ANA Holdings operates Japan's largest full-service airline network under the All Nippon Airways brand, alongside its Air Japan operations, Star Alliance membership and a large domestic and international catering and airport services business. Its structural edge is the combination of Haneda and Narita slot holdings and a dominant position in domestic trunk routes, which is hard for new entrants to replicate. The near-term story is recovery in international and premium travel, with revenue growing 22.6% on the latest data and the company still earning only a 3.1% operating margin, so each further point of load factor and yield flows through disproportionately. The shares trade at 9.2 times trailing earnings and 6.0 times forward earnings, a steep discount that implies the market doubts the margin recovery will last. The question for us is whether the forward multiple reflects a durable cost base or simply the cyclicality that has defined this industry for decades.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ¥3300 | first publication | ¥2910 |
Answered from ANA Holdings Inc. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 9202.T ANA Holdings Inc. | ¥2903.50 | - | - | 9.3x | 13.2% | 51 | 59 |
| AAL American Airlines Group Inc. Common Stock | $12.60 | - | - | - | 0.0% | 20 | 42 |
| 9201.T Japan Airlines Co., Ltd. | ¥2985.00 | - | - | 11.7x | 9.1% | 51 | 66 |
| QAN.AX Qantas Airways Limited | A$8.45 | A$4 | 98% above | 10.0x | 112.7% | 53 | 47 |
| EZJ.L easyJet plc | £6.79 | - | - | 12.6x | 13.1% | 47 | 72 |
| LHA.DE Deutsche Lufthansa AG | €7.12 | €9 | 18% below | 12.5x | 6.2% | 34 | 46 |
| CPA Copa Holdings S.A. Class A Common Stock | $134.86 | $128 | 5% above | 9.0x | 23.1% | 67 | 70 |
Where 9202.T ranks against its sector peers on each metric.