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Gol Linhas Aéreas Inteligentes Valuation

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

GOQN (€2.38) is trading below our estimate of [[fair value]] (€71.58)

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

Valuation Score

5/6

Valuation Score 5/6

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

Share Price vs Fair Value

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

Below Fair Value: GOQN (€2.38) is trading below our estimate of fair value (€71.58)

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

Key Valuation Metric

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

Key metric: As GOQN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GOQN. This is calculated by dividing GOQN's market cap by their current revenue.
What is GOQN's PS Ratio?
PS Ratio	0.03x
Sales	R$18.77b
Market Cap	R$575.90m

GOQN 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	1.3x
Enterprise Value/EBITDA	7.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does GOQN's PS Ratio compare to its peers?

The above table shows the PS ratio for GOQN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.3x
LHA Deutsche Lufthansa	0.2x	3.9%	€7.3b
NEP SLOMAN NEPTUN Schiffahrts-Aktiengesellschaft	0.6x	n/a	€111.9m
MLL Müller - Die lila Logistik	0.2x	n/a	€43.8m
DE10 Deufol	0.1x	n/a	€43.4m
GOQN Gol Linhas Aéreas Inteligentes	0.03x	4.3%	€575.9m

Price-To-Sales vs Peers: GOQN is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (0.3x).

Price to Sales Ratio vs Industry

How does GOQN's PS Ratio compare vs other companies in the European Airlines Industry?

7 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	0.6x	5.4%
GOQN Gol Linhas Aéreas Inteligentes	0.03x	4.3%	US$111.40m

7 Companies		Estimated Growth	Market Cap
Industry Avg.	0.6x	9.3%
GOQN Gol Linhas Aéreas Inteligentes	0.03x	145.2%	US$111.40m

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Price-To-Sales vs Industry: GOQN is good value based on its Price-To-Sales Ratio (0x) compared to the Global Airlines industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

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

GOQN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.03x
Fair PS Ratio	0.3x

Price-To-Sales vs Fair Ratio: GOQN is good value based on its Price-To-Sales Ratio (0x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.