CATHAY PACIFIC AIRWAYS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 8.37 HKD | +1.21% |
|
+3.85% | +2.57% |
| Apr. 19 | Cathay Pacific's Passenger Count Jumps 42% in March | MT |
| Apr. 19 | Cathay Pacific Airways Limited Reports Group Traffic Results for the Month and Year to Date Ended March 2024 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 45,318 | 46,155 | 41,134 | 54,845 | 52,533 | 53,885 | - | - |
| Enterprise Value (EV) 1 | 142,578 | 119,943 | 130,988 | 113,674 | 105,297 | 102,295 | 95,763 | 87,807 |
| P/E ratio | 26.8 x | -1.69 x | -6.72 x | -7.65 x | 6.49 x | 6.88 x | 6.87 x | 6.49 x |
| Yield | 1.56% | - | - | - | - | 4.91% | 5.75% | 6.46% |
| Capitalization / Revenue | 0.42 x | 0.98 x | 0.9 x | 1.07 x | 0.56 x | 0.48 x | 0.44 x | 0.42 x |
| EV / Revenue | 1.33 x | 2.56 x | 2.87 x | 2.23 x | 1.11 x | 0.91 x | 0.78 x | 0.68 x |
| EV / EBITDA | 8.12 x | 44.2 x | 10.6 x | 7.22 x | 4.16 x | 4.13 x | 4.12 x | 3.62 x |
| EV / FCF | 45 x | -6.09 x | 20 x | 8.06 x | 5.37 x | 12.4 x | 10.1 x | 11.5 x |
| FCF Yield | 2.22% | -16.4% | 5.01% | 12.4% | 18.6% | 8.03% | 9.86% | 8.71% |
| Price to Book | 0.72 x | 0.63 x | 0.57 x | 0.86 x | 1.01 x | 0.95 x | 0.85 x | 0.81 x |
| Nbr of stocks (in thousands) | 3,933,845 | 6,437,200 | 6,437,200 | 6,437,200 | 6,437,900 | 6,437,900 | - | - |
| Reference price 2 | 11.52 | 7.170 | 6.390 | 8.520 | 8.160 | 8.370 | 8.370 | 8.370 |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 106,973 | 46,934 | 45,587 | 51,036 | 94,485 | 112,014 | 122,690 | 129,406 |
| EBITDA 1 | 17,549 | 2,716 | 12,336 | 15,735 | 25,323 | 24,775 | 23,240 | 24,247 |
| EBIT 1 | 3,327 | -11,705 | -450 | 3,546 | 12,999 | 11,594 | 10,371 | 9,917 |
| Operating Margin | 3.11% | -24.94% | -0.99% | 6.95% | 13.76% | 10.35% | 8.45% | 7.66% |
| Earnings before Tax (EBT) 1 | 2,145 | -22,321 | -6,057 | -6,040 | 10,858 | 9,712 | 9,424 | 9,977 |
| Net income 1 | 1,691 | -21,876 | -6,123 | -7,162 | 9,067 | 8,340 | 7,948 | 8,462 |
| Net margin | 1.58% | -46.61% | -13.43% | -14.03% | 9.6% | 7.45% | 6.48% | 6.54% |
| EPS 2 | 0.4300 | -4.243 | -0.9510 | -1.113 | 1.258 | 1.217 | 1.219 | 1.290 |
| Free Cash Flow 1 | 3,171 | -19,709 | 6,559 | 14,107 | 19,607 | 8,219 | 9,442 | 7,651 |
| FCF margin | 2.96% | -41.99% | 14.39% | 27.64% | 20.75% | 7.34% | 7.7% | 5.91% |
| FCF Conversion (EBITDA) | 18.07% | - | 53.17% | 89.65% | 77.43% | 33.17% | 40.63% | 31.56% |
| FCF Conversion (Net income) | 187.52% | - | - | - | 216.25% | 98.55% | 118.8% | 90.41% |
| Dividend per Share 2 | 0.1800 | - | - | - | - | 0.4112 | 0.4810 | 0.5407 |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 53,426 | 27,669 | - | - | 29,733 | 18,551 | 32,485 |
| EBITDA | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | - | 4,082 | - | 4,799 |
| Operating Margin | - | - | - | - | 13.73% | - | 14.77% |
| Earnings before Tax (EBT) 1 | - | - | - | - | 2,136 | - | -692 |
| Net income 1 | 344 | -9,865 | -12,011 | -7,565 | 1,735 | - | -1,863 |
| Net margin | 0.64% | -35.65% | - | - | 5.84% | - | -5.73% |
| EPS | - | - | - | - | - | -0.8230 | - |
| Dividend per Share | - | - | - | - | - | - | - |
| Announcement Date | 3/11/20 | 8/12/20 | 3/10/21 | 8/11/21 | 3/9/22 | 8/10/22 | 3/8/23 |
1HKD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 97,260 | 73,788 | 89,854 | 58,829 | 52,764 | 48,410 | 41,878 | 33,922 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 5.542 x | 27.17 x | 7.284 x | 3.739 x | 2.084 x | 1.954 x | 1.802 x | 1.399 x |
| Free Cash Flow 1 | 3,171 | -19,709 | 6,559 | 14,107 | 19,607 | 8,219 | 9,443 | 7,651 |
| ROE (net income / shareholders' equity) | 2.67% | -31.8% | -8.42% | -10.5% | 14.6% | 13.4% | 12.7% | 13% |
| ROA (Net income/ Total Assets) | 0.84% | -10.3% | -3.05% | -3.79% | 5.11% | 4.15% | 3.92% | 4.43% |
| Assets 1 | 201,310 | 211,751 | 200,600 | 188,772 | 177,515 | 200,739 | 202,716 | 191,108 |
| Book Value Per Share 2 | 16.00 | 11.40 | 11.20 | 9.920 | 8.120 | 8.780 | 9.800 | 10.30 |
| Cash Flow per Share 2 | 3.900 | -2.770 | 1.370 | 2.770 | 3.570 | 2.950 | 2.670 | 2.520 |
| Capex 1 | 12,171 | 5,418 | 2,276 | 3,729 | 6,801 | 7,376 | 8,047 | 9,719 |
| Capex / Sales | 11.38% | 11.54% | 4.99% | 7.31% | 7.2% | 6.59% | 6.56% | 7.51% |
| Announcement Date | 3/11/20 | 3/10/21 | 3/9/22 | 3/8/23 | 3/13/24 | - | - | - |
1HKD in Million2HKD
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
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
8.37
HKD
Average target price
10.84
HKD
Spread / Average Target
+29.49%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +2.57% | 6.88B | |
| +24.09% | 32.01B | |
| +6.68% | 24.77B | |
| -0.30% | 19.86B | |
| +32.63% | 18.21B | |
| +28.07% | 17.37B | |
| -16.19% | 14.84B | |
| +38.67% | 13.47B | |
| -14.20% | 12.32B | |
| +13.74% | 10.8B |
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- Financials Cathay Pacific Airways Limited
