China Airlines Ltd Relative Valuation - China Airlines Ltd

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Price: 21.95 TWD -3.3% Market Closed

Market Cap: NT$133.5B

Relative Value

The Relative Value of one China Airlines Ltd stock under the Base Case scenario is 20.6 TWD. Compared to the current market price of 21.95 TWD, China Airlines Ltd is Overvalued by 6%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

Relative Value

Base Case

Overvaluation 6%

Relative Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
TW		China Airlines Ltd TWSE:2610	133.5B TWD	0.6	8.9	9.2	9.1
US		Delta Air Lines Inc NYSE:DAL	45.1B USD	0.7	9.1	6.5	9.2
US		United Airlines Holdings Inc NASDAQ:UAL	36.2B USD	0.6	11	9.1	9.1
UK		International Consolidated Airlines Group SA LSE:IAG	20.2B GBP	0.6	7	3.4	5.1
US		Southwest Airlines Co NYSE:LUV	26B USD	0.9	59.1	13.1	61
CH		Kinarus Therapeutics Holding AG SIX:KNRS	19.5B CHF	0	-1 404.3	-1 404.9	-1 404.9
CN		Air China Ltd SSE:601111	149B CNY	0.9	550.3	-7 321	-7 321
IE	R	Ryanair Holdings PLC LSE:RYA	15.4B EUR	1.1	8	4.5	6.8
IN		Interglobe Aviation Ltd NSE:INDIGO	1.9T INR	2.2	57.9	9.5	18.3
CN		China Southern Airlines Co Ltd SSE:600029	137.7B CNY	0.8	-101.7	38.7	38.7
CN		China Eastern Airlines Corp Ltd SSE:600115	131B CNY	1	-66	142	142

				Revenue Growth	P/S to Growth
TW		China Airlines Ltd TWSE:2610	Average P/S: 0.9 0.6	2%	0.3
US		Delta Air Lines Inc NYSE:DAL	0.7	3%	0.2
US		United Airlines Holdings Inc NASDAQ:UAL	0.6	7%	0.1
UK		International Consolidated Airlines Group SA LSE:IAG	0.6	5%	0.1
US		Southwest Airlines Co NYSE:LUV	0.9	8%	0.1
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Not Available	N/A	N/A
CN		Air China Ltd SSE:601111	0.9	6%	0.1
IE	R	Ryanair Holdings PLC LSE:RYA	1.1	9%	0.1
IN		Interglobe Aviation Ltd NSE:INDIGO	2.2	12%	0.2
CN		China Southern Airlines Co Ltd SSE:600029	0.8	5%	0.2
CN		China Eastern Airlines Corp Ltd SSE:600115	1	7%	0.1

				Earnings Growth	PEG
TW		China Airlines Ltd TWSE:2610	Average P/E: 88.9 8.9	4%	2.2
US		Delta Air Lines Inc NYSE:DAL	9.1	6%	1.5
US		United Airlines Holdings Inc NASDAQ:UAL	11	18%	0.6
UK		International Consolidated Airlines Group SA LSE:IAG	7	12%	0.6
US		Southwest Airlines Co NYSE:LUV	59.1	84%	0.7
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.3	N/A	N/A
CN		Air China Ltd SSE:601111	550.3	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	57.9	11%	5.3
CN		China Southern Airlines Co Ltd SSE:600029	Negative Multiple: -101.7	N/A	N/A
CN		China Eastern Airlines Corp Ltd SSE:600115	Negative Multiple: -66	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
TW		China Airlines Ltd TWSE:2610	Average EV/EBITDA: 26.2 9.2	-2%	N/A
US		Delta Air Lines Inc NYSE:DAL	6.5	11%	0.6
US		United Airlines Holdings Inc NASDAQ:UAL	9.1	31%	0.3
UK		International Consolidated Airlines Group SA LSE:IAG	3.4	8%	0.4
US		Southwest Airlines Co NYSE:LUV	13.1	33%	0.4
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
CN		Air China Ltd SSE:601111	Negative Multiple: -7 321	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	4.5	10%	0.4
IN		Interglobe Aviation Ltd NSE:INDIGO	9.5	12%	0.8
CN		China Southern Airlines Co Ltd SSE:600029	38.7	102%	0.4
CN		China Eastern Airlines Corp Ltd SSE:600115	142	286%	0.5

				EBIT Growth	EV/EBIT to Growth
TW		China Airlines Ltd TWSE:2610	Average EV/EBIT: 33.2 9.1	-4%	N/A
US		Delta Air Lines Inc NYSE:DAL	9.2	11%	0.8
US		United Airlines Holdings Inc NASDAQ:UAL	9.1	14%	0.6
UK		International Consolidated Airlines Group SA LSE:IAG	5.1	9%	0.6
US		Southwest Airlines Co NYSE:LUV	61	79%	0.8
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
CN		Air China Ltd SSE:601111	Negative Multiple: -7 321	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	18.3	8%	2.3
CN		China Southern Airlines Co Ltd SSE:600029	38.7	33%	1.2
CN		China Eastern Airlines Corp Ltd SSE:600115	142	147%	1

China Airlines Ltd
TWSE:2610

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China Airlines Ltd Competitors

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China Airlines Ltd TWSE:2610

Relative Value

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Competitors Multiples China Airlines Ltd Competitors

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China Airlines Ltd
TWSE:2610

Competitors Multiples
China Airlines Ltd Competitors