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

AEGEAN AIRLINES Earnings Estimates Update, October 5, 2018

Aegean Airlines S.A. is a Greek based airline company owning 49 Jet and 12 Turboprop aircrafts (as of 2018) that serve 153 destinations. Aegean is the undisputable leader in the domestic market with 71% market share (as of 2017).

An unfavourable environment weighs on AEGEAN AIRLINES SA, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of AEGEAN AIRLINES SA (GR), active in the Airlines industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date October 5, 2018, the closing price was EUR 7.16 and its target price was estimated at EUR 6.80.

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August

Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).

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...

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - 1H18 results preview: Passenger growth and efficient allocation to offset rising fuel prices

AEGEAN AIRLINES Earnings Estimates Update, October 5, 2018

Aegean Airlines S.A. is a Greek based airline company owning 49 Jet and 12 Turboprop aircrafts (as of 2018) that serve 153 destinations. Aegean is the undisputable leader in the domestic market with 71% market share (as of 2017).

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August

Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - 1H18 results preview: Passenger growth and efficient allocation to offset rising fuel prices

Research Team

Focus: EEMEA Aviation: Cruising altitude reached (upgrading Turkish Airlines to BUY, maintaining our BUY on Aegean Airlines, downgrading Wizz Air and Aeroflot to HOLD and Pegasus Airlines to SELL); Alior: 2Q18 - solid results by in line

HEADLINES: * EEMEA Airlines: Cruising altitude reached * Alior: 2Q18 - solid results, but in line with expectations NEUTRAL * Alior: interview with the CEO NEUTRAL * RBI: 2Q18 - strong beat on pre-provision profit and non-existent provision charges POSITIVE * Inter Cars: continuation of the sales recovery in July POSITIVE * Turkish Airlines: 2Q18 results - in line, 2018E guidance revised upwards POSITIVE * CCI: 2Q18 review - operations in line, hedging lowering FX-debt exposure on the bottom line POSITIVE * Coca-Cola HBC: 2Q18 review - results in line with expectations...

Alex Boulougouris, CFA ...
  • Maciej Wardejn
  • Oytun Altasli

EEMEA Airlines: Cruising altitude reached (upgrading Turkish Airlines to BUY, maintaining our BUY on Aegean Airlines, downgrading Wizz Air and Aeroflot to HOLD and Pegasus Airlines to SELL)

We believe the aviation market may soon reach its peak and, after four strong years, 2019E may be tougher for the sector, due to: 1) rebounding jet fuel prices; 2) USD appreciation; 3) growing employee deficits; and 4) growing US interest rates. Furthermore, we expect a negative supply shock, which may further spoil the party. Last year posted a record-high in terms of new aircraft deliveries and manufacturers’ guidance for this year is also very bullish. We advise becoming cautious towards the sector as a whole; however we still see some interesting investment opportunities in the region. We ...

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: 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...

Research Team

WOOD Morning (22 May)

HEADLINES: * Georgia Capital: in the business of building businesses in Georgia (initiation of coverage – NOT RATED) * Georgia Healthcare Group: getting back up to speed (upgraded to BUY) * PKO BP: 1Q18 - solid set of results, in line with our expectations; strong asset quality trends POSITIVE * Vakifbank: 1Q18 wrap-up NEUTRAL * Sberbank: sells Turkish unit, could get 80bps CET1 bump * AmRest: reportedly shortlisted to acquire Spanish burger chain for EUR 150m NEGATIVE * Wirtualna Polska: strong 1Q18 results, adjusted EBITDA up 40% yoy POSITIVE * Nostrum Oil & Gas: ...

Research Team

WOOD Morning (17 May)

HEADLINES: * GTC: attractive entry point (stays BUY) * LPP: 1Q soft, in line with preliminary numbers, guidance reconfirmed NEUTRAL * Getin Noble Bank: PLN 48m net loss in 1Q18 (in line and non-event compared to recent newsflow) NEUTRAL * Inter Cars: 1Q18 results - fully in line with the consensus NEUTRAL * Tauron: 1Q18 results in line with preliminaries NEUTRAL * Enea: recommends omitting dividends from 2017 earnings NEGATIVE * Energa: management recommends omitting dividend NEGATIVE * Aegean Airlines: EUR 0.55/share dividend approved NEUTRAL * Gazprom: board reco...

An unfavourable environment weighs on AEGEAN AIRLINES SA, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of AEGEAN AIRLINES SA (GR), active in the Airlines industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date October 5, 2018, the closing price was EUR 7.16 and its target price was estimated at EUR 6.80.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch