CHINA EASTERN AIRLINES CORPORATION LIMITED

Financials China Eastern Airlines Corporation Limited

Equities

600115

CNE000000TR0

Airlines

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
3.81 ^CNY	-0.26%		-0.26%	-1.80%

02:57am	China's COMAC working on preliminary designs for new C939 widebody jet, SCMP reports	RE
May. 07	China's COMAC to expand Shanghai C919 plane factory as orders grow	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	85,079	67,032	83,121	90,264	76,977	75,318	-	-
Enterprise Value (EV) ¹	151,156	161,349	182,835	214,251	197,151	270,306	259,839	251,986
P/E ratio	27.7 x	-6.48 x	-7.1 x	-2.79 x	-10.5 x	21.8 x	11.6 x	8.83 x
Yield	0.86%	-	-	-	-	0.29%	0.6%	1.57%
Capitalization / Revenue	0.7 x	1.04 x	1.24 x	1.96 x	0.68 x	0.53 x	0.48 x	0.46 x
EV / Revenue	1.25 x	2.5 x	2.72 x	4.65 x	1.73 x	1.89 x	1.67 x	1.54 x
EV / EBITDA	4.7 x	18.8 x	-25.4 x	-6.96 x	8.53 x	8.44 x	6.84 x	6.47 x
EV / FCF	7.07 x	-31.4 x	-145 x	-13 x	23.6 x	-1,711 x	18.9 x	18.9 x
FCF Yield	14.1%	-3.18%	-0.69%	-7.67%	4.24%	-0.06%	5.3%	5.28%
Price to Book	1.43 x	1.42 x	1.69 x	4.24 x	2.13 x	2.15 x	1.72 x	1.48 x
Nbr of stocks (in thousands)	16,379,509	16,379,509	18,874,440	18,874,440	22,291,297	22,291,297	-	-
Reference price ²	5.810	4.680	5.160	5.530	3.880	3.810	3.810	3.810
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	120,986	64,425	67,127	46,111	113,741	142,947	155,946	163,153
EBITDA ¹	32,165	8,592	-7,210	-30,793	23,104	32,028	38,001	38,963
EBIT ¹	10,085	-13,656	-17,788	-40,144	-1,919	4,568	11,317	12,713
Operating Margin	8.34%	-21.2%	-26.5%	-87.06%	-1.69%	3.2%	7.26%	7.79%
Earnings before Tax (EBT) ¹	4,299	-16,488	-17,513	-40,154	-8,278	4,708	11,825	11,737
Net income ¹	3,192	-11,836	-12,214	-37,386	-8,168	3,758	7,342	10,067
Net margin	2.64%	-18.37%	-18.2%	-81.08%	-7.18%	2.63%	4.71%	6.17%
EPS ²	0.2100	-0.7226	-0.7272	-1.981	-0.3700	0.1749	0.3291	0.4314
Free Cash Flow ¹	21,382	-5,137	-1,261	-16,427	8,367	-158	13,782	13,303
FCF margin	17.67%	-7.97%	-1.88%	-35.62%	7.36%	-0.11%	8.84%	8.15%
FCF Conversion (EBITDA)	66.48%	-	-	-	36.21%	-	36.27%	34.14%
FCF Conversion (Net income)	669.86%	-	-	-	-	-	187.72%	132.14%
Dividend per Share ²	0.0500	-	-	-	-	0.0112	0.0227	0.0600
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	62,127	25,159	14,626	32,417	12,665	6,689	21,167	16,496	10,261	30,370	22,261	27,164	52,052	36,113	28,203	67,118	33,189	34,667	40,170	34,387
EBITDA ¹	-	-	-	-	-	-	-	-	-5,500	-	-	-	-	-	-	-	-	7,249	14,255	4,980
EBIT	-	-	-6,184	-8,045	-8,307	-11,751	-15,716	-9,984	-10,102	-	-4,003	-3,070	-	3,837	-	-	-872	-	-	-
Operating Margin	-	-	-42.28%	-24.82%	-65.59%	-175.68%	-74.25%	-60.52%	-98.45%	-	-17.98%	-11.3%	-	10.62%	-	-	-2.63%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,312	-	-	-	-
Net income ¹	1,251	-8,542	-4,052	-7,006	-7,760	-10,976	-18,736	-9,380	-9,270	-	-	-2,446	-	3,642	-	-1,919	-803	-1,173	8,284	-733.9
Net margin	2.01%	-33.95%	-27.7%	-21.61%	-61.27%	-164.09%	-88.52%	-56.86%	-90.34%	-	-	-9%	-	10.09%	-	-2.86%	-2.42%	-3.38%	20.62%	-2.13%
EPS	-	-	-0.2300	-	-	-0.5800	-	-0.5000	-0.4900	-	-	-0.1100	-	0.1600	-0.2500	-	-0.0400	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/31/20	8/28/20	3/30/22	3/30/22	4/29/22	8/30/22	8/30/22	10/30/22	3/30/23	3/30/23	4/28/23	8/30/23	8/30/23	10/27/23	3/28/24	3/28/24	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	66,077	68,229	99,714	123,987	120,174	194,988	184,520	184,511
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.054 x	-9.897 x	-13.83 x	-4.026 x	5.201 x	6.088 x	4.856 x	4.736 x
Free Cash Flow ¹	21,382	-5,137	-1,261	-16,427	8,367	-158	13,783	13,303
ROE (net income / shareholders' equity)	5.03%	-19.6%	-22.2%	-114%	-32.4%	11.1%	16.4%	16.9%
ROA (Net income/ Total Assets)	1.22%	-4.19%	-4.26%	-13%	-2.85%	0.88%	1.62%	2.4%
Assets ¹	262,090	282,661	286,720	288,387	286,582	426,934	452,467	419,475
Book Value Per Share ²	4.080	3.300	3.060	1.300	1.820	1.770	2.210	2.580
Cash Flow per Share ²	1.770	0.0700	0.3400	-0.2900	1.190	1.410	1.470	1.390
Capex ¹	7,590	6,348	6,953	9,953	18,206	17,849	15,708	12,640
Capex / Sales	6.27%	10.83%	10.36%	21.58%	16.01%	12.49%	10.07%	7.75%
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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

Ratings for China Eastern Airlines Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.81 CNY

Average target price

4.235 CNY

Spread / Average Target

+11.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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