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China Airlines (TPE:2610) Cyclically Adjusted FCF per Share : NT$2.00 (As of Mar. 2024)


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What is China Airlines Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

China Airlines's adjusted free cash flow per share for the three months ended in Mar. 2024 was NT$0.961. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is NT$2.00 for the trailing ten years ended in Mar. 2024.

During the past 12 months, China Airlines's average Cyclically Adjusted FCF Growth Rate was 11.70% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 38.40% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 17.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of China Airlines was 38.40% per year. The lowest was 12.10% per year. And the median was 17.00% per year.

As of today (2024-06-01), China Airlines's current stock price is NT$22.40. China Airlines's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 was NT$2.00. China Airlines's Cyclically Adjusted Price-to-FCF of today is 11.20.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of China Airlines was 29.59. The lowest was 5.08. And the median was 11.94.


China Airlines Cyclically Adjusted FCF per Share Historical Data

The historical data trend for China Airlines's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

China Airlines Cyclically Adjusted FCF per Share Chart

China Airlines Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.13 0.69 1.36 1.59 1.83

China Airlines Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.79 1.83 1.81 1.83 2.00

Competitive Comparison of China Airlines's Cyclically Adjusted FCF per Share

For the Airlines subindustry, China Airlines's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


China Airlines's Cyclically Adjusted Price-to-FCF Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, China Airlines's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where China Airlines's Cyclically Adjusted Price-to-FCF falls into.



China Airlines Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, China Airlines's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2024 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=0.961/131.7762*131.7762
=0.961

Current CPI (Mar. 2024) = 131.7762.

China Airlines Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201406 -0.129 100.560 -0.169
201409 -0.423 100.428 -0.555
201412 -0.124 99.070 -0.165
201503 0.451 99.621 0.597
201506 0.602 100.684 0.788
201509 0.624 100.392 0.819
201512 0.347 99.792 0.458
201603 -0.386 100.470 -0.506
201606 0.273 101.688 0.354
201609 -0.556 101.861 -0.719
201612 -1.129 101.863 -1.461
201703 -0.275 102.862 -0.352
201706 0.615 103.349 0.784
201709 0.332 104.136 0.420
201712 -0.440 104.011 -0.557
201803 -0.785 105.290 -0.982
201806 0.770 106.317 0.954
201809 0.700 106.507 0.866
201812 0.484 105.998 0.602
201903 1.201 107.251 1.476
201906 1.320 108.070 1.610
201909 -0.007 108.329 -0.009
201912 0.883 108.420 1.073
202003 -1.656 108.902 -2.004
202006 0.370 108.767 0.448
202009 0.864 109.815 1.037
202012 -0.152 109.897 -0.182
202103 0.199 111.754 0.235
202106 0.853 114.631 0.981
202109 1.423 115.734 1.620
202112 3.338 117.630 3.739
202203 0.397 121.301 0.431
202206 0.492 125.017 0.519
202209 0.729 125.227 0.767
202212 1.613 125.222 1.697
202303 1.689 127.348 1.748
202306 2.107 128.729 2.157
202309 0.047 129.860 0.048
202312 0.510 129.419 0.519
202403 0.961 131.776 0.961

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


China Airlines  (TPE:2610) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

China Airlines's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=22.40/2
=11.20

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of China Airlines was 29.59. The lowest was 5.08. And the median was 11.94.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


China Airlines Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of China Airlines's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


China Airlines (TPE:2610) Business Description

Industry
Traded in Other Exchanges
N/A
Address
No. 1, Hangzhan South Road, Dayuan District, Taoyuan, TWN
China Airlines Ltd provides air transportation services. The company is composed of its flight and non-flight segments. The flight segment is the core business of the firm and offers transport services primarily for passengers and cargo. A vast proportion of the company's revenue is generated from transporting passengers in its flight operating unit. The non-flight segment provides various services such as mail and ground solutions, data processing services to other airlines, aircraft maintenance, and aircraft leasing. It engages in air transportation services for passengers, cargo and others. The company's geographical segments include America, Northeast Asia, Southeast Asia, Europe, Australia, China, and Domestic.

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