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

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	5.2	13.4	1.9
Delta Air Lines, Inc.	2.0	9.0	2.1
Mediana / Delta Air Lines, Inc.	2.6	1.5	0.9

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Pozostałe spółki z branży Airlines, Airports & Air Services

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Aena S.M.E., S.A.	0R4Y.IL	39,946	7.8	1.3	0.4	International Order Book
Jeju Air Co., Ltd.	089590.KS	423	-0.6	-9.9	2.0	KSE
JetBlue Airways Corporation	0JOT.L	1,548	-11.0	-5.5	0.6	London Stock Exchange
Korean Air Lines Co., Ltd.	003490.KS	6,361	-2.1	7.1	0.8	KSE
Alaska Air Group, Inc.	0HC3.L	6,240	0.7	17.5	1.5	London Stock Exchange
Shenzhen Feima International Supply Chain Co., Ltd.	002210.SZ	1,104	100.4	355.6	15.2	Shenzhen
Spirit Airlines, Inc.	0L8U.L	51	33.5	-0.1	0.1	London Stock Exchange
United Airlines Holdings, Inc.	0LIU.L	27,212	0.4	7.5	2.2	London Stock Exchange
Cathay Pacific Airways Limited	0293.HK	8,843	0.3	7.0	1.3	HKSE
China Eastern Airlines Corporation Limited	0670.HK	11,132	-81.2	-15.7	1.8	HKSE
T'Way Air Co., Ltd.	091810.KS	317	9.1	-2.7	12.8	KSE
Korea Airport Service Co.,Ltd.	005430.KS	120	2.9	4.2	0.4	KSE
Shenzhen Airport Co., Ltd.	000089.SZ	1,978	6.1	27.7	1.2	Shenzhen
Beijing Capital International Airport Company Limited	0694.HK	1,732	2.3	-9.0	0.9	HKSE
Hainan Meilan International Airport Company Limited	0357.HK	664	4.8	-12.5	1.2	HKSE
China Express Airlines Co.,LTD	002928.SZ	1,424	-0.4	31.3	3.0	Shenzhen
Air China Limited	0753.HK	16,805	-7.0	-137.1	1.9	HKSE
Korean Air Lines Co., Ltd.	003495.KS	6,174	-2.1	7.1	0.8	KSE
Asiana Airlines, Inc.	020560.KS	1,478	-3.5	-6.6	0.8	KSE
EVA Airways Corp.	2618.TW	7,749	3.7	7.4	1.9	Taiwan
China Airlines, Ltd.	2610.TW	4,617	1.9	8.6	1.5	Taiwan
China Southern Airlines Company Limited	1055.HK	13,504	-16.1	-20.5	1.9	HKSE
Evergreen Aviation Technologies Corporation	2645.TW	1,350	12.1	21.3	3.0	Taiwan
Air Busan Co., Ltd.	298690.KS	186	-2.1	21.4	1.8	KSE
Malaysia Airports Holdings Berhad	5014.KL	4,313	5.6	20.7	2.2	Kuala Lumpur
Dimerco Express Corporation	5609.TWO	367	10.5	11.1	1.8	Taipei Exchange
Shanghai International Airport Co., Ltd.	600009.SS	10,967	19.0	37.7	1.8	Shanghai
Jin Air Co., Ltd.	272450.KS	353	0.6	6.6	1.7	KSE
China Eastern Airlines Corporation Limited	600115.SS	10,969	-5.4	-21.5	2.4	Shanghai
Guangzhou Baiyun International Airport Co., Ltd.	600004.SS	2,994	13.1	19.9	1.1	Shanghai
China Southern Airlines Company Limited	600029.SS	12,938	-113.6	-33.5	3.2	Shanghai
Saudi Ground Services Company	4031.SR	2,487	20.8	26.4	3.8	Saudi
AirAsia X Berhad	5238.KL	172	-1.4	3.6	1.9	Kuala Lumpur
Hainan Airlines Holding Co., Ltd.	600221.SS	8,233	-8.5	-43.7	23.3	Shanghai
Capital A Berhad	5099.KL	864	0.9	11.8	-0.4	Kuala Lumpur
Saudi Airlines Catering Company	6004.SR	2,639	21.7	27.8	6.9	Saudi
Spring Airlines Co., Ltd.	601021.SS	7,567	12.5	25.5	3.1	Shanghai
Air China Limited	601111.SS	16,491	-5.3	-218.2	3.1	Shanghai
Tigerair Taiwan Co., Ltd.	6757.TW	1,368	8.3	13.9	5.1	Taiwan
Juneyao Airlines Co., Ltd	603885.SS	3,916	-1.4	31.3	3.2	Shanghai
Xiamen International Airport Co.,Ltd	600897.SS	854	9.8	14.2	1.3	Shanghai
Aegean Airlines S.A.	AEGN.AT	1,315	0.4	4.3	2.2	Athens
Aeroports de Paris SA	ADP.PA	13,235	0.8	28.4	2.2	Paris
Air Arabia PJSC	AIRARABIA.AE	4,359	8.6	10.9	2.0	Dubai
Aena S.M.E., S.A.	AENA.MC	39,783	7.9	1.3	0.4	Madrid Stock Exchange
Air France-KLM SA	AF.PA	2,884	-1.2	4.8	-1.3	Paris
Public Joint Stock Company Aeroflot - Russian Airlines	AFLT.ME	3,164	-3.2	4.3	-4.6	Moscow Stock Exchange
Airports of Thailand Public Company Limited	AOT-R.BK	13,358	10.0	22.7	3.5	Thailand
AGP Corporation	9377.T	139	11.4	20.6	2.1	Tokyo
Air Canada	AC.TO	5,451	-0.7	4.2	3.6	Toronto Stock Exchange
Air China Limited	AD2.VI	17,348	-6.1	-141.4	2.0	Vienna
Airports of Thailand Public Company Limited	AOT.BK	13,358	10.0	22.7	3.5	Thailand
Air New Zealand Limited	AIZ.AX	1,159	0.8	16.1	1.0	Australian Securities Exchange
Alaska Air Group, Inc.	ALK	6,197	0.7	17.4	1.5	New York Stock Exchange
ANA Holdings Inc.	9202.T	9,474	2.6	8.9	1.2	Tokyo
Air New Zealand Limited	AIR.NZ	1,162	0.5	15.9	1.0	NZSE
Star Flyer Inc.	9206.T	57	8.1	4.1	1.8	Tokyo
American Airlines Group Inc.	AAL	7,710	-6.7	11.2	-1.7	NASDAQ Global Select
Allegiant Travel Company	ALGT	1,101	-5.8	-5.2	1.0	NASDAQ Global Select
Skymark Airlines Inc.	9204.T	202	6.5	13.6	1.1	Tokyo
Auckland International Airport Limited	AIA.AX	7,822	17.3	160.5	1.2	Australian Securities Exchange
Auckland International Airport Limited	AIA.NZ	7,790	15.4	159.7	1.2	NZSE
Japan Airport Terminal Co., Ltd.	9706.T	2,968	4.7	15.6	2.3	Tokyo
Japan Airlines Co., Ltd.	9201.T	8,937	4.0	12.1	1.3	Tokyo
Asia Aviation Public Company Limited	AAV.BK	416	-2.8	4.3	1.3	Thailand
American Airlines Group Inc.	A1G.DE	7,651	-10.1	11.2	-1.7	Frankfurt Stock Exchange
Alliance Aviation Services Limited	AQZ.AX	283	-0.2	6.8	1.0	Australian Securities Exchange
Bangkok Airways Public Company Limited	BA.BK	811	1.1	7.3	1.7	Thailand
Azul S.A.	AZUL4.SA	152	22.1	-0.0	-0.0	São Paulo
Blade Air Mobility, Inc.	BLDE	339	-14.8	-12.6	1.5	NASDAQ Capital Market
Blade Air Mobility, Inc.	BLDEW	339	-14.8	-12.6	1.5	NASDAQ Capital Market
Air Transport Services Group, Inc.	ATSG	1,481	3.1	61.7	1.0	NASDAQ Global Select
Grupo Aeroportuario del Sureste, S. A. B. de C. V.	ASURB.MX	9,683	8.0	13.3	3.3	Mexico
Azul S.A.	AZUL	156	-6.6	-0.1	-0.0	New York Stock Exchange
Bangkok Airways Public Company Limited	BA-R.BK	811	1.1	7.3	1.7	Thailand
AerSale Corporation	ASLE	330	18.5	-56.9	0.8	NASDAQ Capital Market
Bangkok Aviation Fuel Services Public Company Limited	BAFS.BK	147	-4.3	46.2	0.9	Thailand
Grupo Aeroportuario del Sureste, S. A. B. de C. V.	ASR	9,509	7.7	12.7	3.1	New York Stock Exchange
Çelebi Hava Servisi A.S.	CLEBI.IS	1,083	7.1	12.1	6.0	Istanbul Stock Exchange
Copa Holdings, S.A.	CPA	4,597	3.0	7.6	1.9	New York Stock Exchange
Corporación América Airports S.A.	CAAP	3,407	4.7	23.7	2.4	New York Stock Exchange
PT Cardig Aero Services Tbk	CASS.JK	257	5.2	10.5	3.5	Jakarta Stock Exchange
PT AirAsia Indonesia Tbk	CMPP.JK	52	18.5	-0.6	-0.1	Jakarta Stock Exchange
Singapore Airlines Limited	C6L.SI	16,609	3.0	5.8	1.4	Stock Exchange of Singapore
ENAV S.p.A.	ENAV.MI	2,464	7.0	16.6	1.7	Milan
DO & CO Aktiengesellschaft	DOC.VI	2,380	7.3	23.4	5.3	Vienna
easyJet plc	EJT1.DE	5,387	1.3	8.7	1.3	Frankfurt Stock Exchange
Enter Air Sp. z o.o.	ENT.WA	277	-1.3	6.4	2.7	Warsaw Stock Exchange
Chorus Aviation Inc.	CHR.TO	430	1.3	-4.1	1.2	Toronto Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.NS	119	11.3	15.6	3.4	National Stock Exchange of India
Exchange Income Corporation	EIF.TO	2,466	1.8	26.6	2.3	Toronto Stock Exchange
Delta Air Lines, Inc.	DAL	33,209	2.0	8.9	2.1	New York Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.BO	119	11.3	15.6	3.4	Bombay Stock Exchange
Flughafen Zürich AG	FHZN.SW	8,596	7.9	20.9	2.3	Swiss Exchange
easyJet plc	EZJ.L	5,358	1.6	8.7	1.3	London Stock Exchange
Fraport AG	FRA.DE	6,975	5.3	13.1	1.2	Frankfurt Stock Exchange
Flughafen Wien Aktiengesellschaft	FLU.VI	5,216	9.7	20.5	2.9	Vienna
Finnair Oyj	FIA1S.HE	672	-2.0	35.2	1.0	Helsinki
PT. Garuda Indonesia (Persero) Tbk	GIAA.JK	370	-7.5	-1.9	-0.1	Jakarta Stock Exchange
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	GAPB.MX	11,796	11.7	24.4	8.8	Mexico
GMR Airports Infrastructure Limited	GMRINFRA.BO	8,972	11.4	-163.1	-25.6	Bombay Stock Exchange
flyExclusive, Inc.	FLYX	187	1.1	-2.8	-0.2	American Stock Exchange
Gol Linhas Aéreas Inteligentes S.A.	GOLL4.SA	8,400	-34.1	-0.0	-0.0	São Paulo
GMR Airports Infrastructure Limited	GMRINFRA.NS	8,979	11.4	-163.1	-25.6	National Stock Exchange of India
International Consolidated Airlines Group S.A.	IAG.MC	22,060	2.0	7.2	3.2	Madrid Stock Exchange
International Consolidated Airlines Group S.A.	IAG.L	22,112	2.0	7.2	3.2	London Stock Exchange
Icelandair Group hf.	ICEAIR.IC	374	-0.1	-71.1	1.5	Iceland
PT MNC Energy Investments Tbk	IATA.JK	97	3.1	10.2	0.7	Jakarta Stock Exchange
InterGlobe Aviation Limited	INDIGO.NS	26,040	9.9	30.7	23.8	National Stock Exchange of India
GVK Power & Infrastructure Limited	GVKPIL.NS	77	-1.6	1.2	-1.1	National Stock Exchange of India
Joby Aviation, Inc.	JOBY	8,353	-14.6	-13.6	9.4	New York Stock Exchange
InterGlobe Aviation Limited	INDIGO.BO	26,035	9.9	30.7	23.8	Bombay Stock Exchange
Københavns Lufthavne A/S	KBHL.CO	8,153	18.4	50.9	13.4	Copenhagen
Deutsche Lufthansa AG	LHA.DE	10,119	-0.9	7.0	0.8	Frankfurt Stock Exchange
Southwest Airlines Co.	LUV	19,421	7.6	36.5	2.1	New York Stock Exchange
LATAM Airlines Group S.A.	LTM.SN	12,592	3.9	11.8	13.3	Santiago
LATAM Airlines Group S.A.	LTM	12,621	3.3	11.8	13.3	New York Stock Exchange
JetBlue Airways Corporation	JBLU	1,580	-11.0	-5.5	0.6	NASDAQ Global Select
Metalpha Technology Holding Limited	MATH	146	23.0	21.7	5.3	NASDAQ Capital Market
Norwegian Air Shuttle ASA	NAS.OL	1,529	1.3	9.4	2.3	Oslo Stock Exchange
Norse Atlantic ASA	NORSE.OL	132	-18.3	-1.5	-0.6	Oslo Stock Exchange
Pegasus Hava Tasimaciligi Anonim Sirketi	PGSUS.IS	3,254	-0.4	9.2	1.6	Istanbul Stock Exchange
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB.MX	5,360	13.0	25.3	8.6	Mexico
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB	5,150	9.2	18.9	8.3	NASDAQ Global Select
Pitney Bowes Inc. NT 43	PBI-PB	3,538	3.8	-12.5	-3.8	New York Stock Exchange
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	PAC	11,698	12.3	24.4	8.8	New York Stock Exchange
Qantas Airways Limited	QAN.AX	10,426	2.9	12.6	22.4	Australian Securities Exchange
Ryanair Holdings plc	RY4C.DE	29,339	8.6	16.2	3.7	Frankfurt Stock Exchange
Ryanair Holdings plc	RYA.IR	29,562	8.6	16.2	3.7	Irish
SIA Engineering Company Limited	S59.SI	2,746	79.0	29.8	2.0	Stock Exchange of Singapore
Spirit Airlines, Inc.	SAVE	118	1.7	-0.1	-1.5	New York Stock Exchange
Samart Aviation Solutions Public Company Limited	SAV.BK	222	11.8	15.4	4.7	Thailand
SkyWest, Inc.	SKYW	4,362	2.4	12.0	1.8	NASDAQ Global Select
SATS Ltd.	S58.SI	3,557	5.8	17.7	1.9	Stock Exchange of Singapore
Ryanair Holdings plc	RYAAY	6,142	2.3	3.2	0.7	NASDAQ Global Select
TAV Havalimanlari Holding A.S.	TAVHL.IS	2,398	0.3	15.5	1.3	Istanbul Stock Exchange
TAAL Enterprises Limited	TAALENT.BO	134	16.5	23.5	5.6	Bombay Stock Exchange
Türk Hava Yollari Anonim Ortakligi	THYAO.IS	10,089	-0.6	3.2	0.5	Istanbul Stock Exchange
SpiceJet Limited	SPICEJET.BO	598	3.1	-33.6	-2.0	Bombay Stock Exchange
Surf Air Mobility Inc.	SRFM	141	-2.7	-1.2	-0.5	New York Stock Exchange
Tiger Logistics (India) Limited	TIGERLOGS.BO	72	15.0	9.0	1.8	Bombay Stock Exchange
Sun Country Airlines Holdings, Inc.	SNCY	669	3.5	12.4	1,112.8	NASDAQ Global Select
Wizz Air Holdings Plc	WIZZ.L	1,530	-11.0	7.6	3.1	London Stock Exchange
Public Joint-Stock Company UTair Aviation	UTAR.ME	1,152	1.2	66.3	3.6	Moscow Stock Exchange
Frontier Group Holdings, Inc.	ULCC	945	-56.4	13.9	1.7	NASDAQ Global Select
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VLRS	553	-4.3	13.2	1.8	New York Stock Exchange
Airports of Thailand Public Company Limited	TX3A.F	12,702	10.0	22.7	3.5	Frankfurt Stock Exchange
United Airlines Holdings, Inc.	UAL	26,899	0.4	7.5	2.2	NASDAQ Global Select
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VOLARA.MX	561	-6.5	13.3	1.8	Mexico
Toscana Aeroporti S.p.A.	TYA.MI	370	5.9	18.4	2.8	Milan
Wheels Up Experience Inc.	UP	783	-3.5	-2,289.7	95,106.7	New York Stock Exchange