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Air Transport Services Group

DB:AW8
Snowflake Description

Good value with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AW8
DB
$1B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Air Transport Services Group, Inc., through its subsidiaries, operates in the airfreight and logistics industry. The last earnings update was 13 days ago. More info.


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AW8 Share Price and Events
7 Day Returns
0%
DB:AW8
-0%
Europe Logistics
-0.5%
DE Market
1 Year Returns
31.9%
DB:AW8
19.4%
Europe Logistics
12.2%
DE Market
AW8 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Air Transport Services Group (AW8) 0% 16.9% 16.9% 31.9% 39.3% 230.1%
Europe Logistics -0% 9.7% 12.5% 19.4% 26.3% 35.2%
DE Market -0.5% 4.4% 11.1% 12.2% 13.8% 16.6%
1 Year Return vs Industry and Market
  • AW8 outperformed the Logistics industry which returned 19.4% over the past year.
  • AW8 outperformed the Market in Germany which returned 12.2% over the past year.
Price Volatility
AW8
Industry
5yr Volatility vs Market

Value

 Is Air Transport Services Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Air Transport Services Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Air Transport Services Group.

DB:AW8 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AW8
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Logistics Unlevered Beta Simply Wall St/ S&P Global 1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.996 (1 + (1- 21%) (106.87%))
1.561
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.56
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.561 * 5.96%)
9.53%

Discounted Cash Flow Calculation for DB:AW8 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Air Transport Services Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:AW8 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.53%)
2020 39.35 Analyst x3 35.93
2021 123.08 Analyst x1 102.59
2022 204.92 Est @ 66.5% 155.95
2023 300.46 Est @ 46.62% 208.76
2024 398.71 Est @ 32.7% 252.93
2025 490.25 Est @ 22.96% 283.95
2026 569.38 Est @ 16.14% 301.09
2027 634.10 Est @ 11.37% 306.14
2028 684.99 Est @ 8.03% 301.93
2029 723.94 Est @ 5.69% 291.34
Present value of next 10 years cash flows $2,240.00
DB:AW8 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $723.94 × (1 + 0.23%) ÷ (9.53% – 0.23%)
$7,800.86
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $7,800.86 ÷ (1 + 9.53%)10
$3,139.33
DB:AW8 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,240.00 + $3,139.33
$5,379.33
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,379.33 / 58.92
$91.3
DB:AW8 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AW8 represents 0.8954x of NasdaqGS:ATSG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8954x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 91.30 x 0.8954
€81.75
Value per share (EUR) From above. €81.75
Current discount Discount to share price of €21.40
= -1 x (€21.40 - €81.75) / €81.75
73.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Air Transport Services Group is available for.
Intrinsic value
>50%
Share price is €21.4 vs Future cash flow value of €81.75
Current Discount Checks
For Air Transport Services Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Air Transport Services Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Air Transport Services Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Air Transport Services Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Air Transport Services Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AW8 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $1.63
NasdaqGS:ATSG Share Price ** NasdaqGS (2019-11-20) in USD $23.9
Europe Logistics Industry PE Ratio Median Figure of 24 Publicly-Listed Logistics Companies 16.43x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 19.86x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Air Transport Services Group.

DB:AW8 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:ATSG Share Price ÷ EPS (both in USD)

= 23.9 ÷ 1.63

14.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air Transport Services Group is good value based on earnings compared to the Europe Logistics industry average.
  • Air Transport Services Group is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Air Transport Services Group's expected growth come at a high price?
Raw Data
DB:AW8 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
0.7%per year
Europe Logistics Industry PEG Ratio Median Figure of 14 Publicly-Listed Logistics Companies 1.74x
Germany Market PEG Ratio Median Figure of 259 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

DB:AW8 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.67x ÷ 0.7%

22.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air Transport Services Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Air Transport Services Group's assets?
Raw Data
DB:AW8 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $8.16
NasdaqGS:ATSG Share Price * NasdaqGS (2019-11-20) in USD $23.9
Europe Logistics Industry PB Ratio Median Figure of 28 Publicly-Listed Logistics Companies 2.51x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.87x
DB:AW8 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:ATSG Share Price ÷ Book Value per Share (both in USD)

= 23.9 ÷ 8.16

2.93x

* Primary Listing of Air Transport Services Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air Transport Services Group is overvalued based on assets compared to the Europe Logistics industry average.
X
Value checks
We assess Air Transport Services Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Logistics industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Logistics industry average (and greater than 0)? (1 check)
  5. Air Transport Services Group has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Air Transport Services Group expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Air Transport Services Group expected to grow at an attractive rate?
  • Air Transport Services Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Air Transport Services Group's earnings growth is positive but not above the Germany market average.
  • Air Transport Services Group's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AW8 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AW8 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 0.7%
DB:AW8 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.5%
Europe Logistics Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
Europe Logistics Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AW8 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AW8 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,665 473 125 2
2020-12-31 1,551 439 107 5
2019-12-31 1,429 421 128 5
2019-11-20
DB:AW8 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 1,330 404 96
2019-06-30 1,168 365 24
2019-03-31 1,037 337 75
2018-12-31 892 298 68
2018-09-30 935 245 167
2018-06-30 984 252 106
2018-03-31 1,033 260 28
2017-12-31 1,068 235 22
2017-09-30 967 241 -73
2017-06-30 906 221 -43
2017-03-31 829 193 23
2016-12-31 769 193 21

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Air Transport Services Group's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • Air Transport Services Group's revenue is expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AW8 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Air Transport Services Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AW8 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.78 1.85 1.70 2.00
2020-12-31 1.52 1.65 1.39 5.00
2019-12-31 0.77 1.87 0.31 4.00
2019-11-20
DB:AW8 Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 1.63
2019-06-30 0.40
2019-03-31 1.27
2018-12-31 1.16
2018-09-30 2.84
2018-06-30 1.80
2018-03-31 0.47
2017-12-31 0.37
2017-09-30 -1.24
2017-06-30 -0.72
2017-03-31 0.38
2016-12-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Air Transport Services Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Air Transport Services Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Air Transport Services Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Air Transport Services Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Air Transport Services Group's growth in the last year to its industry (Logistics).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Air Transport Services Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Air Transport Services Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Air Transport Services Group's 1-year earnings growth is negative, it can't be compared to the Europe Logistics industry average.
Earnings and Revenue History
Air Transport Services Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Air Transport Services Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AW8 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1,329.61 95.89 87.26
2019-06-30 1,168.46 23.74 68.66
2019-03-31 1,037.49 74.84 54.58
2018-12-31 892.35 67.88 40.56
2018-09-30 934.54 167.17 33.51
2018-06-30 983.72 106.01 32.50
2018-03-31 1,033.32 27.63 31.57
2017-12-31 1,068.20 21.74 32.21
2017-09-30 966.90 -73.11 30.24
2017-06-30 906.06 -42.76 29.19
2017-03-31 829.40 22.69 27.18
2016-12-31 768.87 21.06 24.50
2016-09-30 728.78 35.16 24.52
2016-06-30 677.82 39.39 22.81
2016-03-31 649.62 38.43 21.93
2015-12-31 619.26 39.16 21.65
2015-09-30 595.62 32.47 21.29
2015-06-30 591.76 35.72 21.77
2015-03-31 593.02 34.45 22.87
2014-12-31 589.59 32.07 22.97
2014-09-30 588.62 -17.43 23.60
2014-06-30 591.05 -19.22 24.27
2014-03-31 580.34 -21.60 24.45
2013-12-31 580.02 -19.63 24.91
2013-09-30 577.61 35.43 25.83
2013-06-30 590.56 39.18 27.43
2013-03-31 605.21 43.49 28.65
2012-12-31 607.44 41.65 30.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Air Transport Services Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Air Transport Services Group used its assets more efficiently than the Europe Logistics industry average last year based on Return on Assets.
  • Air Transport Services Group's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Air Transport Services Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Logistics industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Air Transport Services Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Air Transport Services Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Air Transport Services Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Air Transport Services Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Air Transport Services Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Air Transport Services Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Air Transport Services Group Company Filings, last reported 1 month ago.

DB:AW8 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 481.00 1,451.54 46.83
2019-06-30 370.81 1,442.02 54.78
2019-03-31 390.81 1,408.13 49.41
2018-12-31 436.44 1,401.25 54.02
2018-09-30 470.70 542.09 43.46
2018-06-30 435.58 520.71 31.70
2018-03-31 408.50 587.32 47.47
2017-12-31 395.28 570.12 32.70
2017-09-30 292.27 554.75 53.89
2017-06-30 279.93 528.52 63.02
2017-03-31 341.08 508.43 27.63
2016-12-31 331.90 458.80 16.36
2016-09-30 323.16 449.57 47.19
2016-06-30 368.06 365.91 25.24
2016-03-31 408.44 372.12 39.83
2015-12-31 364.16 318.16 17.70
2015-09-30 371.33 309.35 14.86
2015-06-30 367.72 315.45 22.18
2015-03-31 357.42 337.95 20.61
2014-12-31 347.49 345.51 30.56
2014-09-30 394.54 373.18 33.44
2014-06-30 385.26 352.13 23.76
2014-03-31 375.59 374.59 27.10
2013-12-31 368.97 387.03 31.70
2013-09-30 327.29 391.90 16.86
2013-06-30 317.53 391.16 20.93
2013-03-31 308.86 412.93 35.14
2012-12-31 299.26 364.48 15.44
  • Air Transport Services Group's level of debt (301.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (94.6% vs 301.8% today).
  • Debt is well covered by operating cash flow (27.9%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Air Transport Services Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Air Transport Services Group has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Air Transport Services Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Air Transport Services Group dividends.
If you bought €2,000 of Air Transport Services Group shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Air Transport Services Group's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Air Transport Services Group's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AW8 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Logistics Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AW8 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
2019-11-20

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Air Transport Services Group has not reported any payouts.
  • Unable to verify if Air Transport Services Group's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Air Transport Services Group's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Air Transport Services Group has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Air Transport Services Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Air Transport Services Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Air Transport Services Group has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Air Transport Services Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Hete
COMPENSATION $2,286,223
AGE 64
TENURE AS CEO 11.9 years
CEO Bio

Mr. Joe Hete has been the Chief Executive Officer at Air Transport Services Group, Inc. an affiliate of Air Transport International LLC (ATSG) since December 2007. Mr. Hete served as President of Air Transport Services Group, Inc since December 2007 until September 2019. Mr. Hete has been the Chief Executive Officer at ABX Air Inc. since August 2003. Mr. Hete served as the Chief Executive Officer at Cargo Holdings International, Inc. Mr. Hete joined ABX Air in 1980. He served as the President of ABX Air, Inc., a subsidiary of Airborne Inc. from January 2000 to February 2008 and Chief Operating Officer from January 2000 to August 2003. He served as a Senior Vice President and Chief Operating Officer from 1997 to January 2000, Senior Vice President of Administration from 1991 to 1997 and Vice President of Administration of ABX Air Inc. from 1986 to 1991. Mr. Hete serves as a Director of ABX Air Inc. Mr. Hete has been a Director of Air Transport Services Group, Inc. since August 2003.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joe's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Air Transport Services Group management team in years:

6.4
Average Tenure
56.5
Average Age
  • The average tenure for the Air Transport Services Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joe Hete

TITLE
CEO & Director
COMPENSATION
$2M
AGE
64
TENURE
11.9 yrs

Rich Corrado

TITLE
President
COMPENSATION
$1M
AGE
59
TENURE
0.2 yrs

Quint Turner

TITLE
Chief Financial Officer
COMPENSATION
$1M
AGE
56
TENURE
11.8 yrs

Joe Payne

TITLE
Chief Legal Officer & Secretary
COMPENSATION
$1M
AGE
55
TENURE
3.5 yrs

Mike Berger

TITLE
Chief Commercial Officer
COMPENSATION
$796K
AGE
57
TENURE
1.8 yrs

Ed Koharik

TITLE
Chief Operating Officer
AGE
49
TENURE
0.2 yrs

Russ Smethwick

TITLE
Vice President of Corporate Development
TENURE
2.7 yrs

Brady Templeton

TITLE
President and GM of Airborne Maintenance & Engg Svcs Inc
TENURE
10.5 yrs

Gary Stover

TITLE
President of LGSTX Services Inc
TENURE
9.3 yrs

Matt Fedders

TITLE
VP & Corporate Controller
TENURE
11.4 yrs
Board of Directors Tenure

Average tenure and age of the Air Transport Services Group board of directors in years:

6.8
Average Tenure
64
Average Age
  • The tenure for the Air Transport Services Group board of directors is about average.
Board of Directors

Randy Rademacher

TITLE
Independent Chairman
COMPENSATION
$259K
AGE
62
TENURE
4.5 yrs

Joe Hete

TITLE
CEO & Director
COMPENSATION
$2M
AGE
64
TENURE
16.3 yrs

Jeffrey Vorholt

TITLE
Independent Director
COMPENSATION
$176K
AGE
66
TENURE
15.8 yrs

Chris Teets

TITLE
Independent Director
COMPENSATION
$165K
AGE
46
TENURE
10.8 yrs

Richard Baudouin

TITLE
Independent Director
COMPENSATION
$171K
AGE
67
TENURE
6.8 yrs

Ray Johns

TITLE
Independent Director
COMPENSATION
$161K
AGE
64
TENURE
2.1 yrs

Laura Peterson

TITLE
Independent Director
COMPENSATION
$33K
AGE
59
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • Air Transport Services Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
15. Nov 19 Sell Jeffrey Vorholt Individual 14. Nov 19 14. Nov 19 -7,864 €22.20 €-174,605
15. Aug 19 Buy Michael Berger Individual 15. Aug 19 15. Aug 19 1,000 €17.78 €17,778
14. Aug 19 Buy Robert Coretz Individual 14. Aug 19 14. Aug 19 10,000 €17.95 €179,480
08. Aug 19 Buy Raymond Johns Individual 08. Aug 19 08. Aug 19 2,400 €18.50 €44,395
11. Jun 19 Sell Sarah Williams Individual 10. Jun 19 10. Jun 19 -1,209 €20.69 €-25,002
14. May 19 Buy Robert Coretz Individual 13. May 19 13. May 19 25,000 €19.36 €484,101
13. May 19 Buy Jeffrey Crippen Individual 13. May 19 13. May 19 1,000 €19.31 €19,311
10. May 19 Buy Michael Berger Individual 10. May 19 10. May 19 1,200 €19.78 €23,721
27. Mar 19 Buy Michael Berger Individual 27. Mar 19 27. Mar 19 3,850 €19.53 €75,204
27. Mar 19 Buy Raymond Johns Individual 20. Mar 19 20. Mar 19 1,225 €18.12 €22,192
22. Mar 19 Buy Jeffrey Crippen Individual 20. Mar 19 20. Mar 19 5,700 €18.14 €103,288
19. Mar 19 Buy Joe Hete Individual 18. Mar 19 18. Mar 19 2,500 €17.68 €44,198
19. Mar 19 Buy Robert Coretz Individual 18. Mar 19 18. Mar 19 25,000 €17.69 €442,203
X
Management checks
We assess Air Transport Services Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Air Transport Services Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Air Transport Services Group, Inc., through its subsidiaries, operates in the airfreight and logistics industry. The company owns and leases cargo aircraft to airlines and other customers. It also provides airline operations to delivery companies, airlines, freight forwarders, and the U.S. Military, as well as operates charter agreements. In addition, the company offers mail and package sorting services, as well as related maintenance services for material handling equipment, ground equipment, and facilities; airframe modification and maintenance, component repair, engineering, aircraft line maintenance, and insurance services; and flight crew training, load transfer and sorting services. Further, it rents ground equipment and sells aviation fuel; and resells and brokers aircraft parts. As of December 31, 2018, the company owned a fleet of 91 serviceable Boeing 777,767, 757, and 737 passenger and cargo aircraft. The company, formerly known as ABX Holdings, Inc., was founded in 1980 and is headquartered in Wilmington, Ohio.

Details
Name: Air Transport Services Group, Inc.
AW8
Exchange: DB
Founded: 1980
$1,272,514,808
58,917,005
Website: http://www.atsginc.com
Address: Air Transport Services Group, Inc.
145 Hunter Drive,
Wilmington,
Ohio, 45177,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS ATSG Common Stock Nasdaq Global Select US USD 25. Jul 2003
DB AW8 Common Stock Deutsche Boerse AG DE EUR 25. Jul 2003
BMV ATSG * Common Stock Bolsa Mexicana de Valores MX MXN 25. Jul 2003
Number of employees
Current staff
Staff numbers
3,830
Air Transport Services Group employees.
Industry
Air Freight and Logistics
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/20 21:30
End of day share price update: 2019/11/20 00:00
Last estimates confirmation: 2019/11/08
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.