Korean Air Lines Co Ltd Relative Valuation - Korean Air Lines Co Ltd

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Price: 23 000 KRW -0.86% Market Closed

Market Cap: ₩8.5T

	Korean Air Lines Co Ltd KRX:003490	KR
B	Brainhole Technology Ltd HKEX:2203	HK
	JBS SA OTC:JBSAY	BR

Multiples-Based Value

The Multiples-Based Value of one Korean Air Lines Co Ltd stock under the Base Case scenario is 35 439.53 KRW. Compared to the current market price of 23 000 KRW, Korean Air Lines Co Ltd is Undervalued by 35%.

Multiples-Based 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 Multiples-Based Value calculated?

Multiples-Based Value

Base Case

Undervaluation 35%

Multiples-Based Value

Price ₩23 000

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
KR		Korean Air Lines Co Ltd KRX:003490	8.5T KRW	0.3	10.8	5.5	19.8
US		Delta Air Lines Inc NYSE:DAL	43.6B USD	0.7	8.7	6.3	8.9
US		United Airlines Holdings Inc NASDAQ:UAL	29.9B USD	0.5	8.8	7.6	7.6
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	17.1B GBP	0.6	6	2.9	4.5
IE	R	Ryanair Holdings PLC LSE:RYA	15.4B EUR	1.1	8	4.5	6.8
US		Southwest Airlines Co NYSE:LUV	19.4B USD	0.7	44.6	10.6	49.2
IN		Interglobe Aviation Ltd NSE:INDIGO	1.6T INR	2	51.8	8.5	16.4
CN		Air China Ltd SSE:601111	118.3B CNY	0.7	-66.8	-645.7	-645.7
SG		Singapore Airlines Ltd SGX:C6L	20.8B SGD	1	9.1	5.4	13.1
CN		China Southern Airlines Co Ltd SSE:600029	102.7B CNY	0.6	119.9	30.4	30.4

				Revenue Growth	P/S to Growth
KR		Korean Air Lines Co Ltd KRX:003490	Average P/S: 0.8 0.3	1%	0.3
US		Delta Air Lines Inc NYSE:DAL	0.7	4%	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	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	1	3%	0.3
CN		China Southern Airlines Co Ltd SSE:600029	0.6	10%	0.1

				Earnings Growth	PEG
KR		Korean Air Lines Co Ltd KRX:003490	Average P/E: 29.7 10.8	25%	0.4
US		Delta Air Lines Inc NYSE:DAL	8.7	6%	1.5
US		United Airlines Holdings Inc NASDAQ:UAL	8.8	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	6	5%	1.2
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
US		Southwest Airlines Co NYSE:LUV	44.6	85%	0.5
IN		Interglobe Aviation Ltd NSE:INDIGO	51.8	8%	6.5
CN		Air China Ltd SSE:601111	Negative Multiple: -66.8	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	9.1	-23%	N/A
CN		China Southern Airlines Co Ltd SSE:600029	119.9	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
KR		Korean Air Lines Co Ltd KRX:003490	Average EV/EBITDA: 9.1 5.5	9%	0.6
US		Delta Air Lines Inc NYSE:DAL	6.3	11%	0.6
US		United Airlines Holdings Inc NASDAQ:UAL	7.6	31%	0.2
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	10.6	39%	0.3
IN		Interglobe Aviation Ltd NSE:INDIGO	8.5	12%	0.7
CN		Air China Ltd SSE:601111	Negative Multiple: -645.7	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	5.4	3%	1.8
CN		China Southern Airlines Co Ltd SSE:600029	30.4	N/A	N/A

				EBIT Growth	EV/EBIT to Growth
KR		Korean Air Lines Co Ltd KRX:003490	Average EV/EBIT: 17.4 19.8	29%	0.7
US		Delta Air Lines Inc NYSE:DAL	8.9	12%	0.7
US		United Airlines Holdings Inc NASDAQ:UAL	7.6	14%	0.5
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	4.5	4%	1.1
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
US		Southwest Airlines Co NYSE:LUV	49.2	100%	0.5
IN		Interglobe Aviation Ltd NSE:INDIGO	16.4	6%	2.7
CN		Air China Ltd SSE:601111	Negative Multiple: -645.7	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	13.1	1%	13.1
CN		China Southern Airlines Co Ltd SSE:600029	30.4	N/A	N/A

Korean Air Lines Co Ltd
KRX:003490

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples
Korean Air Lines Co Ltd Competitors

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Korean Air Lines Co Ltd KRX:003490

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

Competitors Multiples Korean Air Lines Co Ltd Competitors

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Korean Air Lines Co Ltd
KRX:003490

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