Aegean Airlines S.A. (AEGN.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2222.9%

€253.90

vs €10.93 price

Levered DCF

€309.28

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.52

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.64×	6.98×	6.01×	4.41×	80.03×	-1.61×	7.62×	7.79×
P/B	2.25×	1.82×	2.43×	1.37×	1.84×	4.3×	1.83×	1.9×
P/S	0.69×	0.51×	0.6×	0.36×	0.58×	0.89×	0.46×	0.44×
EV / EBITDA	6.84×	4.23×	3.6×	3.27×	4.12×	-6.51×	2.33×	2.43×
Gross margin	25.0%	27.9%	23.3%	7.7%	-0.7%	-13.7%	8.0%	6.3%
Operating margin	9.6%	11.2%	12.7%	7.7%	-11.2%	-55.5%	10.0%	8.4%
Net margin	7.9%	7.3%	10.0%	8.1%	0.7%	-54.9%	6.0%	5.7%
Current ratio	1.64×	1.15×	1.06×	1.15×	1.24×	1.01×	1.41×	1.28×
Debt / equity	3.48×	2.87×	2.67×	2.88×	3.57×	10.1×	1.65×	0.08×
Interest coverage	2.05×	2.61×	3.18×	2.38×	-2.38×	-7.86×	5.52×	56.97×
Dividend yield	5.6%	7.4%	0.0%	0.0%	0.0%	0.0%	7.1%	7.4%
Payout ratio	48.8%	52.1%	0.0%	0.0%	0.0%	0.0%	54.5%	57.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.0%	26.0%	40.4%	31.0%	2.3%	-266.8%	23.9%	24.4%
Return on invested capital	4.9%	7.5%	10.2%	5.3%	3.8%	-16.8%	9.9%	19.4%
Return on assets	4.6%	4.5%	7.0%	5.3%	0.3%	-15.8%	5.9%	9.4%
Free cash flow yield	6.7%	29.6%	27.2%	47.8%	47.9%	-38.3%	39.5%	5.1%
Earnings yield	11.6%	14.3%	16.6%	22.6%	1.3%	-62.0%	13.1%	12.9%
Enterprise value	€2.6B	€1.8B	€1.6B	€1B	€710.2M	€792.8M	€645.2M	€288.9M
Net debt / EBITDA	3.48×	2.05×	1.25×	1.74×	1.84×	-3.49×	0.17×	-2×
Cash conversion cycle (days)	21	13	17	32	26	62	12	24