.0% | ||
Next Fiscal Year | 10.7% | 41.8% | 12.7% | 16.7% | 6.7% | 29.1% | ||
Two Fiscal Years Forward | 12.3% | 31.7% | 12.0% | 16.3% | 14.2% | 30.9% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 0.2x | 0.6x | 0.7x | 0.4x | 0.7x | 1.8x | ||
Price / LTM EPS | 6.9x | 6.4x | 12.0x | 9.7x | 33.6x | 15.6x | ||
Price / Book | 0.8x | 3.0x | 1.3x | 1.5x | 2.0x | 3.6x | ||
Price / Fwd Book | 0.7x | 2.0x | 1.2x | 1.2x | 1.9x | 3.5x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.8x | 1.5x | 3.0x | |||||
Historical P/B Ratio | 2.7x | 3.1x | 4.0x | |||||
Selected P/B Multiple | 3.1x | 3.3x | 3.5x | |||||
(x) Book Value | 7,037 | 7,037 | 7,037 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 0H4A | IAG | 9201 | EZJ | 0L8F | RY4C | |
Value of Common Equity | 8,511 | 18,553 | 1,283,259 | 3,998 | 18,418 | 25,207 | |
(/) Shares Outstanding | 1,198.3 | 4,669.7 | 436.6 | 750.9 | 569.9 | 1,062.2 | |
Implied Stock Price | 7.10 | 3.97 | 2,939.50 | 5.32 | 32.32 | 23.73 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7.10 | 3.39 | 2,939.50 | 5.32 | 32.32 | 23.73 | |
Trading Currency | EUR | GBP | JPY | GBP | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 |