Financials Lufthansa

Equities

LHA

DE0008232125

Airlines

Real-time Estimate Tradegate Other stock markets 11:23:16 2024-05-10 am EDT			5-day change	1st Jan Change
6.685 ^EUR	-0.58%		-2.08%	-16.95%

08:41am	LUFTHANSA AG : Barclays gives a Buy rating	ZD
08:34am	IAG CEO: WE OPERATE IN THE SAME MARKETS AS AIR FRANCE-KLM AND L…	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,847	6,465	7,388	9,283	9,621	8,046	-	-
Enterprise Value (EV) ¹	14,509	16,387	16,411	16,154	15,303	13,811	12,728	12,388
P/E ratio	6.44 x	-0.86 x	-2.07 x	11.8 x	5.75 x	5.55 x	4.39 x	4.07 x
Yield	-	-	-	-	3.73%	4.21%	5.12%	6.13%
Capitalization / Revenue	0.22 x	0.48 x	0.44 x	0.28 x	0.27 x	0.21 x	0.2 x	0.19 x
EV / Revenue	0.4 x	1.21 x	0.98 x	0.49 x	0.43 x	0.36 x	0.31 x	0.29 x
EV / EBITDA	3.02 x	-6.46 x	497 x	4.27 x	3.12 x	3.12 x	2.52 x	2.33 x
EV / FCF	24.9 x	-4.47 x	-19.2 x	5.61 x	7.17 x	8.08 x	7.62 x	9.73 x
FCF Yield	4.01%	-22.4%	-5.21%	17.8%	13.9%	12.4%	13.1%	10.3%
Price to Book	0.77 x	4.8 x	1.66 x	1.1 x	1 x	0.75 x	0.66 x	0.59 x
Nbr of stocks (in thousands)	478,194	597,743	1,195,486	1,195,486	1,195,486	1,196,618	-	-
Reference price ²	16.41	10.82	6.180	7.765	8.048	6.724	6.724	6.724
Announcement Date	3/19/20	3/4/21	3/3/22	3/3/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,424	13,589	16,811	32,770	35,442	37,891	40,519	42,296
EBITDA ¹	4,802	-2,537	33	3,786	4,910	4,432	5,057	5,325
EBIT ¹	2,026	-5,451	-2,349	1,509	2,682	2,205	2,708	2,908
Operating Margin	5.56%	-40.11%	-13.97%	4.6%	7.57%	5.82%	6.68%	6.87%
Earnings before Tax (EBT) ¹	1,860	-8,631	-2,606	1,050	2,317	1,737	2,386	2,559
Net income ¹	1,213	-6,725	-2,191	791	1,673	1,452	1,844	1,981
Net margin	3.33%	-49.49%	-13.03%	2.41%	4.72%	3.83%	4.55%	4.68%
EPS ²	2.550	-12.51	-2.990	0.6600	1.400	1.212	1.530	1.653
Free Cash Flow ¹	582	-3,669	-855	2,882	2,134	1,710	1,670	1,273
FCF margin	1.6%	-27%	-5.09%	8.79%	6.02%	4.51%	4.12%	3.01%
FCF Conversion (EBITDA)	12.12%	-	-	76.12%	43.46%	38.59%	33.03%	23.91%
FCF Conversion (Net income)	47.98%	-	-	364.35%	127.56%	117.76%	90.59%	64.25%
Dividend per Share ²	-	-	-	-	0.3000	0.2829	0.3441	0.4118
Announcement Date	3/19/20	3/4/21	3/3/22	3/3/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	5,771	5,833	5,363	8,462	13,825	10,068	8,877	7,017	9,389	16,406	10,275	8,761	7,392	9,991	10,360	8,630	-	-
EBITDA ¹	-	-	-28	958	-	1,706	1,150	-	1,508	-	2,026	973	-279	1,584	2,327	844.4	-	-
EBIT ¹	-2,095	-271	-591	393	-198	1,132	575	-273	965	453	1,468	402	-849	950	1,440	546.6	-	-
Operating Margin	-36.3%	-4.65%	-11.02%	4.64%	-1.43%	11.24%	6.48%	-3.89%	10.28%	2.76%	14.29%	4.59%	-11.49%	9.51%	13.9%	6.33%	-	-
Earnings before Tax (EBT) ¹	-2,234	-288	-690	356	-334	1,078	306	-530	1,086	511	1,489	297	-939	799.5	898.9	867.4	-	-
Net income ¹	-1,805	-314	-584	259	-325	809	307	-467	881	414	1,192	67	-734	661.1	922.8	419.9	-	-
Net margin	-31.28%	-5.38%	-10.89%	3.06%	-2.35%	8.04%	3.46%	-6.66%	9.38%	2.52%	11.6%	0.76%	-9.93%	6.62%	8.91%	4.87%	-	-
EPS ²	-	-0.4500	-0.4900	0.2200	-	-	0.2500	-0.3900	0.7400	-	1.000	0.0500	-0.6100	0.7122	1.107	0.2157	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.3000	-	-	-	0.2611	-	-
Announcement Date	8/5/21	3/3/22	5/5/22	8/5/22	8/5/22	10/27/22	3/3/23	5/3/23	8/3/23	8/3/23	11/2/23	3/7/24	4/30/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,662	9,922	9,023	6,871	5,682	5,765	4,682	4,342
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.387 x	-3.911 x	273.4 x	1.815 x	1.157 x	1.301 x	0.9258 x	0.8154 x
Free Cash Flow ¹	582	-3,669	-855	2,882	2,134	1,710	1,670	1,273
ROE (net income / shareholders' equity)	12.1%	-488%	-75.6%	12.3%	18.6%	14.3%	16%	15.7%
ROA (Net income/ Total Assets)	3%	-16.4%	-5.34%	1.84%	3.77%	2.73%	3.74%	4.14%
Assets ¹	40,436	41,081	41,011	42,935	44,328	53,195	49,247	47,844
Book Value Per Share ²	21.20	2.250	3.720	7.030	8.080	8.980	10.20	11.40
Cash Flow per Share ²	8.470	-4.330	0.8400	4.320	4.140	3.530	3.840	3.460
Capex ¹	3,559	1,273	1,329	2,286	4,115	2,848	3,074	3,026
Capex / Sales	9.77%	9.37%	7.91%	6.98%	11.61%	7.52%	7.59%	7.16%
Announcement Date	3/19/20	3/4/21	3/3/22	3/3/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lufthansa

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6.724 EUR

Average target price

8.488 EUR

Spread / Average Target

+26.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airlines

	1st Jan change	Capi.
LUFTHANSA	-16.40%	8.67B
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SINGAPORE AIRLINES LIMITED	+2.90%	20.39B
INTERGLOBE AVIATION LIMITED	+35.46%	18.71B
UNITED AIRLINES HOLDINGS, INC.	+28.77%	17.3B
AIR CHINA LIMITED	-17.81%	14.36B
TÜRK HAVA YOLLARI ANONIM ORTAKLIGI	+41.19%	13.92B
CHINA SOUTHERN AIRLINES COMPANY LIMITED	-7.55%	12.37B
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.	+18.29%	11.25B

Other Airlines