Air France-KLM SA

WBAG:AFK Stock Report

Market Cap: €2.6b

Air France-KLM Valuation

Is AFK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of AFK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: AFK (€10.1) is trading below our estimate of future cash flow value (€51.09)

Significantly Below Future Cash Flow Value: AFK is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AFK?

Key metric: As AFK is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AFK. This is calculated by dividing AFK's market cap by their current earnings.
What is AFK's PE Ratio?
PE Ratio1.7x
Earnings€1.53b
Market Cap€2.65b

Price to Earnings Ratio vs Peers

How does AFK's PE Ratio compare to its peers?

The above table shows the PE ratio for AFK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.2x
POST Österreichische Post
17.5x4.05%€2.3b
FLU Flughafen Wien
19.5x0.53%€4.4b
2610 China Airlines
7.7x-9.13%NT$114.9b
AC Air Canada
8x-0.96%CA$5.4b
AFK Air France-KLM
1.7x2.67%€2.6b

Price-To-Earnings vs Peers: AFK is good value based on its Price-To-Earnings Ratio (1.7x) compared to the peer average (13.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does AFK's PE Ratio compare vs other companies in the Global Airlines Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AFK 1.7xIndustry Avg. 8.9xNo. of Companies10PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AFK is good value based on its Price-To-Earnings Ratio (1.7x) compared to the Global Airlines industry average (9x).

Price to Earnings Ratio vs Fair Ratio

What is AFK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AFK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio1.7x
Fair PE Ratio18.9x

Price-To-Earnings vs Fair Ratio: AFK is good value based on its Price-To-Earnings Ratio (1.7x) compared to the estimated Fair Price-To-Earnings Ratio (18.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AFK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.10
€12.75
+26.28%
18.83%€20.00€9.30n/a20
Feb ’27€10.93
€11.60
+6.16%
19.33%€20.00€8.50n/a20
Jan ’27€11.40
€11.58
+1.66%
21.48%€20.00€8.50n/a16
Dec ’26€11.28
€11.57
+2.53%
22.00%€20.00€8.50n/a16
Nov ’26€11.45
€11.95
+4.34%
21.35%€20.00€8.00n/a16
Oct ’26€11.42
€11.87
+3.96%
22.82%€20.00€8.00n/a15
Sep ’26€13.30
€11.47
-13.78%
16.23%€15.00€8.00n/a15
Aug ’26€11.15
€9.84
-11.71%
25.81%€15.00€5.40n/a15
Jul ’26€9.61
€8.88
-7.67%
24.19%€15.00€5.40n/a16
Jun ’26€9.71
€8.65
-10.89%
25.28%€15.00€5.25n/a18
May ’26€7.71
€8.70
+12.83%
24.85%€15.00€5.25n/a18
Apr ’26€8.61
€9.79
+13.71%
23.60%€15.00€7.00n/a18
Mar ’26€8.85
€8.88
+0.37%
18.00%€12.05€5.35€12.5018
Feb ’26€8.00
€8.85
+10.66%
18.17%€12.05€5.35€10.9318
Jan ’26€8.09
€10.44
+29.07%
43.36%€27.50€6.45€11.4018
Dec ’25€7.37
€10.64
+44.47%
42.21%€27.50€6.45€11.2818
Nov ’25€8.74
€11.15
+27.51%
39.87%€27.50€7.50€11.4518
Oct ’25€8.84
€11.07
+25.13%
40.79%€27.50€7.50€11.4218
Sep ’25€8.13
€10.83
+33.19%
42.12%€27.50€7.50€13.3018
Aug ’25€7.97
€11.06
+38.69%
42.26%€27.50€7.50€11.1517
Jul ’25€8.05
€13.46
+67.26%
40.98%€27.50€8.90€9.6117
Jun ’25€10.29
€14.36
+39.65%
38.77%€27.50€9.00€9.7116
May ’25€9.59
€14.46
+50.77%
39.11%€27.50€9.00€7.7116
Apr ’25€10.18
€15.61
+53.30%
35.51%€27.50€9.00€8.6116
Mar ’25€10.54
€15.89
+50.74%
35.21%€27.50€9.20€8.8517
€12.75
Fair Value
20.8% undervalued intrinsic discount
20
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/06 10:25
End of Day Share Price 2026/03/06 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Air France-KLM SA is covered by 36 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ricardo Benevides FreitasBanco Santander
Andrew LobbenbergBarclays
David FintzenBarclays