Airline valuations
Recovering from Covid — July 2021
According to the global stockmarkets, airline values, measured by stockmarket capitalisations, have just about recovered from Covid-19. Our survey of 23 stockmarket-quoted airlines (see table) shows that their total market capitalisation has fallen by $23.6bn or 9% since the beginning of 2020. Over the same time period there has been a 20% increase in the Dow Jones and a 34% growth in the S&P 500, both indices driven by tech stocks, while London’s FTSE 100, without the benefit of a large tech component, is down by 7%.
| Market Cap | ||||
|---|---|---|---|---|
| $bn | 1 Jan 2020 | 30 Jun 2021 | Pct Chg | Equity raised |
| Southwest | 27.9 | 31.5 | +13% | 2.3 |
| Delta | 37.9 | 28.0 | -26% | |
| Ryanair | 17.9 | 20.9 | +17% | 0.5 |
| United | 22.1 | 16.7 | -24% | 2.6 |
| American | 12.2 | 13.6 | +12% | 2.9 |
| China Southern | 10.5 | 11.2 | +7% | 2.1 |
| ANA | 11.2 | 11.1 | -1% | 2.7 |
| SIA | 8.0 | 10.7 | +34% | 10.9 |
| Air China | 13.3 | 10.5 | -21% | |
| IAG | 16.4 | 10.0 | -39% | 3.3 |
| China Eastern | 11.1 | 9.5 | -14% | |
| JAL | 10.5 | 9.5 | -10% | 1.7 |
| Alaska | 8.4 | 7.6 | -9% | |
| Lufthansa | 8.8 | 6.7 | -24% | 0.4 |
| Qantas | 7.8 | 6.6 | -15% | 1.1 |
| Cathay | 5.8 | 5.5 | -6% | 4.0 |
| JetBlue | 5.6 | 5.3 | -5% | 0.6 |
| easyJet | 7.2 | 4.7 | -34% | 0.5 |
| Wizz | 4.4 | 4.6 | +4% | |
| Allegiant | 2.8 | 3.3 | +21% | 0.3 |
| Spirit | 2.8 | 3.3 | +20% | 0.4 |
| Air France-KLM | 4.8 | 3.1 | -35% | 1.2 |
| AirAsia | 1.4 | 0.8 | -41% | 0.1 |
| Total | 258.6 | 235.0 | -9% | 37.5 |
