AAV Relative Valuation - Asia Aviation PCL

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Price: 1.28 THB -0.78% Market Closed

Market Cap: ฿16.4B

Relative Value

The Relative Value of one AAV stock under the Base Case scenario is 2.65 THB. Compared to the current market price of 1.28 THB, Asia Aviation PCL is Undervalued by 52%.

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?

AAV Relative Value

Base Case

Undervaluation 52%

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
TH	A	Asia Aviation PCL SET:AAV	16.4B THB	0.4	15.2	6	13.8
US		Delta Air Lines Inc NYSE:DAL	45.1B USD	0.7	9	6.5	9.2
US		United Airlines Holdings Inc NASDAQ:UAL	35.5B USD	0.6	10.6	8.8	8.8
UK		International Consolidated Airlines Group SA LSE:IAG	20.3B GBP	0.6	7.1	3.5	5.2
US		Southwest Airlines Co NYSE:LUV	26.4B USD	0.9	59.8	13.9	64.8
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	150.8B CNY	0.9	556.7	-7 360.8	-7 360.8
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	58.8	9.7	18.5
CN		China Southern Airlines Co Ltd SSE:600029	140.6B CNY	0.8	-103.9	39.1	39.1
CN		China Eastern Airlines Corp Ltd SSE:600115	132.5B CNY	1	-66.8	142.8	142.8

				Revenue Growth	P/S to Growth
TH	A	Asia Aviation PCL SET:AAV	Average P/S: 0.9 0.4	0%	N/A
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
TH	A	Asia Aviation PCL SET:AAV	Average P/E: 90.7 15.2	-33%	N/A
US		Delta Air Lines Inc NYSE:DAL	9	6%	1.5
US		United Airlines Holdings Inc NASDAQ:UAL	10.6	18%	0.6
UK		International Consolidated Airlines Group SA LSE:IAG	7.1	12%	0.6
US		Southwest Airlines Co NYSE:LUV	59.8	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	556.7	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	58.8	11%	5.3
CN		China Southern Airlines Co Ltd SSE:600029	Negative Multiple: -103.9	N/A	N/A
CN		China Eastern Airlines Corp Ltd SSE:600115	Negative Multiple: -66.8	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
TH	A	Asia Aviation PCL SET:AAV	Average EV/EBITDA: 26.1 6	-10%	N/A
US		Delta Air Lines Inc NYSE:DAL	6.5	11%	0.6
US		United Airlines Holdings Inc NASDAQ:UAL	8.8	31%	0.3
UK		International Consolidated Airlines Group SA LSE:IAG	3.5	8%	0.4
US		Southwest Airlines Co NYSE:LUV	13.9	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: -7 360.8	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	4.5	10%	0.4
IN		Interglobe Aviation Ltd NSE:INDIGO	9.7	12%	0.8
CN		China Southern Airlines Co Ltd SSE:600029	39.1	102%	0.4
CN		China Eastern Airlines Corp Ltd SSE:600115	142.8	286%	0.5

				EBIT Growth	EV/EBIT to Growth
TH	A	Asia Aviation PCL SET:AAV	Average EV/EBIT: 34.3 13.8	-22%	N/A
US		Delta Air Lines Inc NYSE:DAL	9.2	11%	0.8
US		United Airlines Holdings Inc NASDAQ:UAL	8.8	14%	0.6
UK		International Consolidated Airlines Group SA LSE:IAG	5.2	9%	0.6
US		Southwest Airlines Co NYSE:LUV	64.8	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: -7 360.8	N/A	N/A
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	18.5	8%	2.3
CN		China Southern Airlines Co Ltd SSE:600029	39.1	33%	1.2
CN		China Eastern Airlines Corp Ltd SSE:600115	142.8	147%	1

Asia Aviation PCL
SET:AAV

Relative Value

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Asia Aviation PCL Competitors

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Asia Aviation PCL SET:AAV

Relative Value

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Multiples Across Competitors

AAV Competitors Multiples Asia Aviation PCL Competitors

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Asia Aviation PCL
SET:AAV

AAV Competitors Multiples
Asia Aviation PCL Competitors