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	4.5	13.2	1.8
SIA Engineering Company Limited	74.2	28.0	1.9
Mediana / SIA Engineering Company Limited	0.1	0.5	1.0

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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	39,619	1.2	1.3	0.4	International Order Book
Jeju Air Co., Ltd.	089590.KS	433	0.4	26.9	1.8	KSE
JetBlue Airways Corporation	0JOT.L	1,482	-11.1	-5.3	0.6	London Stock Exchange
Korean Air Lines Co., Ltd.	003490.KS	6,360	-2.1	6.6	0.8	KSE
Alaska Air Group, Inc.	0HC3.L	6,031	0.6	16.9	1.5	London Stock Exchange
Shenzhen Feima International Supply Chain Co., Ltd.	002210.SZ	988	90.3	319.8	13.7	Shenzhen
Spirit Airlines, Inc.	0L8U.L	51	33.5	-0.1	0.1	London Stock Exchange
United Airlines Holdings, Inc.	0LIU.L	25,619	0.2	7.0	2.0	London Stock Exchange
Cathay Pacific Airways Limited	0293.HK	8,663	0.3	7.0	1.3	HKSE
China Eastern Airlines Corporation Limited	0670.HK	11,095	-77.8	-16.2	1.8	HKSE
T'Way Air Co., Ltd.	091810.KS	334	0.4	-6.9	5.5	KSE
Korea Airport Service Co.,Ltd.	005430.KS	122	2.5	4.1	0.4	KSE
Shenzhen Airport Co., Ltd.	000089.SZ	2,002	6.2	28.0	1.2	Shenzhen
Beijing Capital International Airport Company Limited	0694.HK	1,657	1.8	-8.7	0.9	HKSE
Hainan Meilan International Airport Company Limited	0357.HK	633	4.0	-11.8	1.1	HKSE
China Express Airlines Co.,LTD	002928.SZ	1,442	-0.1	32.7	3.1	Shenzhen
Air China Limited	0753.HK	17,960	-6.8	-138.0	1.9	HKSE
Korean Air Lines Co., Ltd.	003495.KS	6,191	-2.1	6.6	0.8	KSE
Asiana Airlines, Inc.	020560.KS	1,499	-3.6	-2.0	0.9	KSE
Jin Air Co., Ltd.	272450.KS	358	0.8	5.1	2.1	KSE
EVA Airways Corp.	2618.TW	7,165	3.6	7.0	1.8	Taiwan
China Airlines, Ltd.	2610.TW	4,355	1.8	8.4	1.4	Taiwan
China Southern Airlines Company Limited	1055.HK	13,609	-15.3	-21.1	2.0	HKSE
Evergreen Aviation Technologies Corporation	2645.TW	1,362	12.6	22.0	3.1	Taiwan
Air Busan Co., Ltd.	298690.KS	189	-2.1	21.7	1.9	KSE
Malaysia Airports Holdings Berhad	5014.KL	4,289	5.6	20.7	2.2	Kuala Lumpur
Saudi Airlines Catering Company	6004.SR	2,601	23.2	27.5	6.7	Saudi
Spring Airlines Co., Ltd.	601021.SS	7,599	12.6	25.6	3.1	Shanghai
Dimerco Express Corporation	5609.TWO	349	10.3	10.7	1.7	Taipei Exchange
Shanghai International Airport Co., Ltd.	600009.SS	10,992	19.0	37.8	1.9	Shanghai
Air China Limited	601111.SS	16,927	-4.7	-225.4	3.2	Shanghai
China Eastern Airlines Corporation Limited	600115.SS	11,715	-4.9	-22.8	2.6	Shanghai
Guangzhou Baiyun International Airport Co., Ltd.	600004.SS	3,053	13.3	20.3	1.1	Shanghai
Tigerair Taiwan Co., Ltd.	6757.TW	1,276	8.1	13.6	4.9	Taiwan
China Southern Airlines Company Limited	600029.SS	13,288	-108.5	-34.2	3.2	Shanghai
Saudi Ground Services Company	4031.SR	2,406	21.0	27.5	3.6	Saudi
AirAsia X Berhad	5238.KL	173	-0.9	3.2	2.1	Kuala Lumpur
Hainan Airlines Holding Co., Ltd.	600221.SS	7,976	-9.2	-42.7	22.8	Shanghai
Capital A Berhad	5099.KL	864	0.7	-7.7	-0.4	Kuala Lumpur
Xiamen International Airport Co.,Ltd	600897.SS	845	9.7	14.0	1.3	Shanghai
Aegean Airlines S.A.	AEGN.AT	1,263	0.3	4.0	2.1	Athens
Aeroports de Paris SA	ADP.PA	13,067	0.7	28.4	2.2	Paris
Aena S.M.E., S.A.	AENA.MC	3,965	1.2	1.3	0.4	Madrid Stock Exchange
Air France-KLM SA	AF.PA	2,848	-1.2	4.1	-1.1	Paris
Public Joint Stock Company Aeroflot - Russian Airlines	AFLT.ME	3,222	-3.2	4.4	-4.6	Moscow Stock Exchange
AGP Corporation	9377.T	142	11.9	21.6	2.2	Tokyo
Air Canada	AC.TO	5,142	-0.8	3.8	3.3	Toronto Stock Exchange
Air China Limited	AD2.VI	18,442	-5.2	-138.1	1.9	Vienna
ANA Holdings Inc.	9202.T	9,093	2.4	8.6	1.2	Tokyo
Star Flyer Inc.	9206.T	55	7.9	4.0	1.8	Tokyo
American Airlines Group Inc.	AAL	7,518	-6.7	10.9	-1.7	NASDAQ Global Select
Skymark Airlines Inc.	9204.T	208	6.6	13.8	1.1	Tokyo
Juneyao Airlines Co., Ltd	603885.SS	4,100	-1.0	33.1	3.4	Shanghai
Japan Airport Terminal Co., Ltd.	9706.T	2,800	4.4	14.9	2.2	Tokyo
Japan Airlines Co., Ltd.	9201.T	8,628	3.9	11.7	1.3	Tokyo
Asia Aviation Public Company Limited	AAV.BK	418	-2.8	4.0	1.2	Thailand
American Airlines Group Inc.	A1G.DE	7,516	-10.2	10.9	-1.7	Frankfurt Stock Exchange
Air Arabia PJSC	AIRARABIA.AE	4,372	8.6	10.9	2.0	Dubai
Airports of Thailand Public Company Limited	AOT-R.BK	14,141	10.4	22.8	3.5	Thailand
Azul S.A.	AZUL4.SA	160	22.1	-0.0	-0.0	São Paulo
Airports of Thailand Public Company Limited	AOT.BK	14,251	10.4	22.8	3.5	Thailand
Air New Zealand Limited	AIZ.AX	1,143	0.8	15.9	1.0	Australian Securities Exchange
Alaska Air Group, Inc.	ALK	6,013	0.6	16.9	1.5	New York Stock Exchange
Air New Zealand Limited	AIR.NZ	1,148	0.4	15.6	0.9	NZSE
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	9,267	7.8	12.9	3.2	Mexico
Allegiant Travel Company	ALGT	980	-6.7	-4.7	0.9	NASDAQ Global Select
Azul S.A.	AZUL	156	-6.6	-0.1	-0.0	New York Stock Exchange
Auckland International Airport Limited	AIA.AX	7,797	17.2	159.1	1.2	Australian Securities Exchange
Auckland International Airport Limited	AIA.NZ	7,796	15.3	159.0	1.2	NZSE
AerSale Corporation	ASLE	320	17.0	-54.5	0.8	NASDAQ Capital Market
Grupo Aeroportuario del Sureste, S. A. B. de C. V.	ASR	9,135	7.6	12.5	3.0	New York Stock Exchange
Alliance Aviation Services Limited	AQZ.AX	241	-0.4	6.1	0.9	Australian Securities Exchange
Bangkok Airways Public Company Limited	BA.BK	786	1.0	7.0	1.6	Thailand
Blade Air Mobility, Inc.	BLDE	314	-13.6	-11.5	1.4	NASDAQ Capital Market
Corporación América Airports S.A.	CAAP	3,265	4.3	14.0	2.6	New York Stock Exchange
PT Cardig Aero Services Tbk	CASS.JK	252	5.1	10.4	3.5	Jakarta Stock Exchange
Blade Air Mobility, Inc.	BLDEW	333	-13.6	-11.5	1.4	NASDAQ Capital Market
Bangkok Airways Public Company Limited	BA-R.BK	786	1.0	7.0	1.6	Thailand
Singapore Airlines Limited	C6L.SI	16,016	2.7	5.7	1.3	Stock Exchange of Singapore
Bangkok Aviation Fuel Services Public Company Limited	BAFS.BK	144	-4.4	44.6	0.9	Thailand
DO & CO Aktiengesellschaft	DOC.VI	2,248	6.9	22.3	5.1	Vienna
Çelebi Hava Servisi A.S.	CLEBI.IS	965	6.3	10.7	5.3	Istanbul Stock Exchange
Chorus Aviation Inc.	CHR.TO	400	1.1	-3.7	1.1	Toronto Stock Exchange
Copa Holdings, S.A.	CPA	4,375	2.7	7.1	1.8	New York Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.NS	144	13.7	19.2	4.2	National Stock Exchange of India
PT AirAsia Indonesia Tbk	CMPP.JK	52	18.5	-0.6	-0.1	Jakarta Stock Exchange
Delta Air Lines, Inc.	DAL	32,321	1.8	8.7	2.1	New York Stock Exchange
Dreamfolks Services Limited	DREAMFOLKS.BO	145	13.7	19.2	4.2	Bombay Stock Exchange
Flughafen Zürich AG	FHZN.SW	8,485	8.0	21.1	2.3	Swiss Exchange
easyJet plc	EZJ.L	5,503	1.7	9.0	1.4	London Stock Exchange
ENAV S.p.A.	ENAV.MI	2,385	6.8	16.3	1.7	Milan
Fraport AG	FRA.DE	6,575	5.1	12.5	1.2	Frankfurt Stock Exchange
easyJet plc	EJT1.DE	5,524	1.4	8.9	1.4	Frankfurt Stock Exchange
Flughafen Wien Aktiengesellschaft	FLU.VI	5,286	9.9	20.9	3.0	Vienna
Finnair Oyj	FIA1S.HE	639	-2.1	33.9	1.0	Helsinki
Enter Air Sp. z o.o.	ENT.WA	279	-1.3	6.5	2.7	Warsaw Stock Exchange
Exchange Income Corporation	EIF.TO	2,240	1.3	24.3	2.1	Toronto Stock Exchange
International Consolidated Airlines Group S.A.	IAG.MC	21,183	1.8	6.9	3.1	Madrid Stock Exchange
International Consolidated Airlines Group S.A.	IAG.L	21,138	1.8	6.9	3.0	London Stock Exchange
PT MNC Energy Investments Tbk	IATA.JK	96	3.0	10.1	0.7	Jakarta Stock Exchange
PT. Garuda Indonesia (Persero) Tbk	GIAA.JK	463	-7.3	-2.0	-0.1	Jakarta Stock Exchange
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	GAPB.MX	11,082	11.3	23.4	8.4	Mexico
GVK Power & Infrastructure Limited	GVKPIL.NS	76	-1.6	1.2	-1.1	National Stock Exchange of India
GMR Airports Infrastructure Limited	GMRINFRA.BO	8,920	11.4	-163.1	-25.6	Bombay Stock Exchange
flyExclusive, Inc.	FLYX	219	0.6	-3.2	-0.2	American Stock Exchange
Gol Linhas Aéreas Inteligentes S.A.	GOLL4.SA	1,315,409	1,843.3	-7.5	-1.6	São Paulo
GMR Airports Infrastructure Limited	GMRINFRA.NS	8,926	11.4	-163.1	-25.6	National Stock Exchange of India
Københavns Lufthavne A/S	KBHL.CO	8,046	18.4	50.9	13.4	Copenhagen
Icelandair Group hf.	ICEAIR.IC	352	-0.2	-67.2	1.4	Iceland
InterGlobe Aviation Limited	INDIGO.NS	25,530	9.5	29.8	23.1	National Stock Exchange of India
JetBlue Airways Corporation	JBLU	1,515	-11.1	-5.3	0.6	NASDAQ Global Select
Joby Aviation, Inc. WT	JOBY-WT	7,146	-12.3	-11.4	7.9	New York Stock Exchange
Joby Aviation, Inc.	JOBY	7,043	-12.3	-11.4	7.9	New York Stock Exchange
InterGlobe Aviation Limited	INDIGO.BO	25,573	9.5	29.8	23.1	Bombay Stock Exchange
Norwegian Air Shuttle ASA	NAS.OL	1,388	1.1	8.5	2.1	Oslo Stock Exchange
Deutsche Lufthansa AG	LHA.DE	9,999	-0.9	7.0	0.8	Frankfurt Stock Exchange
Southwest Airlines Co.	LUV	18,139	7.1	34.1	2.0	New York Stock Exchange
LATAM Airlines Group S.A.	LTM.SN	11,856	3.4	10.9	12.3	Santiago
LATAM Airlines Group S.A.	LTM	11,856	2.9	11.0	12.5	New York Stock Exchange
Metalpha Technology Holding Limited	MATH	136	21.2	19.9	4.9	NASDAQ Capital Market
Pegasus Hava Tasimaciligi Anonim Sirketi	PGSUS.IS	3,042	-0.8	8.3	1.5	Istanbul Stock Exchange
Norse Atlantic ASA	NORSE.OL	113	-18.9	-1.3	-0.5	Oslo Stock Exchange
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB.MX	4,904	12.1	23.8	8.0	Mexico
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.	OMAB	4,855	8.9	18.2	8.0	NASDAQ Global Select
Pitney Bowes Inc. NT 43	PBI-PB	3,433	1.9	-11.4	-3.5	New York Stock Exchange
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.	PAC	11,039	11.9	23.6	8.5	New York Stock Exchange
Ryanair Holdings plc	RY4C.DE	29,826	8.7	13.3	3.1	Frankfurt Stock Exchange
Ryanair Holdings plc	RYA.IR	29,188	8.7	13.3	3.1	Irish
Spirit Airlines, Inc.	SAVE	118	1.7	-0.1	-1.5	New York Stock Exchange
Samart Aviation Solutions Public Company Limited	SAV.BK	216	11.3	14.6	4.4	Thailand
Ryanair Holdings plc	RYAAY	6,086	2.3	3.2	0.7	NASDAQ Global Select
Qantas Airways Limited	QAN.AX	10,095	2.8	12.5	22.1	Australian Securities Exchange
Surf Air Mobility Inc.	SRFM	68	-1.1	-1.1	-0.4	New York Stock Exchange
SIA Engineering Company Limited	S59.SI	2,709	78.0	29.4	2.0	Stock Exchange of Singapore
Sun Country Airlines Holdings, Inc.	SNCY	610	3.2	11.3	1,016.4	NASDAQ Global Select
SkyWest, Inc.	SKYW	4,059	2.0	11.2	1.6	NASDAQ Global Select
SATS Ltd.	S58.SI	3,543	5.8	17.6	1.9	Stock Exchange of Singapore
TAV Havalimanlari Holding A.S.	TAVHL.IS	2,250	0.2	15.1	1.3	Istanbul Stock Exchange
TAAL Enterprises Limited	TAALENT.BO	130	15.8	22.4	5.4	Bombay Stock Exchange
Türk Hava Yollari Anonim Ortakligi	THYAO.IS	9,535	-0.8	3.0	0.5	Istanbul Stock Exchange
SpiceJet Limited	SPICEJET.BO	631	4.5	-35.7	-2.1	Bombay Stock Exchange
Public Joint-Stock Company UTair Aviation	UTAR.ME	1,132	1.1	64.0	3.4	Moscow Stock Exchange
Frontier Group Holdings, Inc.	ULCC	853	-58.0	12.6	1.5	NASDAQ Global Select
Airports of Thailand Public Company Limited	TX3A.F	13,946	10.4	22.8	3.5	Frankfurt Stock Exchange
Tiger Logistics (India) Limited	TIGERLOGS.BO	71	14.8	9.0	1.7	Bombay Stock Exchange
United Airlines Holdings, Inc.	UAL	25,727	0.3	7.2	2.1	NASDAQ Global Select
Toscana Aeroporti S.p.A.	TYA.MI	355	5.6	17.7	2.7	Milan
Wheels Up Experience Inc.	UP	940	-4.0	-2,657.7	110,391.7	New York Stock Exchange
Wizz Air Holdings Plc	WIZZ.L	1,527	-11.0	7.7	3.2	London Stock Exchange
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VLRS	507	-4.3	12.1	1.6	New York Stock Exchange
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	VOLARA.MX	511	-6.7	12.2	1.6	Mexico