AAX Relative Valuation - AirAsia X Bhd

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Price: 1.17 MYR -4.88% Market Closed

Market Cap: 3.9B MYR

A	AirAsia X Bhd KLSE:AAX	MY
	PeopleIn Ltd ASX:PPE	AU

Relative Value

The Relative Value of one AAX stock under the Base Case scenario is 1.05 MYR. Compared to the current market price of 1.17 MYR, AirAsia X Bhd is Overvalued by 10%.

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?

AAX Relative Value

Base Case

Overvaluation 10%

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
MY	A	AirAsia X Bhd KLSE:AAX	3.9B MYR	1.2	20.5	12.7	28.3
US		Delta Air Lines Inc NYSE:DAL	43.5B USD	0.7	8.8	6.3	9
US		United Airlines Holdings Inc NASDAQ:UAL	30.3B USD	0.5	9.2	7.9	7.9
CH		Kinarus Therapeutics Holding AG SIX:KNRS	19.5B CHF	0	-1 404.3	-1 404.9	-1 404.9
UK		International Consolidated Airlines Group SA LSE:IAG	16.7B GBP	0.6	5.9	2.9	4.4
IE	R	Ryanair Holdings PLC LSE:RYA	15.4B EUR	1.1	8	4.5	6.8
US		Southwest Airlines Co NYSE:LUV	20.5B USD	0.7	47	11.1	51.6
IN		Interglobe Aviation Ltd NSE:INDIGO	1.6T INR	2	51.4	8.5	16.2
CN		Air China Ltd SSE:601111	116B CNY	0.7	445.9	-6 675.7	-6 675.7
SG		Singapore Airlines Ltd SGX:C6L	20.3B SGD	1	9.1	5.4	13.1
CN		China Southern Airlines Co Ltd SSE:600029	101.8B CNY	0.6	-77.2	34.2	34.2

				Revenue Growth	P/S to Growth
MY	A	AirAsia X Bhd KLSE:AAX	Average P/S: 0.9 1.2	98%	0
US		Delta Air Lines Inc NYSE:DAL	0.7	3%	0.2
US		United Airlines Holdings Inc NASDAQ:UAL	0.5	7%	0.1
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Not Available	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	0.6	5%	0.1
IE	R	Ryanair Holdings PLC LSE:RYA	1.1	9%	0.1
US		Southwest Airlines Co NYSE:LUV	0.7	8%	0.1
IN		Interglobe Aviation Ltd NSE:INDIGO	2	12%	0.2
CN		Air China Ltd SSE:601111	0.7	6%	0.1
SG		Singapore Airlines Ltd SGX:C6L	1	3%	0.3
CN		China Southern Airlines Co Ltd SSE:600029	0.6	5%	0.1

				Earnings Growth	PEG
MY	A	AirAsia X Bhd KLSE:AAX	Average P/E: 67.3 20.5	62%	0.3
US		Delta Air Lines Inc NYSE:DAL	8.8	6%	1.5
US		United Airlines Holdings Inc NASDAQ:UAL	9.2	18%	0.5
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.3	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	5.9	6%	1
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
US		Southwest Airlines Co NYSE:LUV	47	85%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	51.4	8%	6.4
CN		Air China Ltd SSE:601111	445.9	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	9.1	-23%	N/A
CN		China Southern Airlines Co Ltd SSE:600029	Negative Multiple: -77.2	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
MY	A	AirAsia X Bhd KLSE:AAX	Average EV/EBITDA: 10.4 12.7	N/A	N/A
US		Delta Air Lines Inc NYSE:DAL	6.3	11%	0.6
US		United Airlines Holdings Inc NASDAQ:UAL	7.9	31%	0.3
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	2.9	5%	0.6
IE	R	Ryanair Holdings PLC LSE:RYA	4.5	10%	0.4
US		Southwest Airlines Co NYSE:LUV	11.1	39%	0.3
IN		Interglobe Aviation Ltd NSE:INDIGO	8.5	12%	0.7
CN		Air China Ltd SSE:601111	Negative Multiple: -6 675.7	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	5.4	3%	1.8
CN		China Southern Airlines Co Ltd SSE:600029	34.2	103%	0.3

				EBIT Growth	EV/EBIT to Growth
MY	A	AirAsia X Bhd KLSE:AAX	Average EV/EBIT: 19.1 28.3	142%	0.2
US		Delta Air Lines Inc NYSE:DAL	9	12%	0.7
US		United Airlines Holdings Inc NASDAQ:UAL	7.9	14%	0.6
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	4.4	4%	1.1
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
US		Southwest Airlines Co NYSE:LUV	51.6	100%	0.5
IN		Interglobe Aviation Ltd NSE:INDIGO	16.2	6%	2.7
CN		Air China Ltd SSE:601111	Negative Multiple: -6 675.7	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	13.1	1%	13.1
CN		China Southern Airlines Co Ltd SSE:600029	34.2	32%	1.1

AirAsia X Bhd
KLSE:AAX

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AirAsia X Bhd KLSE:AAX

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AirAsia X Bhd
KLSE:AAX

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