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

Stamatios Draziotis CFA

AEGEAN | Cruising steadily

Our new note on Aegean argues that the moderating supply growth in 2019e sets the scene for satisfactory operating profit growth next year, with Aegean expected to operate an unchanged number of aircraft. We also look into Aegean’s re-fleeting plan arguing that this is not likely to decidedly change the capital structure, as we expect operating leases to remain the main means of financing. We also stress that the expiration of the bulk of Aegean’s leases by 2023 provides the group with great flexibility regarding the financing of its fleet renewal. Against this background and thanks to the ...

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

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 •...

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - 9M18 results preview – Strong summer traffic expected to counterbalance increasing fuel costs

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).

Stamatios Draziotis CFA

AEGEAN | Cruising steadily

Our new note on Aegean argues that the moderating supply growth in 2019e sets the scene for satisfactory operating profit growth next year, with Aegean expected to operate an unchanged number of aircraft. We also look into Aegean’s re-fleeting plan arguing that this is not likely to decidedly change the capital structure, as we expect operating leases to remain the main means of financing. We also stress that the expiration of the bulk of Aegean’s leases by 2023 provides the group with great flexibility regarding the financing of its fleet renewal. Against this background and thanks to the ...

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

Natalia Svyrou-Svyriadi

AEGEAN AIRLINES - 9M18 results preview – Strong summer traffic expected to counterbalance increasing fuel costs

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).

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

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...

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: ...

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.

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