Company Valuation: Air Arabia

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,767 10,033 13,160 14,373 21,747 24,220 - -
Change - 48.28% 31.16% 9.22% 51.3% 11.37% - -
Enterprise Value (EV) 1 6,163 8,185 10,193 11,155 19,330 22,762 24,789 26,674
Change - 32.82% 24.52% 9.44% 73.28% 17.76% 8.91% 7.6%
P/E 9.67x 8.27x 8.55x 9.94x 13.3x 17.2x 14.2x 13x
PBR 1.11x 1.43x 1.75x 1.81x 2.59x 2.83x 2.74x 2.62x
PEG - 0.1x 0.3x -1.64x 1x -1.2x 0.7x 1.39x
Capitalization / Revenue 2.13x 1.91x 2.19x 2.17x 2.8x 2.91x 2.59x 2.36x
EV / Revenue 1.94x 1.56x 1.7x 1.68x 2.48x 2.74x 2.65x 2.6x
EV / EBITDA 4.88x 4.78x 5.4x 6.09x 10.2x 12.3x 10.8x 10.1x
EV / EBIT 9.59x 7.6x 8.23x 9.42x 15.2x 17.7x 16.7x 16.1x
EV / FCF 3.25x 4.24x 5.16x 6.57x 36.3x -17.8x -501x -14.7x
FCF Yield 30.8% 23.6% 19.4% 15.2% 2.76% -5.62% -0.2% -6.79%
Dividend per Share 2 0.09 - 0.2 0.2 0.25 0.28 0.312 0.32
Rate of return 6.21% - 7.09% 6.49% 5.36% 5.39% 6.01% 6.17%
EPS 2 0.15 0.26 0.33 0.31 0.35 0.3016 0.3656 0.3999
Distribution rate 60% - 60.6% 64.5% 71.4% 92.9% 85.3% 80%
Net sales 1 3,174 5,242 6,000 6,630 7,780 8,319 9,349 10,272
EBITDA 1 1,263 1,711 1,886 1,833 1,891 1,852 2,291 2,633
EBIT 1 643 1,077 1,239 1,184 1,270 1,286 1,481 1,662
Net income 1 719.9 1,222 1,547 1,460 1,620 1,528 1,730 1,823
Net Debt 1 -603.8 -1,848 -2,967 -3,218 -2,417 -1,458 569 2,454
Reference price 2 1.450 2.150 2.820 3.080 4.660 5.190 5.190 5.190
Nbr of stocks (in thousands) 4,666,700 4,666,700 4,666,700 4,666,700 4,666,700 4,666,700 - -
Announcement Date 15/02/22 14/02/23 13/02/24 13/02/25 12/02/26 - - -
1AED in Million2AED
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.24x2.74x12.32x5.38% 6.61B
13.51x0.99x7.42x0.88% 56.71B
10.35x0.84x6.55x-.--% 38.56B
13.81x1.54x6.79x1.75% 32B
9.07x0.83x3.97x1.97% 26.71B
-369.47x2.72x14.38x0.19% 21.13B
28.58x1.23x6.26x3.44% 18.58B
11.69x1.23x4.87x2.99% 15.73B
-13.66x1.51x9.98x-.--% 13.42B
8.56x0.41x4.03x3.5% 12.51B
Average -27.03x 1.40x 7.66x 2.01% 24.2B
Weighted average by Cap. -21.51x 1.25x 7.27x 1.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield