China Aircraft Leasing Group Holdings Limited

1848.HK · Industrials · Rental & Leasing Services · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

-4.39B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

904.19M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

904.19M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

-862.18M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

323.11M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

-2.67×

the ratio the screener ranks by

Margin of Safety

—

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: -4.39B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)577.90M USD
−②Net Debt Today5.58B USD
+③Growth Value603.80M USD
=Value-4.39B USD

EPV of the Operations (NOPAT over WACC)

577.90M USD

Net debt today

-5.58B USD

Growth Value

+603.80M USD

Value

-4.39B USD

①EPV (Earnings Power Value)

577.90M USD

②Net Debt Today

5.58B USD

③Growth Value

603.80M USD

Market value

Market Cap323.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 904.19M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 904.19M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap323.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+64.3%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 904.19M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 904.19M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap323.11M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+64.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.24%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.69×Market Risk Premium 6.00%= 8.67%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 18.79M USDPretax Income 67.08M USD= 28.01%

The tax the interest saves.

Interest Expense =EBIT 63.02M USD−Pretax Income 67.08M USD= —

The interest the company paid: EBIT is the profit before tax plus the interest.

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 6.03B USDMarket Cap + Total Debt 323.11M USD + 6.03B USD= 94.91%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 5.09%×Cost of Equity 8.67%+Debt Weight 94.91%×Cost of Debt 4.00%= 4.24%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 7.47B USD − Total Liabilities 6.56B USD = Book Value Today 904.19M USD

Total Debt 6.03B USD − Cash and Short-Term Investments 452.60M USD = Net Debt Today 5.58B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.5%at most 5%passes747,974,981 / 744,355,352
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.3%at least -10.0%passes(287.19M USD − 43.55M USD) ÷ 7.47B USD
Price to bookMarket Cap ÷ Book Value Today0.36×at most 3×passes323.11M USD ÷ 904.19M USD
Operating marginOperating Income ÷ Revenue11.2%above 10.0%passes63.02M USD ÷ 564.68M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-4.0%above 10.0%does not pass564.68M USD / 588.30M USD
Net cash(Cash − Total Debt) ÷ Market Cap-1725.9%above -30%does not pass(452.60M USD − 6.03B USD) ÷ 323.11M USD
Operating efficiencyOperating Income ÷ Gross Profit129.1%above 25.0%passes63.02M USD ÷ 48.81M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

3.33 HKD

Enterprise value

51.29B HKD

the provider's own figure

EV / EBITDA

—

Price / book

0.54×

the provider's book

Price / earnings

6.81×

Return on equity

6.5%

the provider's figure, not this page's

Profit margin

13.3%

Revenue growth

69.4%

Analyst target, mean

5.51 HKD

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

481.51M554.04M588.30M564.68M

Gross profit

82.03M20.99M-15.89M48.81M

Operating income

85.87M21.49M3.97M63.02M

EBITDA

operating income before depreciation and amortisation

260.09M228.93M221.43M250.53M

Pretax income

67.23M65.83M82.68M67.08M

Net income

9.45M3.62M33.21M43.55M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

67.64M-3.67M41.15M25.73M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

7.11B7.67B7.51B7.47B

Total liabilities

6.30B7.01B6.82B6.56B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

806.85M662.04M688.70M906.98M

Total debt

5.80B6.47B6.27B6.03B

Cash and equivalents

456.24M678.61M487.16M452.60M

Net PP&E

fixed assets after depreciation

4.74B5.27B4.73B5.13B

Working capital

current assets less current liabilities

1.94B1.98B2.40B1.90B
Cash flow (USD)2022202320242025

Operating cash flow

430.04M472.31M390.66M287.19M

Capital expenditure

paid out, so below zero

-1.40B-1.42B-1.20B-1.86B

Depreciation and amortisation

174.22M207.44M217.46M187.51M

Free cash flow

operating cash flow plus capital expenditure

-974.25M-945.01M-807.06M-1.57B