ZNH Relative Valuation - China Southern Airlines Co Ltd

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Price: 34.6 EUR -1.7%

Market Cap: €16.4B

Relative Value

The Relative Value of one ZNH stock under the Base Case scenario is 146.95 EUR. Compared to the current market price of 34.6 EUR, China Southern Airlines Co Ltd is Undervalued by 76%.

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?

ZNH Relative Value

Base Case

Undervaluation 76%

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
CN		China Southern Airlines Co Ltd XBER:ZNH	114.9B EUR	0.6	-84.8	35.6	35.6
US		Delta Air Lines Inc NYSE:DAL	37.8B USD	0.6	7.6	5.6	7.9
US		United Airlines Holdings Inc NASDAQ:UAL	28B USD	0.5	8.4	7.3	7.3
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	16.6B GBP	0.6	5.7	2.8	4.3
IE	R	Ryanair Holdings PLC LSE:RYA	15.4B EUR	1.1	8	4.5	6.8
US		Southwest Airlines Co NYSE:LUV	19.9B USD	0.7	45.1	10.7	49.7
CN		Air China Ltd SSE:601111	128.9B CNY	0.8	476.2	-6 862.5	-6 862.5
IN		Interglobe Aviation Ltd NSE:INDIGO	1.6T INR	1.9	49.7	8.2	15.7
SG		Singapore Airlines Ltd SGX:C6L	20.4B SGD	1	8.9	5.3	12.9
CN		China Eastern Airlines Corp Ltd SSE:600115	103.6B CNY	0.8	-52.2	127	127

				Revenue Growth	P/S to Growth
CN		China Southern Airlines Co Ltd XBER:ZNH	Average P/S: 0.9 0.6	5%	0.1
US		Delta Air Lines Inc NYSE:DAL	0.6	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
CN		Air China Ltd SSE:601111	0.8	6%	0.1
IN		Interglobe Aviation Ltd NSE:INDIGO	1.9	12%	0.2
SG		Singapore Airlines Ltd SGX:C6L	1	3%	0.3
CN		China Eastern Airlines Corp Ltd SSE:600115	0.8	7%	0.1

				Earnings Growth	PEG
CN		China Southern Airlines Co Ltd XBER:ZNH	Average P/E: 76.2 Negative Multiple: -84.8	N/A	N/A
US		Delta Air Lines Inc NYSE:DAL	7.6	6%	1.3
US		United Airlines Holdings Inc NASDAQ:UAL	8.4	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	5.7	6%	1
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
US		Southwest Airlines Co NYSE:LUV	45.1	85%	0.5
CN		Air China Ltd SSE:601111	476.2	N/A	N/A
IN		Interglobe Aviation Ltd NSE:INDIGO	49.7	8%	6.2
SG		Singapore Airlines Ltd SGX:C6L	8.9	-23%	N/A
CN		China Eastern Airlines Corp Ltd SSE:600115	Negative Multiple: -52.2	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
CN		China Southern Airlines Co Ltd XBER:ZNH	Average EV/EBITDA: 23 35.6	103%	0.3
US		Delta Air Lines Inc NYSE:DAL	5.6	11%	0.5
US		United Airlines Holdings Inc NASDAQ:UAL	7.3	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	2.8	5%	0.6
IE	R	Ryanair Holdings PLC LSE:RYA	4.5	10%	0.4
US		Southwest Airlines Co NYSE:LUV	10.7	39%	0.3
CN		Air China Ltd SSE:601111	Negative Multiple: -6 862.5	N/A	N/A
IN		Interglobe Aviation Ltd NSE:INDIGO	8.2	12%	0.7
SG		Singapore Airlines Ltd SGX:C6L	5.3	3%	1.8
CN		China Eastern Airlines Corp Ltd SSE:600115	127	289%	0.4

				EBIT Growth	EV/EBIT to Growth
CN		China Southern Airlines Co Ltd XBER:ZNH	Average EV/EBIT: 29.7 35.6	34%	1
US		Delta Air Lines Inc NYSE:DAL	7.9	11%	0.7
US		United Airlines Holdings Inc NASDAQ:UAL	7.3	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	4.3	3%	1.4
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
US		Southwest Airlines Co NYSE:LUV	49.7	100%	0.5
CN		Air China Ltd SSE:601111	Negative Multiple: -6 862.5	N/A	N/A
IN		Interglobe Aviation Ltd NSE:INDIGO	15.7	6%	2.6
SG		Singapore Airlines Ltd SGX:C6L	12.9	-5%	N/A
CN		China Eastern Airlines Corp Ltd SSE:600115	127	151%	0.8

China Southern Airlines Co Ltd
XBER:ZNH

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China Southern Airlines Co Ltd XBER:ZNH

Relative Value

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ZNH Competitors Multiples China Southern Airlines Co Ltd Competitors

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China Southern Airlines Co Ltd
XBER:ZNH

ZNH Competitors Multiples
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