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Aegean Airlines

ATSE:AEGN
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AEGN
ATSE
€296M
Market Cap
  1. Home
  2. GR
  3. Transportation
Company description

Aegean Airlines S.A., an airline company, provides public airline transportation services in Greece and internationally. The last earnings update was 14 days ago. More info.


Add to Portfolio Compare Print
  • Aegean Airlines has significant price volatility in the past 3 months.
AEGN Share Price and Events
7 Day Returns
-3.3%
ATSE:AEGN
4.1%
Europe Airlines
1.8%
GR Market
1 Year Returns
-48.2%
ATSE:AEGN
-44.2%
Europe Airlines
-20.5%
GR Market
AEGN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aegean Airlines (AEGN) -3.3% -34.1% -50.6% -48.2% -44.5% -45.4%
Europe Airlines 4.1% -38.3% -52.1% -44.2% -47% -45.8%
GR Market 1.8% -18.6% -35% -20.5% -9.7% -67.7%
1 Year Return vs Industry and Market
  • AEGN underperformed the Airlines industry which returned -44.2% over the past year.
  • AEGN underperformed the Market in Greece which returned -20.5% over the past year.
Price Volatility
AEGN
Industry
5yr Volatility vs Market

Value

 Is Aegean Airlines 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 Aegean Airlines 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 Aegean Airlines.

ATSE:AEGN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 24.5%
Perpetual Growth Rate 10-Year GR Government Bond Rate 1.9%

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 ATSE:AEGN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GR Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 13.7%
Airlines Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.852 (1 + (1- 29%) (185.36%))
1.651
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.92% + (1.651 * 13.68%)
24.51%

Discounted Cash Flow Calculation for ATSE:AEGN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aegean Airlines 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.

ATSE:AEGN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 24.51%)
2020 29.00 Analyst x1 23.29
2021 -19.00 Analyst x1 -12.26
2022 156.00 Analyst x1 80.82
2023 166.00 Analyst x1 69.07
2024 173.60 Est @ 4.58% 58.01
2025 180.16 Est @ 3.78% 48.35
2026 185.97 Est @ 3.22% 40.08
2027 191.24 Est @ 2.83% 33.11
2028 196.13 Est @ 2.56% 27.27
2029 200.77 Est @ 2.37% 22.42
Present value of next 10 years cash flows €390.00
ATSE:AEGN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €200.77 × (1 + 1.92%) ÷ (24.51% – 1.92%)
€905.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €905.77 ÷ (1 + 24.51%)10
€101.14
ATSE:AEGN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €390.00 + €101.14
€491.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €491.14 / 71.42
€6.88
ATSE:AEGN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €6.88
Current discount Discount to share price of €4.15
= -1 x (€4.15 - €6.88) / €6.88
39.7%

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

Current Discount
Amount off the current price Aegean Airlines is available for.
Intrinsic value
40%
Share price is €4.15 vs Future cash flow value of €6.88
Current Discount Checks
For Aegean Airlines to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aegean Airlines's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aegean Airlines's share price is below the future cash flow value, but not 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 Aegean Airlines's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aegean Airlines's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ATSE:AEGN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €1.10
ATSE:AEGN Share Price ** ATSE (2020-03-31) in EUR €4.15
Europe Airlines Industry PE Ratio Median Figure of 14 Publicly-Listed Airlines Companies 5.78x
Greece Market PE Ratio Median Figure of 94 Publicly-Listed Companies 11.94x

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

** Primary Listing of Aegean Airlines.

ATSE:AEGN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:AEGN Share Price ÷ EPS (both in EUR)

= 4.15 ÷ 1.10

3.77x

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

  • Aegean Airlines is good value based on earnings compared to the Europe Airlines industry average.
  • Aegean Airlines is good value based on earnings compared to the Greece market.
Price based on expected Growth
Does Aegean Airlines's expected growth come at a high price?
Raw Data
ATSE:AEGN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
4.3%per year
Europe Airlines Industry PEG Ratio Median Figure of 12 Publicly-Listed Airlines Companies 0.25x
Greece Market PEG Ratio Median Figure of 24 Publicly-Listed Companies 0.55x

*Line of best fit is calculated by linear regression .

ATSE:AEGN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.77x ÷ 4.3%

0.88x

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

  • Aegean Airlines is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Aegean Airlines's assets?
Raw Data
ATSE:AEGN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €4.60
ATSE:AEGN Share Price * ATSE (2020-03-31) in EUR €4.15
Europe Airlines Industry PB Ratio Median Figure of 19 Publicly-Listed Airlines Companies 0.76x
Greece Market PB Ratio Median Figure of 134 Publicly-Listed Companies 0.73x
ATSE:AEGN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:AEGN Share Price ÷ Book Value per Share (both in EUR)

= 4.15 ÷ 4.60

0.9x

* Primary Listing of Aegean Airlines.

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

  • Aegean Airlines is overvalued based on assets compared to the Europe Airlines industry average.
X
Value checks
We assess Aegean Airlines'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 Airlines 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 Airlines industry average (and greater than 0)? (1 check)
  5. Aegean Airlines 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 Aegean Airlines expected to perform in the next 1 to 3 years based on estimates from 3 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
4.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aegean Airlines expected to grow at an attractive rate?
  • Aegean Airlines's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Aegean Airlines's earnings growth is positive but not above the Greece market average.
  • Aegean Airlines's revenue growth is positive but not above the Greece market average.
Annual Growth Rates Comparison
Raw Data
ATSE:AEGN Future Growth Rates Data Sources
Data Point Source Value (per year)
ATSE:AEGN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 4.3%
ATSE:AEGN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 2.4%
Europe Airlines Industry Earnings Growth Rate Market Cap Weighted Average 18%
Europe Airlines Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Greece Market Earnings Growth Rate Market Cap Weighted Average 16.5%
Greece Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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
ATSE:AEGN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ATSE:AEGN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 1,453 1
2023-12-31 1,456 198 1
2022-12-31 1,376 187 82 2
2021-12-31 1,324 201 78 3
2020-12-31 1,173 192 40 3
2020-03-31
ATSE:AEGN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 1,328 274 79
2019-09-30 1,297 231 64
2019-06-30 1,269 167 69
2019-03-31 1,211 141 64
2018-12-31 1,202 86 68
2018-09-30 1,184 70
2018-06-30 1,149 162 67
2018-03-31 1,155 155 65
2017-12-31 1,141 126 60
2017-09-30 1,110 53
2017-06-30 1,078 100 36
2017-03-31 1,038 18

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aegean Airlines's earnings are expected to grow by 4.3% yearly, however this is not considered high growth (20% yearly).
  • Aegean Airlines's revenue is expected to grow by 2.4% 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
ATSE:AEGN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Aegean Airlines Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:AEGN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 1.60 1.60 1.60 1.00
2022-12-31 1.15 1.30 1.01 2.00
2021-12-31 1.06 1.25 0.97 4.00
2020-12-31 0.63 1.00 -0.29 4.00
2020-03-31
ATSE:AEGN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 1.10
2019-09-30
2019-06-30 0.96
2019-03-31
2018-12-31 0.95
2018-09-30
2018-06-30 0.93
2018-03-31
2017-12-31 0.85
2017-09-30
2017-06-30 0.50
2017-03-31

*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.
  • Aegean Airlines is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Aegean Airlines'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.
Aegean Airlines 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 Aegean Airlines 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 Aegean Airlines's growth in the last year to its industry (Airlines).
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.
  • Aegean Airlines's year on year earnings growth rate has been positive over the past 5 years.
  • Aegean Airlines's 1-year earnings growth exceeds its 5-year average (15.6% vs 0%)
  • Aegean Airlines's earnings growth has exceeded the Europe Airlines industry average in the past year (15.6% vs -17%).
Earnings and Revenue History
Aegean Airlines'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 Aegean Airlines Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:AEGN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,327.85 78.54 17.51
2019-09-30 1,297.18 64.12 27.74
2019-06-30 1,269.43 68.65 16.24
2019-03-31 1,211.18 63.52 17.04
2018-12-31 1,202.39 67.92 16.24
2018-09-30 1,184.38 69.57 15.58
2018-06-30 1,149.13 66.65 15.58
2018-03-31 1,154.98 65.37 11.08
2017-12-31 1,141.38 60.37 15.58
2017-09-30 1,110.40 52.71 15.86
2017-06-30 1,078.40 35.87 15.86
2017-03-31 1,038.00 17.91 15.86
2016-12-31 1,034.00 32.21 15.86
2016-09-30 1,028.36 37.69 14.61
2016-06-30 997.38 29.94 14.61
2016-03-31 1,010.46 55.19 15.91
2015-12-31 1,000.66 68.39 14.61
2015-09-30 984.88 83.56 12.30
2015-06-30 942.67 79.23 12.30
2015-03-31 924.19 80.26 12.30
2014-12-31 921.51 80.44 12.30
2014-09-30 915.73 77.20 7.21
2014-06-30 821.83 57.25 7.21
2014-03-31 746.58 50.65 7.21
2013-12-31 709.16 57.76 7.21
2013-09-30 660.71 57.35 7.19
2013-06-30 617.49 44.51 7.19

*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.
  • Aegean Airlines has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Aegean Airlines used its assets more efficiently than the Europe Airlines industry average last year based on Return on Assets.
  • Aegean Airlines's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aegean Airlines'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 Airlines 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.
Aegean Airlines has a total score of 5/6, 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 Aegean Airlines'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 Aegean Airlines's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aegean Airlines is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aegean Airlines's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aegean Airlines'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 covered by short term assets, assets are 3.5x 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 Aegean Airlines Company Filings, last reported 3 months ago.

ATSE:AEGN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 328.43 206.14 508.16
2019-09-30 322.10 196.80 617.70
2019-06-30 232.14 206.57 595.96
2019-03-31 277.88 22.96 279.74
2018-12-31 277.88 0.02 279.74
2018-09-30 230.39 27.60 394.71
2018-06-30 230.39 0.00 394.71
2018-03-31 247.94 31.62 300.71
2017-12-31 247.94 0.19 300.71
2017-09-30 154.12 38.26 323.70
2017-06-30 154.12 0.00 323.70
2017-03-31 244.27 46.73 253.16
2016-12-31 244.27 0.00 253.16
2016-09-30 164.17 49.37 282.47
2016-06-30 164.17 0.00 282.47
2016-03-31 190.80 0.00 203.30
2015-12-31 221.97 0.00 192.54
2015-09-30 249.55 0.00 283.12
2015-06-30 200.40 0.00 310.42
2015-03-31 229.56 0.00 238.53
2014-12-31 218.99 0.00 202.34
2014-09-30 232.15 0.00 271.15
2014-06-30 157.96 0.00 369.21
2014-03-31 202.92 0.00 283.96
2013-12-31 212.88 0.00 244.17
2013-09-30 211.40 5.14 254.04
2013-06-30 170.63 2.26 224.95
  • Aegean Airlines's level of debt (62.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 62.8% today).
  • Debt is well covered by operating cash flow (133.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.2x coverage).
X
Financial health checks
We assess Aegean Airlines'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. Aegean Airlines has a total score of 4/6, 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 Aegean Airlines'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
14.46%
Current annual income from Aegean Airlines dividends. Estimated to be 15.05% next year.
If you bought €2,000 of Aegean Airlines shares you are expected to receive €289 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?
  • Aegean Airlines's pays a higher dividend yield than the bottom 25% of dividend payers in Greece (3%).
  • Aegean Airlines's dividend is above the markets top 25% of dividend payers in Greece (5.27%).
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
ATSE:AEGN 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 3 Analyst Estimates (S&P Global) See Below
Europe Airlines Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 9.9%
Greece Market Average Dividend Yield Market Cap Weighted Average of 50 Stocks 5%
Greece Minimum Threshold Dividend Yield 10th Percentile 1.7%
Greece Bottom 25% Dividend Yield 25th Percentile 3%
Greece Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

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

ATSE:AEGN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 1.00 1.00
2022-12-31 0.65 2.00
2021-12-31 0.63 4.00
2020-12-31 0.51 4.00
2020-03-31
ATSE:AEGN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-06-07 0.600 7.976
2019-03-28 0.600 7.286
2018-08-31 0.550 7.405
2018-03-15 0.550 6.351
2017-03-23 0.400 4.895
2016-09-19 0.700 10.979
2016-03-24 0.700 9.527
2015-03-26 0.700 10.018
2013-08-30 0.000 0.000
2013-05-27 0.000 0.000
2013-03-28 0.000 0.000
2012-11-21 0.000 0.000
2012-08-29 0.000 0.000
2010-08-18 0.130 7.185
2010-05-26 0.130 5.351
2010-04-20 0.130 4.300

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Aegean Airlines's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Aegean Airlines's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 Aegean Airlines afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aegean Airlines has a total score of 5/6, 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 Aegean Airlines'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
Dimitrios Gerogiannis
CEO Bio

Mr. Dimitrios Gerogiannis serves as the Chief Executive Officer and Managing Director of Aegean Airlines S.A. Mr. Gerogiannis has been an Executive Director at Aegean Airlines S.A. since June 14, 2012.

CEO Compensation
  • Insufficient data for Dimitrios to compare compensation growth.
  • Insufficient data for Dimitrios to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Eftichios Vassilakis

TITLE
Executive Chairman
AGE
52

Dimitrios Gerogiannis

TITLE
CEO, MD & Executive Director

Michael Kouveliotis

TITLE
CFO & Director of Finance

Maria Zannaki

TITLE
Chief Accountant & Head of Accounting Department

Iosif Mastorantonakis

TITLE
Director of Administration
Board of Directors Tenure

Average tenure and age of the Aegean Airlines board of directors in years:

7.7
Average Tenure
52
Average Age
  • The tenure for the Aegean Airlines board of directors is about average.
Board of Directors

Dimitrios Gerogiannis

TITLE
CEO, MD & Executive Director
TENURE
7.7 yrs

Anastasios David

TITLE
Vice Chairman

Eftichios Vassilakis

TITLE
Executive Chairman
AGE
52

Alexandros Makridis

TITLE
Independent Non-Executive Director
TENURE
7.7 yrs

Achilleas Constantakopoulos

TITLE
Non-Executive Director
AGE
48
TENURE
7.7 yrs

Panagiotis Laskaridis

TITLE
Non-Executive Director
TENURE
7.7 yrs

Victor Pizante

TITLE
Independent Non-Executive Director
AGE
54
TENURE
7.7 yrs

Chris Ioannou

TITLE
Non-Executive Director
AGE
47
TENURE
7.7 yrs

George Vassilakis

TITLE
Non-Executive Director
TENURE
7.7 yrs

Nicholas Nanopoulos

TITLE
Non-Executive Director
AGE
67
TENURE
6.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
22. Nov 19 Buy Eftichios Vassilakis Individual 22. Nov 19 22. Nov 19 15,029 €8.19 €123,088
X
Management checks
We assess Aegean Airlines'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. Aegean Airlines 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

Does Aegean Airlines's (ATH:AEGN) Share Price Gain of 19% Match Its Business Performance?

To wit, the Aegean Airlines share price has climbed 19% in five years, easily topping the market return of -81% (ignoring dividends). … During the five years of share price growth, Aegean Airlines moved from a loss to profitability. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR).

Simply Wall St -

How Aegean Airlines S.A. (ATH:AEGN) Could Add Value To Your Portfolio

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … (ATH:AEGN), it is a dependable dividend payer that has been able to sustain great financial health over the past. … Flawless balance sheet established dividend payer AEGN's strong financial health means that all of its upcoming liability payments are able to be met by its current cash and short-term investment holdings.

Simply Wall St -

Why Aegean Airlines S.A.’s (ATH:AEGN) Return On Capital Employed Is Impressive

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Aegean Airlines: 0.25 = €89m ÷ (€726m - €368m) (Based on the trailing twelve months to March 2019.) Therefore, Aegean Airlines has an ROCE of 25%. … Do Aegean Airlines's Current Liabilities Skew Its ROCE? … While a high level of current liabilities boosts its ROCE, Aegean Airlines's returns are still very good.

Simply Wall St -

Does Aegean Airlines S.A. (ATH:AEGN) Have A Good P/E Ratio?

The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Aegean Airlines: P/E of 8.68 = €8.25 ÷ €0.95 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' Does Aegean Airlines Have A Relatively High Or Low P/E For Its Industry? … Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.

Simply Wall St -

Is Aegean Airlines (ATH:AEGN) A Risky Investment?

ATSE:AEGN Historical Debt, July 16th 2019 A Look At Aegean Airlines's Liabilities Zooming in on the latest balance sheet data, we can see that Aegean Airlines had liabilities of €367.7m due within 12 months and liabilities of €80.3m due beyond that. … Given that Aegean Airlines has more cash than debt, we're pretty confident it can manage its debt safely. … Aegean Airlines may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt.

Simply Wall St -

Do Directors Own Aegean Airlines S.A. (ATH:AEGN) Shares?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' Aegean Airlines is not a large company by global standards. … See our latest analysis for Aegean Airlines ATSE:AEGN Ownership Summary, July 4th 2019 What Does The Institutional Ownership Tell Us About Aegean Airlines? … Insider Ownership Of Aegean Airlines While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Does The Aegean Airlines S.A. (ATH:AEGN) Share Price Fall With The Market?

(ATH:AEGN), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one. … This suggests that including it in your portfolio will reduce volatility arising from broader market movements, assuming your portfolio's weighted average beta is higher than 0.85.

Simply Wall St -

Is Aegean Airlines S.A. (ATH:AEGN) A Risky Dividend Stock?

Dividend paying stocks like Aegean Airlines S.A. … Click the interactive chart for our full dividend analysis ATSE:AEGN Historical Dividend Yield, May 28th 2019 Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. So we need to be form a view on if a company's dividend is sustainable, relative to its net profit after tax. Aegean Airlines paid out 58% of its profit as dividends, over the trailing twelve month period. This is a fairly normal payout ratio among most businesses. It allows a higher dividend to be paid to shareholders, but does limit the capital retained in the business - which could be good or bad. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. With a cash payout ratio of 146%, Aegean Airlines's dividend payments are poorly covered by cash flow. Paying out such a high percentage of cash flow suggests that the dividend was funded from either cash at bank or by borrowing, neither of which is desirable over the long term. Aegean Airlines paid out less in dividends than it reported in profits, but unfortunately it didn't generate enough free cash flow to cover the dividend. Cash is king, as they say, and were Aegean Airlines to repeatedly pay dividends that aren't well covered by cashflow, we would consider this a warning sign. While the above analysis focuses on dividends relative to a company's earnings, we do note Aegean Airlines's strong net cash position, which will let it pay larger dividends for a time, should it choose. We update our data on Aegean Airlines every 24 hours, so you can always get our latest analysis of its financial health, here. Dividend Volatility Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. Looking at the last decade of data, we can see that Aegean Airlines paid its first dividend at least nine years ago. Although it has been paying a dividend for several years now, the dividend has been cut at least once by more than 20%, and we're cautious about the consistency of its dividend across a full economic cycle. During the past nine-year period, the first annual payment was €0.13 in 2010, compared to €0.55 last year. Dividends per share have grown at approximately 17% per year over this time. The growth in dividends has not been linear, but the CAGR is a decent approximation of the rate of change over this time frame. Aegean Airlines has grown distributions at a rapid rate despite cutting the dividend at least once in the past. Companies that cut once often cut again, but it might be worth considering if the business has turned a corner. Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. Earnings have grown at around 3.3% a year for the past five years, which is better than seeing them shrink! Growth of 3.3% is relatively anaemic growth, which we wonder about. When a business is not growing, it often makes more sense to pay higher dividends to shareholders rather than retain the cash with no way to utilise it. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … First, the company has a payout ratio that was within an average range for most dividend stocks, but it paid out virtually all of its generated cash flow.

Simply Wall St -

What Is Aegean Airlines S.A.'s (ATH:AEGN) Share Price Doing?

The stock’s ratio of 8.41x is currently trading slightly below its industry peers’ ratio of 8.77x, which means if you buy Aegean Airlines today, you’d be paying a reasonable price for it. … And if you believe Aegean Airlines should be trading in this range, then there isn’t much room for the share price grow beyond where it’s currently trading. … Furthermore, it seems like Aegean Airlines’s share price is quite stable, which means there may be less chances to buy low in the future now that it’s fairly valued.

Simply Wall St -

Aegean Airlines S.A. (ATH:AEGN): What Can We Expect In The Future?

Help shape the future of investing tools and you could win a $250 gift card! … (ATH:AEGN) released its earnings update. … with earnings expected to decline by -5.3% in the upcoming year.

Simply Wall St -

Company Info

Description

Aegean Airlines S.A., an airline company, provides public airline transportation services in Greece and internationally. It transports passengers and goods through scheduled and unscheduled flights; and offers aviation, technical support, and ground handling aircraft services. As of December 31, 2018, it operated a fleet of 49 aircraft of the Airbus A320 family, 12 Turboprop aircraft, and 1 Learjet 60 aircraft. Aegean Airlines S.A. was founded in 1988 and is headquartered in Athens, Greece.

Details
Name: Aegean Airlines S.A.
AEGN
Exchange: ATSE
Founded: 1988
€296,380,965
71,417,100
Website: http://www.aegeanair.com
Address: Aegean Airlines S.A.
31 Viltanioti Street,
Kifissia,
Athens,
145 64,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE AEGN Registered Shares The Athens Stock Exchange GR EUR 11. Jul 2007
OTCPK AGZN.F Registered Shares Pink Sheets LLC US USD 11. Jul 2007
DB 32A Registered Shares Deutsche Boerse AG DE EUR 11. Jul 2007
LSE 0OHY Registered Shares London Stock Exchange GB EUR 11. Jul 2007
Number of employees
Current staff
Staff numbers
2,924
Aegean Airlines employees.
Industry
Airlines
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:31
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/19
Last earnings filing: 2020/03/17
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.