Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	-

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	4.6	13.3	1.8
Jin Air Co., Ltd.	0.7	6.6	1.8
Mediana / Jin Air Co., Ltd.	6.9	2.0	1.1

---

Pozostałe spółki z branży Airlines, Airports & Air Services

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Københavns Lufthavne A/S	KBHL.CO	8,090	20.8	48.1	12.4	Copenhagen
Icelandair Group hf.	ICEAIR.IC	371	-0.1	-70.6	1.5	Iceland
Türk Hava Yollari Anonim Ortakligi	THYAO.IS	9,831	-0.7	3.1	0.5	Istanbul Stock Exchange
PT. Garuda Indonesia (Persero) Tbk	GIAA.JK	403	-7.5	-1.9	-0.1	Jakarta Stock Exchange
Gol Linhas Aéreas Inteligentes S.A.	GOLL4.SA	8,161	-34.1	-0.0	-0.0	São Paulo
Bangkok Airways Public Company Limited	BA-R.BK	979	1.8	8.8	2.0	Thailand
Saudi Ground Services Company	4031.SR	2,514	20.8	26.4	3.9	Saudi
Cathay Pacific Airways Limited	0293.HK	9,765	0.6	7.7	1.5	HKSE
Korea Airport Service Co.,Ltd.	005430.KS	146	3.4	5.2	0.5	KSE
Public Joint Stock Company Aeroflot - Russian Airlines	AFLT.ME	2,982	-3.3	4.1	-4.3	Moscow Stock Exchange
United Airlines Holdings, Inc.	UAL	30,129	1.9	9.1	2.3	NASDAQ Global Select
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB	5,409	9.8	19.6	8.6	NASDAQ Global Select
China Airlines, Ltd.	2610.TW	4,322	1.8	8.2	1.4	Taiwan
Toscana Aeroporti S.p.A.	TYA.MI	348	5.5	17.5	2.6	Milan
China Eastern Airlines Corporation Limited	0670.HK	10,594	-86.2	-14.7	1.7	HKSE
GMR Airports Infrastructure Limited	GMRINFRA.NS	8,900	11.4	-163.1	-25.6	National Stock Exchange of India
Delta Air Lines, Inc.	DAL	36,760	3.4	8.1	2.1	New York Stock Exchange
Grupo Aeroportuario del Sureste, S. A. B. de C. V.	ASR	9,295	7.6	12.5	3.0	New York Stock Exchange
Xiamen International Airport Co.,Ltd	600897.SS	858	9.9	14.3	1.4	Shanghai
Beijing Capital International Airport Company Limited	0694.HK	1,751	2.4	-9.0	0.9	HKSE
Alliance Aviation Services Limited	AQZ.AX	278	-0.2	6.8	1.0	Australian Securities Exchange
Wizz Air Holdings Plc	WIZZ.L	1,450	2.9	7.3	3.4	London Stock Exchange
Malaysia Airports Holdings Berhad	5014.KL	4,283	5.6	20.7	2.2	Kuala Lumpur
AGP Corporation	9377.T	134	11.4	20.5	2.1	Tokyo
InterGlobe Aviation Limited	INDIGO.NS	26,296	10.1	31.2	24.2	National Stock Exchange of India
Southwest Airlines Co.	LUV	20,806	8.1	39.1	2.3	New York Stock Exchange
China Eastern Airlines Corporation Limited	600115.SS	10,969	-5.4	-21.5	2.4	Shanghai
Guangzhou Baiyun International Airport Co., Ltd.	600004.SS	3,075	13.5	20.5	1.1	Shanghai
Star Flyer Inc.	9206.T	55	8.0	4.1	1.8	Tokyo
American Airlines Group Inc.	AAL	8,250	-6.5	12.0	-1.8	NASDAQ Global Select
Juneyao Airlines Co., Ltd	603885.SS	3,786	-1.6	30.6	3.1	Shanghai
Auckland International Airport Limited	AIA.AX	7,704	17.3	160.6	1.2	Australian Securities Exchange
AerSale Corporation	ASLE	306	15.9	-52.9	0.7	NASDAQ Capital Market
InterGlobe Aviation Limited	INDIGO.BO	26,287	10.1	31.2	24.2	Bombay Stock Exchange
Hainan Airlines Holding Co., Ltd.	600221.SS	8,393	-8.0	-45.6	24.3	Shanghai
Flughafen Zürich AG	FHZN.SW	8,887	8.3	21.8	2.4	Swiss Exchange
Air France-KLM SA	AF.PA	2,847	-1.1	5.4	-1.5	Paris
Bangkok Airways Public Company Limited	BA.BK	979	1.8	8.8	2.0	Thailand
Copa Holdings, S.A.	CPA	4,452	2.8	7.3	1.8	New York Stock Exchange
PT MNC Energy Investments Tbk	IATA.JK	94	3.6	16.4	0.7	Jakarta Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.NS	98	9.5	13.0	2.8	National Stock Exchange of India
Airports of Thailand Public Company Limited	TX3A.F	16,442	13.2	29.3	4.6	Frankfurt Stock Exchange
Air Transport Services Group, Inc.	ATSG	1,481	3.1	61.7	1.0	NASDAQ Global Select
China Southern Airlines Company Limited	600029.SS	12,903	-113.6	-33.3	3.1	Shanghai
Spirit Airlines, Inc.	0L8U.L	51	33.5	-0.1	0.1	London Stock Exchange
China Southern Airlines Company Limited	1055.HK	12,565	-17.8	-19.6	1.8	HKSE
Exchange Income Corporation	EIF.TO	2,465	1.8	26.8	2.3	Toronto Stock Exchange
SATS Ltd.	S58.SI	3,782	1.5	20.3	1.9	Stock Exchange of Singapore
American Airlines Group Inc.	A1G.DE	8,173	-9.9	11.9	-1.8	Frankfurt Stock Exchange
Aegean Airlines S.A.	AEGN.AT	1,325	0.4	4.3	2.3	Athens
easyJet plc	EZJ.L	5,032	1.5	8.3	1.3	London Stock Exchange
ENAV S.p.A.	ENAV.MI	2,489	7.9	19.4	1.8	Milan
Saudi Airlines Catering Company	6004.SR	2,580	21.2	27.1	6.7	Saudi
Air Canada	AC.TO	5,215	-0.7	4.1	3.5	Toronto Stock Exchange
SIA Engineering Company Limited	S59.SI	2,906	84.4	31.8	2.2	Stock Exchange of Singapore
Airports of Thailand Public Company Limited	AOT.BK	17,204	13.2	29.3	4.6	Thailand
Air New Zealand Limited	AIR.NZ	1,163	0.5	16.2	1.0	NZSE
Auckland International Airport Limited	AIA.NZ	7,711	15.5	160.7	1.2	NZSE
Aena S.M.E., S.A.	0R4Y.IL	40,932	8.1	1.3	0.4	International Order Book
Ryanair Holdings plc	RY4C.DE	28,703	8.4	15.8	3.6	Frankfurt Stock Exchange
Air New Zealand Limited	AIZ.AX	1,173	0.9	16.5	1.0	Australian Securities Exchange
Alaska Air Group, Inc.	0HC3.L	6,492	0.9	18.2	1.6	London Stock Exchange
Singapore Airlines Limited	C6L.SI	17,429	5.4	8.5	1.5	Stock Exchange of Singapore
Qantas Airways Limited	QAN.AX	10,866	3.1	13.3	23.5	Australian Securities Exchange
Aeroports de Paris SA	ADP.PA	13,065	0.9	29.1	2.3	Paris
DO & CO Aktiengesellschaft	DOC.VI	2,539	7.9	23.6	5.5	Vienna
Pegasus Hava Tasimaciligi Anonim Sirketi	PGSUS.IS	3,221	-0.4	9.2	1.6	Istanbul Stock Exchange
Deutsche Lufthansa AG	LHA.DE	10,374	-0.8	7.2	0.8	Frankfurt Stock Exchange
Air China Limited	AD2.VI	16,118	-8.2	-130.4	1.8	Vienna
LATAM Airlines Group S.A.	LTM	12,473	3.2	11.6	13.1	New York Stock Exchange
Blade Air Mobility, Inc.	BLDEW	335	-15.0	-12.8	1.6	NASDAQ Capital Market
Azul S.A.	AZUL	156	-6.6	-0.1	-0.0	New York Stock Exchange
Shenzhen Airport Co., Ltd.	000089.SZ	2,013	6.3	28.3	1.3	Shenzhen
Hainan Meilan International Airport Company Limited	0357.HK	651	4.5	-12.1	1.1	HKSE
TAV Havalimanlari Holding A.S.	TAVHL.IS	2,414	0.4	16.2	1.3	Istanbul Stock Exchange
Fraport AG	FRA.DE	7,073	5.4	13.5	1.3	Frankfurt Stock Exchange
Public Joint-Stock Company UTair Aviation	UTAR.ME	1,159	1.2	66.4	3.6	Moscow Stock Exchange
Azul S.A.	AZUL4.SA	101	-19.7	-0.0	-0.0	São Paulo
LATAM Airlines Group S.A.	LTM.SN	12,554	3.9	11.7	13.2	Santiago
PT Cardig Aero Services Tbk	CASS.JK	268	5.4	11.1	3.7	Jakarta Stock Exchange
EVA Airways Corp.	2618.TW	7,051	3.5	6.8	1.8	Taiwan
Pitney Bowes Inc. NT 43	PBI-PB	3,759	3.4	-13.1	-4.0	New York Stock Exchange
International Consolidated Airlines Group S.A.	IAG.MC	23,792	4.3	7.2	3.4	Madrid Stock Exchange
Air Arabia PJSC	AIRARABIA.AE	4,727	7.0	11.3	2.5	Dubai
easyJet plc	EJT1.DE	5,078	1.2	8.4	1.3	Frankfurt Stock Exchange
Chorus Aviation Inc.	CHR.TO	432	1.4	-4.1	1.2	Toronto Stock Exchange
Spring Airlines Co., Ltd.	601021.SS	7,378	12.2	24.9	3.0	Shanghai
Dimerco Express Corporation	5609.TWO	368	10.7	11.3	1.8	Taipei Exchange
Air China Limited	601111.SS	16,480	-5.3	-212.8	3.0	Shanghai
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VLRS	516	-4.3	12.3	1.6	New York Stock Exchange
ANA Holdings Inc.	9202.T	9,247	2.6	9.0	1.2	Tokyo
Korean Air Lines Co., Ltd.	003490.KS	6,868	-1.9	7.9	0.9	KSE
Allegiant Travel Company	ALGT	944	-7.1	-4.5	0.8	NASDAQ Global Select
Skymark Airlines Inc.	9204.T	191	6.3	13.2	1.0	Tokyo
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VOLARA.MX	524	-6.6	12.5	1.7	Mexico
Japan Airport Terminal Co., Ltd.	9706.T	2,851	4.6	15.4	2.3	Tokyo
SkyWest, Inc.	SKYW	4,579	2.7	12.6	1.9	NASDAQ Global Select
T'Way Air Co., Ltd.	091810.KS	305	13.3	-2.7	12.5	KSE
Capital A Berhad	5099.KL	873	0.9	12.0	-0.5	Kuala Lumpur
China Express Airlines Co.,LTD	002928.SZ	1,518	0.1	33.5	3.2	Shenzhen
Çelebi Hava Servisi A.S.	CLEBI.IS	1,007	6.5	11.5	4.9	Istanbul Stock Exchange
SpiceJet Limited	SPICEJET.BO	578	1.0	69.1	-2.2	Bombay Stock Exchange
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB.MX	5,357	13.1	25.4	8.6	Mexico
Frontier Group Holdings, Inc.	ULCC	938	-56.5	13.8	1.6	NASDAQ Global Select
JetBlue Airways Corporation	0JOT.L	1,638	-7.8	-5.4	0.6	London Stock Exchange
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	GAPB.MX	11,447	11.5	23.8	8.6	Mexico
JetBlue Airways Corporation	JBLU	1,563	-7.8	-5.4	0.6	NASDAQ Global Select
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	PAC	11,298	12.0	23.9	8.6	New York Stock Exchange
Evergreen Aviation Technologies Corporation	2645.TW	1,312	11.6	20.4	3.2	Taiwan
Joby Aviation, Inc.	JOBY	14,070	-24.5	-22.9	15.9	New York Stock Exchange
Air China Limited	0753.HK	16,255	-7.9	-126.8	1.8	HKSE
Aena S.M.E., S.A.	AENA.MC	40,859	8.2	1.3	0.4	Madrid Stock Exchange
Finnair Oyj	FIA1S.HE	698	-2.0	37.0	1.1	Helsinki
Airports of Thailand Public Company Limited	AOT-R.BK	17,204	13.2	29.3	4.6	Thailand
Surf Air Mobility Inc.	SRFM	183	-3.6	-1.6	-0.7	New York Stock Exchange
Shanghai International Airport Co., Ltd.	600009.SS	11,137	19.3	38.4	1.9	Shanghai
GVK Power & Infrastructure Limited	GVKPIL.NS	74	-1.6	1.1	-1.0	National Stock Exchange of India
Tiger Logistics (India) Limited	TIGERLOGS.BO	66	13.8	8.3	1.6	Bombay Stock Exchange
Tigerair Taiwan Co., Ltd.	6757.TW	1,375	8.3	14.2	7.0	Taiwan
Samart Aviation Solutions Public Company Limited	SAV.BK	263	12.7	16.7	5.1	Thailand
Metalpha Technology Holding Limited	MATH	127	20.2	20.3	5.0	NASDAQ Capital Market
TAAL Enterprises Limited	TAALENT.BO	118	14.8	21.0	5.0	Bombay Stock Exchange
Norwegian Air Shuttle ASA	NAS.OL	1,826	1.8	11.3	2.8	Oslo Stock Exchange
Flughafen Wien Aktiengesellschaft	FLU.VI	5,246	9.7	20.7	2.9	Vienna
Ryanair Holdings plc	RYA.IR	29,183	8.4	15.8	3.6	Irish
Norse Atlantic ASA	NORSE.OL	134	-18.3	-1.5	-0.6	Oslo Stock Exchange
Jeju Air Co., Ltd.	089590.KS	408	-0.7	-9.7	2.0	KSE
Spirit Airlines, Inc.	SAVE	118	2.9	-0.1	0.2	New York Stock Exchange
Shenzhen Feima International Supply Chain Co., Ltd.	002210.SZ	1,042	95.0	336.5	14.4	Shenzhen
Grupo Aeroportuario del Sureste, S. A. B. de C. V.	ASURB.MX	9,321	7.7	12.9	3.2	Mexico
flyExclusive, Inc.	FLYX	196	0.7	-3.1	-0.2	American Stock Exchange
Japan Airlines Co., Ltd.	9201.T	8,605	4.0	12.0	1.3	Tokyo
PT AirAsia Indonesia Tbk	CMPP.JK	50	18.6	-0.6	-0.1	Jakarta Stock Exchange
AirAsia X Berhad	5238.KL	163	-1.5	3.5	1.8	Kuala Lumpur
Air Busan Co., Ltd.	298690.KS	178	-2.2	20.9	1.8	KSE
Bangkok Aviation Fuel Services Public Company Limited	BAFS.BK	163	-3.8	32.4	1.0	Thailand
Korean Air Lines Co., Ltd.	003495.KS	7,093	-1.9	7.9	0.9	KSE
Enter Air Sp. z o.o.	ENT.WA	269	-1.3	6.3	2.6	Warsaw Stock Exchange
GMR Airports Infrastructure Limited	GMRINFRA.BO	8,894	11.4	-163.1	-25.6	Bombay Stock Exchange
Joby Aviation, Inc. WT	JOBY-WT	26,896	-24.5	-22.9	15.9	New York Stock Exchange
Ryanair Holdings plc	RYAAY	5,966	2.3	3.2	0.7	NASDAQ Global Select
Asiana Airlines, Inc.	020560.KS	1,445	-3.5	-6.6	0.8	KSE
Blade Air Mobility, Inc.	BLDE	346	-15.0	-12.8	1.6	NASDAQ Capital Market
Corporación América Airports S.A.	CAAP	3,229	4.4	22.5	2.2	New York Stock Exchange
Alaska Air Group, Inc.	ALK	6,451	0.9	18.1	1.6	New York Stock Exchange
United Airlines Holdings, Inc.	0LIU.L	29,948	0.7	8.3	2.4	London Stock Exchange
Asia Aviation Public Company Limited	AAV.BK	443	-2.3	3.1	1.3	Thailand
Wheels Up Experience Inc.	UP	1,020	-4.4	-2,964.4	123,129.2	New York Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.BO	97	9.5	13.0	2.8	Bombay Stock Exchange
International Consolidated Airlines Group S.A.	IAG.L	23,767	4.3	7.2	3.4	London Stock Exchange
Jin Air Co., Ltd.	272450.KS	340	0.6	6.5	1.7	KSE
Sun Country Airlines Holdings, Inc.	SNCY	664	3.5	12.3	1,104.0	NASDAQ Global Select