Cathay Pacific Airways Limited (CPCAY)
UndervaluedFundamental
84
मूल्य
$14.74
मार्केट कैप
$87.20B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
Cathay Pacific is Hong Kong's home airline, flying passengers and freight between Hong Kong and destinations across Asia, North America, Europe and Australia, using the city's international airport as its hub. The group also owns the low-cost carrier HK Express and a large cargo operation that flies dedicated freighter aircraft. Its business depends on Hong Kong remaining an attractive stopover point for travellers and shippers moving between Asia and the rest of the world.
यह पैसा कैसे कमाती है
The airline sells seats and cargo space on scheduled flights; revenue is booked when a passenger flies or a shipment moves, and results move with two separate drivers — how full the planes are (load factor) and how much each seat or kilogram of cargo fetches (yield). Fuel is the single largest cost, so profitability is squeezed whenever oil prices rise faster than fares and freight rates can be adjusted.
सेगमेंट के अनुसार राजस्व
Passenger flights on Cathay Pacific and HK Express, plus catering, engineering and other airline-related services; not broken out separately in reported results.
Dedicated freighter and belly-hold cargo capacity, which carried 1.67 million tonnes in 2025 for HK$24.3 billion in revenue.
प्रतिस्पर्धी बढ़त (Moat)
स्केल · संकीर्णCathay's position as the dominant carrier at Hong Kong International Airport, with decades of accumulated route rights, slots and a large widebody fleet, gives it a real hub advantage that a new entrant could not quickly replicate. The advantage is narrow: airlines compete hard on price for the same passengers, and Cathay's own results show yields falling under regional competition even as the hub advantage holds.
मांग को क्या चलाता है
चक्रीयAir travel and air freight demand rise and fall with global trade and travel activity, and fares fall quickly whenever regional airlines add capacity, as happened across Asia in 2025 as carriers restored seats after the pandemic. Jet fuel, priced off volatile crude oil, is a further swing factor the airline can only partly hedge.
प्रमुख जोखिम
- Geopolitical route disruption — A volatile geopolitical environment can force sudden route cancellations and reroutings, as happened when the group cancelled all flights to Dubai and Riyadh in response to Middle East tensions, cutting capacity with little notice.
- Fuel price volatility — Jet fuel is one of the largest items on the airline's cost base; management has hedged only around 30% of anticipated 2026 fuel needs at roughly $70 a barrel for Brent crude, leaving most of the exposure unhedged.
- Regional competition on fares — Asian airlines restoring post-pandemic capacity pushed fares down across the region in 2025, cutting Cathay Pacific's full-service yield by 12% and low-cost subsidiary HK Express's yield by 23% year on year.
खरीदने के पक्ष में तर्क
Buyers argue that Cathay's Hong Kong hub advantage remains intact, that group profit rose to HK$10.8 billion in 2025 on record passenger volumes, and that continued long-haul network expansion to North America and Europe positions the airline to keep capturing recovering travel demand.
बेचने के पक्ष में तर्क
Sellers worry that regional overcapacity is already pushing fares and yields down, that geopolitical shocks can force route cancellations with almost no warning, and that with most of its fuel exposure unhedged a sustained rise in oil prices would hit margins hard just as competitive pressure caps how much fares can rise.
Written by the editors, published on 18 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 2026 with claude-haiku-4-5 — shared with all users
The other premium Asian hub carrier, competing directly for long-haul premium and connecting traffic between Southeast Asia, Europe, Australia and North America.
Dubai's hub carrier competes for the same Asia-to-Europe, Africa and Middle East connecting passengers that Cathay routes through Hong Kong.
The largest mainland Chinese carrier competes on price and capacity for Chinese outbound travellers on regional and long-haul routes Cathay feeds through Hong Kong.
Seoul Incheon is a rival Northeast Asian transfer hub disputing the same transpacific and Asia-Europe connecting flows.
State-owned Gulf carrier that draws Asian passengers onto its Doha hub for Europe, Africa and the Americas, the same one-stop itineraries Cathay sells.
Privately held rival operating from the same home airport, competing head-on with Cathay on Asia-Pacific regional routes where yields have been falling.
बैलेंस शीट और तरलता
राजस्व
$126.50B
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
शुद्ध आय
$12.54B
अंतिम प्रकाशित तिमाही तक के पिछले 12 महीने — प्रति शेयर मेट्रिक्स से अनुमानित
Free Cash Flow
$15.46B
कुल इक्विटी
$58.02B
कुल देनदारियाँ
$63.49B
Current Ratio
0.44
Interest Coverage
-
Debt/EBITDA
2.79
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$19.76
वर्तमान मूल्य
$14.74
Margin of Safety
+25.4%
Fair Value सीमा
$15.37 - $24.16
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
7.15
ROE
24.5%
P/B Ratio
1.54
P/FCF
5.64
Gross Margin
65.2%
ROIC
8.2%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
8.2%
WACC
4.6%
ROIC − WACC
+3.6 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (16)
- ROIC 8.2%
- Gross Margin 65.2%
- P/FCF 5.64
- P/B Ratio 1.54
- Debt/Equity ratio
- Operating Margin 12.3%
- Positive Free Cash Flow
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 22.7%
- Revenue Growth 5Y 20.0%
- Analyst Consensus 75% Buy
- Earnings Surprise avg 50.5%
- Earnings Quality (OCF/NI) 2.58
- Net Margin Trend 9.3% vs 9.2%
फेल (4)
- Price CAGR 4.57%
- CapEx intensity
- Current Ratio
- Piotroski F-Score 2/9
अनुपलब्ध (7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
इस कंपनी के लिए कोई संस्थागत घोषणा उपलब्ध नहीं है।
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Mr. Guy Martin Coutts Bradley J.P. | Executive Chairman of the Board | 59 |
| Mr. Siu Por Lam | CEO & Executive Director | 52 |
| Ms. Rebecca Jane Sharpe | CFO & Executive Director | 54 |
| Mr. James John McGowan | Chief Operations & Service Delivery Officer and Executive Director | 52 |
| Ms. Hoi Zee Lau | Chief Customer & Commercial Officer and Executive Director | 54 |
| Mr. Keith Fung | General Manager of Corporate Finance | - |
| Ms. Joanna Lai | Group General Counsel & Company Secretary | 40 |
| Ms. Patricia Hwang | Director of People | - |
| Christopher J. Buckley | Head of Financial Service | - |
| Mr. Jonathan Ng | Regional Head of Customer Travel & Lifestyle - Southeast Asia | - |
Audit जोखिम
3
बोर्ड जोखिम
4
मुआवजा जोखिम
5
शेयरधारक अधिकार जोखिम
8
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for CPCAY, sourced from Markets Gazette.