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AIR FRANCE-KLM (1AF.MI) Stock Fundamental Analysis

BIT:1AF - Euronext Milan - FR001400J770 - Common Stock - Currency: EUR

11.51  +2.78 (+31.84%)

Fundamental Rating

2

Overall 1AF gets a fundamental rating of 2 out of 10. We evaluated 1AF against 12 industry peers in the Passenger Airlines industry. 1AF has a bad profitability rating. Also its financial health evaluation is rather negative. 1AF has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

1AF had positive earnings in the past year.
In the past year 1AF had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: 1AF reported negative net income in multiple years.
The reported operating cash flow has been mixed in the past 5 years: 1AF reported negative operating cash flow in multiple years.
1AF.MI Yearly Net Income VS EBIT VS OCF VS FCF1AF.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2B -2B 4B -4B -6B

1.2 Ratios

Looking at the Return On Assets, with a value of 0.18%, 1AF is doing worse than 83.33% of the companies in the same industry.
1AF's Return On Invested Capital of 4.19% is on the low side compared to the rest of the industry. 1AF is outperformed by 66.67% of its industry peers.
Industry RankSector Rank
ROA 0.18%
ROE N/A
ROIC 4.19%
ROA(3y)-2.38%
ROA(5y)-5.96%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1AF.MI Yearly ROA, ROE, ROIC1AF.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 100

1.3 Margins

Looking at the Profit Margin, with a value of 0.20%, 1AF is doing worse than 83.33% of the companies in the same industry.
1AF's Profit Margin has improved in the last couple of years.
The Operating Margin of 1AF (2.96%) is worse than 83.33% of its industry peers.
1AF's Operating Margin has been stable in the last couple of years.
1AF's Gross Margin of 45.94% is in line compared to the rest of the industry. 1AF outperforms 58.33% of its industry peers.
1AF's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 2.96%
PM (TTM) 0.2%
GM 45.94%
OM growth 3YN/A
OM growth 5Y-0.65%
PM growth 3YN/A
PM growth 5Y11.29%
GM growth 3Y8.53%
GM growth 5Y-1.71%
1AF.MI Yearly Profit, Operating, Gross Margins1AF.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 -40 -60

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0

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 1AF is destroying value.
1AF has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
1AF.MI Yearly Shares Outstanding1AF.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M
1AF.MI Yearly Total Debt VS Total Assets1AF.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 10B 20B 30B

2.2 Solvency

1AF has an Altman-Z score of 0.40. This is a bad value and indicates that 1AF is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.40, 1AF is doing worse than 75.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Altman-Z 0.4
ROIC/WACC0.68
WACC6.16%
1AF.MI Yearly LT Debt VS Equity VS FCF1AF.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5B -5B 10B 15B

2.3 Liquidity

1AF has a Current Ratio of 0.64. This is a bad value and indicates that 1AF is not financially healthy enough and could expect problems in meeting its short term obligations.
1AF has a worse Current ratio (0.64) than 75.00% of its industry peers.
1AF has a Quick Ratio of 0.64. This is a bad value and indicates that 1AF is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.58, 1AF is doing worse than 75.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.64
Quick Ratio 0.58
1AF.MI Yearly Current Assets VS Current Liabilites1AF.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B

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3

3. Growth

3.1 Past

1AF shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -65.46%.
The earnings per share for 1AF have been decreasing by -20.89% on average. This is quite bad
EPS 1Y (TTM)-65.46%
EPS 3YN/A
EPS 5Y-20.89%
EPS Q2Q%93.05%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%5.15%

3.2 Future

The Earnings Per Share is expected to grow by 37.69% on average over the next years. This is a very strong growth
Based on estimates for the next years, 1AF will show a small growth in Revenue. The Revenue will grow by 4.28% on average per year.
EPS Next Y158.21%
EPS Next 2Y69.7%
EPS Next 3Y55.77%
EPS Next 5Y37.69%
Revenue Next Year4.63%
Revenue Next 2Y4.49%
Revenue Next 3Y3.55%
Revenue Next 5Y4.28%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
1AF.MI Yearly Revenue VS Estimates1AF.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B 40B
1AF.MI Yearly EPS VS Estimates1AF.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 -20 -40 -60

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 8.11, which indicates a very decent valuation of 1AF.
1AF's Price/Earnings is on the same level as the industry average.
1AF is valuated cheaply when we compare the Price/Earnings ratio to 29.35, which is the current average of the S&P500 Index.
1AF is valuated cheaply with a Price/Forward Earnings ratio of 3.13.
1AF's Price/Forward Earnings ratio is rather cheap when compared to the industry. 1AF is cheaper than 91.67% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.10. 1AF is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 8.11
Fwd PE 3.13
1AF.MI Price Earnings VS Forward Price Earnings1AF.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

1AF's Enterprise Value to EBITDA is on the same level as the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 2.66
1AF.MI Per share data1AF.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
1AF's earnings are expected to grow with 55.77% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.05
PEG (5Y)N/A
EPS Next 2Y69.7%
EPS Next 3Y55.77%

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0

5. Dividend

5.1 Amount

1AF does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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AIR FRANCE-KLM

BIT:1AF (3/7/2025, 7:00:00 PM)

11.51

+2.78 (+31.84%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)03-06 2025-03-06/bmo
Earnings (Next)04-30 2025-04-30
Inst Owners8.65%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap3.02B
Analysts52.8
Price Target10 (-13.12%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly Dividend0.35
Dividend Growth(5Y)-5.03%
DP1.59%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-42.15%
Min EPS beat(2)-71.16%
Max EPS beat(2)-13.15%
EPS beat(4)1
Avg EPS beat(4)-32.85%
Min EPS beat(4)-91.85%
Max EPS beat(4)44.76%
EPS beat(8)4
Avg EPS beat(8)115.02%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-2.79%
Min Revenue beat(2)-3.43%
Max Revenue beat(2)-2.15%
Revenue beat(4)0
Avg Revenue beat(4)-2.82%
Min Revenue beat(4)-3.43%
Max Revenue beat(4)-2.15%
Revenue beat(8)1
Avg Revenue beat(8)-2.09%
Revenue beat(12)4
Avg Revenue beat(12)-0.83%
Revenue beat(16)6
Avg Revenue beat(16)-0.23%
PT rev (1m)-7.9%
PT rev (3m)-7.72%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-26.04%
EPS NY rev (3m)-26.04%
Revenue NQ rev (1m)-0.2%
Revenue NQ rev (3m)-0.09%
Revenue NY rev (1m)-0.03%
Revenue NY rev (3m)0.57%
Valuation
Industry RankSector Rank
PE 8.11
Fwd PE 3.13
P/S 0.1
P/FCF N/A
P/OCF 1.34
P/B N/A
P/tB N/A
EV/EBITDA 2.66
EPS(TTM)1.42
EY12.34%
EPS(NY)3.67
Fwd EY31.9%
FCF(TTM)-7.4
FCFYN/A
OCF(TTM)8.59
OCFY74.66%
SpS117.93
BVpS-6.55
TBVpS-11.71
PEG (NY)0.05
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.18%
ROE N/A
ROCE 4.89%
ROIC 4.19%
ROICexc 6.02%
ROICexgc 6.72%
OM 2.96%
PM (TTM) 0.2%
GM 45.94%
FCFM N/A
ROA(3y)-2.38%
ROA(5y)-5.96%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y5.37%
ROICexc growth 3YN/A
ROICexc growth 5Y5.1%
OM growth 3YN/A
OM growth 5Y-0.65%
PM growth 3YN/A
PM growth 5Y11.29%
GM growth 3Y8.53%
GM growth 5Y-1.71%
F-Score5
Asset Turnover0.89
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF N/A
Debt/EBITDA 3.06
Cap/Depr 155.98%
Cap/Sales 13.56%
Interest Coverage 1.4
Cash Conversion 62.53%
Profit Quality N/A
Current Ratio 0.64
Quick Ratio 0.58
Altman-Z 0.4
F-Score5
WACC6.16%
ROIC/WACC0.68
Cap/Depr(3y)119.28%
Cap/Depr(5y)108.83%
Cap/Sales(3y)12.82%
Cap/Sales(5y)13.96%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-65.46%
EPS 3YN/A
EPS 5Y-20.89%
EPS Q2Q%93.05%
EPS Next Y158.21%
EPS Next 2Y69.7%
EPS Next 3Y55.77%
EPS Next 5Y37.69%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%5.15%
Revenue Next Year4.63%
Revenue Next 2Y4.49%
Revenue Next 3Y3.55%
Revenue Next 5Y4.28%
EBIT growth 1Y-48.71%
EBIT growth 3YN/A
EBIT growth 5Y2.07%
EBIT Next Year134.9%
EBIT Next 3Y41.96%
EBIT Next 5Y26.16%
FCF growth 1Y-173.33%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-57.86%
OCF growth 3YN/A
OCF growth 5Y-3.83%