Aegean Airlines SA

Aegean Airlines is an airline carrier based in Greece. Co. is engaged in aviation transportation, providing services that concern the transportation of passengers and commodities in the sector of public aviation transportation inside and outside Greece, conducting scheduled and unscheduled flights. Co. provides full service, premium quality short and medium haul services. Co. maintains a network of 145 destinations, 111 international in 45 countries and 34 domestic destinations. Co. is a member of global airline network, the Star Alliance network.
  • TickerAEGN
  • ISINGRS495003006
  • SectorTravel & Leisure
  • CountryGreece

Analysts

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - FY19 – A year stimulated by capacity additions, with focus in Athens’ network and investment plans implementation

For AEGEAN AIRLINES SA, the environment deterioration entails a downgrade to Neutral

AEGEAN AIRLINES SA (GR), a company active in the Airlines industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 7, 2019, the closing price was EUR 8.62 and its expected value was estimated at EUR 8.27.

Stamatios Draziotis CFA

Aegean | Stay on board

In our new note we argue that Aegean’s near-term outlook looks far less uncertain than that of other airlines facing capacity headwinds and Brexit risk, thereby placing Aegean in a sweet spot in the European aviation industry. With the capacity backdrop looking much more benign this year, we expect accelerated revenue growth (+7%) and similar operating profit growth (c7%) on flattish ex-fuel unit costs. On the dividend front, we reiterate our view that the high dividend-paying policy will continue given the solid cash flow generation (c€90m of annual operating cash flow in the last 5 years on...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Research Team

Focus: Mytilineos’ FY18 – solid underlying trends, promising 2019E outlook; National Bank’s 4Q18 results in line, positive frontloading of NPE targets; Alpha Bank’s 4Q18 results – additional provisions in 4Q, with upsized NPE targets

HEADLINES: • Mytilineos: FY18 - solid underlying trends, promising 2019E outlook • National Bank: 4Q18 results in line, positive frontloading of NPE targets • Alpha Bank: 4Q18 results - additional provisions in 4Q, with upsized NPE targets • Aegean Airlines: 2018 results - lower costs offset weaker number of passengers • S Immo: proposes EUR 0.70 DPS, far above our EUR 0.50 estimate POSITIVE • Norilsk Nickel: starts development of South Cluster/Talnakh expansion projects POSITIVE • PKO BP: management board to recommend DPS of PLN 1.33 from 2018 net profit NEUTRAL • PZU: motor insurance fa...

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - FY19 – A year stimulated by capacity additions, with focus in Athens’ network and investment plans implementation

Stamatios Draziotis CFA

Aegean | Stay on board

In our new note we argue that Aegean’s near-term outlook looks far less uncertain than that of other airlines facing capacity headwinds and Brexit risk, thereby placing Aegean in a sweet spot in the European aviation industry. With the capacity backdrop looking much more benign this year, we expect accelerated revenue growth (+7%) and similar operating profit growth (c7%) on flattish ex-fuel unit costs. On the dividend front, we reiterate our view that the high dividend-paying policy will continue given the solid cash flow generation (c€90m of annual operating cash flow in the last 5 years on...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - FY18 results preview – A ‘growth’ year supported by the strong summer period, despite high fuel prices

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - Another solid quarter supports financials, while focus remains on investment plans rollout

1 director bought

A director at Aegean Airlines bought 3,780 shares at 8.277EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Research Team

Focus: Mytilineos’ FY18 – solid underlying trends, promising 2019E outlook; National Bank’s 4Q18 results in line, positive frontloading of NPE targets; Alpha Bank’s 4Q18 results – additional provisions in 4Q, with upsized NPE targets

HEADLINES: • Mytilineos: FY18 - solid underlying trends, promising 2019E outlook • National Bank: 4Q18 results in line, positive frontloading of NPE targets • Alpha Bank: 4Q18 results - additional provisions in 4Q, with upsized NPE targets • Aegean Airlines: 2018 results - lower costs offset weaker number of passengers • S Immo: proposes EUR 0.70 DPS, far above our EUR 0.50 estimate POSITIVE • Norilsk Nickel: starts development of South Cluster/Talnakh expansion projects POSITIVE • PKO BP: management board to recommend DPS of PLN 1.33 from 2018 net profit NEUTRAL • PZU: motor insurance fa...

Research Team

WOOD Morning (28 November)

HEADLINES: • EME Macro/Strategy: Year Ahead 2019 - the turning point • Nostrum Oil & Gas: delivery a long way off (downgraded to HOLD) • Getin Noble Bank: 3Q18 results a non-event in context of deposit outflow NEUTRAL • Echo Investment: 3Q18 - a decent quarter, but focus is elsewhere NEUTRAL • LiveChat Software: soft calendar 3Q18 results, 5% miss vs. our EBITDA forecast NEGATIVE • Aegean Airlines: 3Q18 results - beat consensus by 5% on both top and bottom lines • OPAP: 3Q results broadly in line with expectations • Alior Bank: takeaways from conference call with bank's representatives •...

Research Team

Focus: upgrading PKP Cargo to HOLD, with higher PLN 52.0 PT; Romanian macro – some imbalances, but not very severe (yet); Aegean Airlines’ 2Q18 results – miss on weaker yields and lower traffic; National Bank’s mixed 2Q18 results

HEADLINES: • PKP Cargo: the glass is half full (upgraded to HOLD) • Romanian macro: some imbalances, but not very severe (yet) • Aegean Airlines: 2Q18 results - miss on weaker yields and lower traffic NEGATIVE • National Bank: mixed 2Q18 results • National Bank: reverse stock split - new price target (PT) at EUR 3.8/share • Piraeus Bank: weaker capital, but decent NPE drop • EME Macro/Strategy: consumers are not convinced by the recovery • Atrium: issues EUR 30m 7Y unsecured bond at a 3.05% yield POSITIVE • Gazprom: 2Q18 conference call - a dividend hike next year? POSITIVE • Siauliu Ba...

Research Team

Focus: Turkey macro – where we stand; EME Strategy – MSCI August QIR – Motor Oil Hellas to join MSCI Greece; Play Communications revises 2018E guidance – 4-9% EBITDA drop, 2018E dividend guidance halved; Enka Insaat’s 2Q18 review

HEADLINES: * Turkey macro: where we stand * EME Strategy: MSCI August QIR - Motor Oil Hellas to join MSCI Greece NEUTRAL * Play Communications: revises 2018E guidance - 4-9% EBITDA drop, 2018E dividend guidance halved NEGATIVE * Enka Insaat: 2Q18 review - miss on net income NEGATIVE * Kofola: 2Q18 results - 28% beat on EBITDA due to solid gross margin expansion in Czech Republic POSITIVE * Sphera: 2Q18 results - miss due to poor performance of Pizza Hut and labour costs pressure NEGATIVE * Electrica: 2Q18 results above expectations POSITIVE * Nuclearelectrica: 2Q18 res...

Research Team

WOOD Morning (25 May)

HEADLINES: * Norilsk Nickel: announces 5.6% dividend yield as final dividend for 2017, in line with our forecast NEUTRAL * Titan Cement: results in line; 1Q not indicative of the full-year performance * Ciech: supervisory board raises dividend recommendation to PLN 7.5/share POSITIVE * Krka: Q&A post 1Q18 results reinforces encouraging view POSITIVE * Kernel: 3Q FY18 results - broadly expected, adjusted for one-offs NEUTRAL * PKP Cargo: 1Q18 results fully in line with preliminary figures NEUTRAL * Forte: 1Q18 results - in line with preliminary numbers NEUTRAL * Aegean...

For AEGEAN AIRLINES SA, the environment deterioration entails a downgrade to Neutral

AEGEAN AIRLINES SA (GR), a company active in the Airlines industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 7, 2019, the closing price was EUR 8.62 and its expected value was estimated at EUR 8.27.

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