Guangzhou Baiyun International Airport Valuation

Q: What is the Fair Price of 600004 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

600004 (CN¥9.68) is trading below our estimate of [[fair value]] (CN¥13.58)

Is 600004 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 600004 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600004 (CN¥9.68) is trading below our estimate of fair value (CN¥13.58)

Significantly Below Fair Value: 600004 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600004?

Key metric: As 600004 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 600004. This is calculated by dividing 600004's market cap by their current earnings.
What is 600004's PE Ratio?
PE Ratio	27.4x
Earnings	CN¥835.77m
Market Cap	CN¥22.91b

600004 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.9x
Enterprise Value/EBITDA	8.4x
PEG Ratio	2x

Price to Earnings Ratio vs Peers

How does 600004's PE Ratio compare to its peers?

The above table shows the PE ratio for 600004 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	49.7x
000089 Shenzhen Airport	25.8x	19.6%	CN¥14.4b
002023 Sichuan Haite High-techLtd	106.3x	n/a	CN¥8.0b
600897 Xiamen International AirportLtd	13.7x	13.9%	CN¥6.3b
600009 Shanghai International Airport	52.9x	38.1%	CN¥86.6b
600004 Guangzhou Baiyun International Airport	27.4x	13.9%	CN¥22.9b

Price-To-Earnings vs Peers: 600004 is good value based on its Price-To-Earnings Ratio (27.4x) compared to the peer average (49.7x).

Price to Earnings Ratio vs Industry

How does 600004's PE Ratio compare vs other companies in the CN Infrastructure Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 600004 is expensive based on its Price-To-Earnings Ratio (27.4x) compared to the CN Infrastructure industry average (15.7x).

Price to Earnings Ratio vs Fair Ratio

What is 600004's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600004 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	27.4x
Fair PE Ratio	17.7x

Price-To-Earnings vs Fair Ratio: 600004 is expensive based on its Price-To-Earnings Ratio (27.4x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 600004 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥9.68	CN¥11.89 +22.8%	21.7%	CN¥16.60	CN¥8.20	n/a	10
Nov ’25	CN¥9.65	CN¥11.71 +21.3%	21.9%	CN¥16.40	CN¥8.20	n/a	10
Oct ’25	CN¥10.46	CN¥11.71 +12.0%	21.9%	CN¥16.40	CN¥8.20	n/a	10
Sep ’25	CN¥9.13	CN¥12.19 +33.5%	19.2%	CN¥16.40	CN¥9.10	n/a	10
Aug ’25	CN¥9.62	CN¥12.53 +30.2%	17.9%	CN¥16.40	CN¥9.10	n/a	10
Jul ’25	CN¥9.52	CN¥12.43 +30.6%	18.0%	CN¥16.40	CN¥9.10	n/a	10
Jun ’25	CN¥10.14	CN¥12.56 +23.9%	17.5%	CN¥16.40	CN¥9.10	n/a	10
May ’25	CN¥10.35	CN¥13.11 +26.7%	24.2%	CN¥20.00	CN¥9.10	n/a	10
Apr ’25	CN¥10.36	CN¥13.44 +29.8%	24.4%	CN¥20.00	CN¥9.00	n/a	9
Mar ’25	CN¥10.07	CN¥14.22 +41.2%	24.7%	CN¥20.00	CN¥9.00	n/a	9
Feb ’25	CN¥9.28	CN¥14.36 +54.7%	23.2%	CN¥20.00	CN¥10.20	n/a	9
Jan ’25	CN¥9.78	CN¥14.51 +48.4%	22.6%	CN¥20.00	CN¥10.20	n/a	9
Dec ’24	CN¥10.82	CN¥16.00 +47.9%	20.8%	CN¥20.00	CN¥10.20	n/a	10
Nov ’24	CN¥10.62	CN¥16.00 +50.7%	20.8%	CN¥20.00	CN¥10.20	CN¥9.65	10
Oct ’24	CN¥11.20	CN¥16.32 +45.7%	19.0%	CN¥20.00	CN¥10.60	CN¥10.46	10
Sep ’24	CN¥11.90	CN¥16.74 +40.6%	13.9%	CN¥20.00	CN¥12.00	CN¥9.13	11
Aug ’24	CN¥14.47	CN¥17.22 +19.0%	12.8%	CN¥20.00	CN¥12.00	CN¥9.62	11
Jul ’24	CN¥14.34	CN¥17.13 +19.4%	12.8%	CN¥20.00	CN¥12.00	CN¥9.52	11
Jun ’24	CN¥13.77	CN¥17.13 +24.4%	12.8%	CN¥20.00	CN¥12.00	CN¥10.14	11
May ’24	CN¥15.68	CN¥17.09 +9.0%	14.0%	CN¥21.00	CN¥12.00	CN¥10.35	10
Apr ’24	CN¥15.63	CN¥16.40 +4.9%	15.4%	CN¥21.00	CN¥11.30	CN¥10.36	10
Mar ’24	CN¥14.31	CN¥16.06 +12.2%	13.0%	CN¥18.50	CN¥11.30	CN¥10.07	10
Feb ’24	CN¥13.96	CN¥15.99 +14.5%	13.0%	CN¥18.50	CN¥11.30	CN¥9.28	10
Jan ’24	CN¥15.01	CN¥15.18 +1.1%	15.6%	CN¥18.50	CN¥11.20	CN¥9.78	10
Dec ’23	CN¥14.43	CN¥14.89 +3.2%	15.5%	CN¥18.50	CN¥11.20	CN¥10.82	10
Nov ’23	CN¥15.22	CN¥14.67 -3.6%	16.5%	CN¥19.00	CN¥11.20	CN¥10.62	11

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.