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Air France-KLM

WBAG:AIRF
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AIRF
WBAG
€4B
Market Cap
  1. Home
  2. AT
  3. Transportation
Company description

Air France-KLM SA, together with its subsidiaries, provides passenger transportation services on scheduled flights. The last earnings update was 18 days ago. More info.


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  • Air France-KLM has significant price volatility in the past 3 months.
AIRF Share Price and Events
7 Day Returns
-3.4%
WBAG:AIRF
-6.5%
Europe Airlines
-1.2%
AT Market
1 Year Returns
-
WBAG:AIRF
-36.3%
Europe Airlines
-6.7%
AT Market
AIRF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Air France-KLM (AIRF) -3.4% 15.9% 26% - - -
Europe Airlines -6.5% -9.4% -15.6% -36.3% -5.6% 4.5%
AT Market -1.2% -1.2% -3.5% -6.7% 35.6% 28.6%
1 Year Return vs Industry and Market
  • No trading data on AIRF.
  • No trading data on AIRF.
Price Volatility
AIRF
Industry
5yr Volatility vs Market

Value

 Is Air France-KLM undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Air France-KLM to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Air France-KLM.

WBAG:AIRF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.4%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:AIRF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.7%
Airlines Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.871 (1 + (1- 33%) (263.08%))
1.942
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.94
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (1.942 * 6.65%)
13.43%

Discounted Cash Flow Calculation for WBAG:AIRF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Air France-KLM is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

WBAG:AIRF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 13.43%)
2020 603.62 Analyst x8 532.17
2021 1,120.84 Analyst x5 871.20
2022 1,128.00 Analyst x1 772.99
2023 1,244.00 Analyst x1 751.58
2024 1,331.13 Est @ 7% 709.03
2025 1,398.43 Est @ 5.06% 656.71
2026 1,450.06 Est @ 3.69% 600.35
2027 1,489.76 Est @ 2.74% 543.78
2028 1,520.58 Est @ 2.07% 489.33
2029 1,544.94 Est @ 1.6% 438.32
Present value of next 10 years cash flows €6,365.45
WBAG:AIRF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €1,544.94 × (1 + 0.51%) ÷ (13.43% – 0.51%)
€12,022.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €12,022.62 ÷ (1 + 13.43%)10
€3,411.00
WBAG:AIRF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €6,365.45 + €3,411.00
€9,776.45
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €9,776.45 / 427.49
€22.87
WBAG:AIRF Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:AIRF represents 1.00393x of ENXTPA:AF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00393x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 22.87 x 1.00393
€22.96
Value per share (EUR) From above. €22.96
Current discount Discount to share price of €10.23
= -1 x (€10.23 - €22.96) / €22.96
55.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Air France-KLM is available for.
Intrinsic value
>50%
Share price is €10.23 vs Future cash flow value of €22.96
Current Discount Checks
For Air France-KLM to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Air France-KLM's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Air France-KLM's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Air France-KLM's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Air France-KLM's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:AIRF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.68
ENXTPA:AF Share Price ** ENXTPA (2019-08-16) in EUR €10.19
Europe Airlines Industry PE Ratio Median Figure of 13 Publicly-Listed Airlines Companies 7.37x
Austria Market PE Ratio Median Figure of 54 Publicly-Listed Companies 13.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Air France-KLM.

WBAG:AIRF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:AF Share Price ÷ EPS (both in EUR)

= 10.19 ÷ 0.68

14.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air France-KLM is overvalued based on earnings compared to the Europe Airlines industry average.
  • Air France-KLM is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does Air France-KLM's expected growth come at a high price?
Raw Data
WBAG:AIRF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
18.2%per year
Europe Airlines Industry PEG Ratio Median Figure of 12 Publicly-Listed Airlines Companies 0.62x
Austria Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 1.13x

*Line of best fit is calculated by linear regression .

WBAG:AIRF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.97x ÷ 18.2%

0.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air France-KLM is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Air France-KLM's assets?
Raw Data
WBAG:AIRF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €2.75
ENXTPA:AF Share Price * ENXTPA (2019-08-16) in EUR €10.19
Europe Airlines Industry PB Ratio Median Figure of 17 Publicly-Listed Airlines Companies 1.5x
Austria Market PB Ratio Median Figure of 63 Publicly-Listed Companies 1.18x
WBAG:AIRF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:AF Share Price ÷ Book Value per Share (both in EUR)

= 10.19 ÷ 2.75

3.71x

* Primary Listing of Air France-KLM.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Air France-KLM is overvalued based on assets compared to the Europe Airlines industry average.
X
Value checks
We assess Air France-KLM's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Airlines industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Airlines industry average (and greater than 0)? (1 check)
  5. Air France-KLM has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Air France-KLM expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Air France-KLM expected to grow at an attractive rate?
  • Air France-KLM's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Air France-KLM's earnings growth is expected to exceed the Austria market average.
  • Air France-KLM's revenue growth is positive but not above the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:AIRF Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:AIRF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 18.2%
WBAG:AIRF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 2.4%
Europe Airlines Industry Earnings Growth Rate Market Cap Weighted Average 14.4%
Europe Airlines Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Austria Market Earnings Growth Rate Market Cap Weighted Average 8.9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:AIRF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:AIRF Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 30,228 4,208 766 2
2022-12-31 29,427 4,214 1,042 2
2021-12-31 28,992 3,809 879 18
2020-12-31 28,309 3,741 741 19
2019-12-31 27,572 3,675 578 15
WBAG:AIRF Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 27,119 3,807 291
2019-03-31 26,695 3,585 321
2018-12-31 26,515 3,712 372
2018-09-30 26,172 2,415 -763
2018-06-30 25,967 3,816 -471
2018-03-31 25,968 4,190 20
2017-12-31 25,867 4,099 146
2017-09-30 25,676 3,901 1,162
2017-06-30 25,358 3,228 1,071
2017-03-31 24,946 2,702 508
2016-12-31 24,846 2,239 497
2016-09-30 25,002 1,980 665

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Air France-KLM's earnings are expected to grow by 18.2% yearly, however this is not considered high growth (20% yearly).
  • Air France-KLM's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:AIRF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Air France-KLM Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:AIRF Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.76 1.76 1.76 1.00
2022-12-31 2.41 2.41 2.41 1.00
2021-12-31 2.05 2.81 1.37 14.00
2020-12-31 1.71 2.31 1.00 16.00
2019-12-31 1.34 1.57 0.94 13.00
WBAG:AIRF Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.68
2019-03-31 0.75
2018-12-31 0.87
2018-09-30 -1.63
2018-06-30 -1.08
2018-03-31 0.05
2017-12-31 0.39
2017-09-30 4.03
2017-06-30 3.60
2017-03-31 1.72
2016-12-31 1.68
2016-09-30 2.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Air France-KLM is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Air France-KLM's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Air France-KLM has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Air France-KLM performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Air France-KLM's growth in the last year to its industry (Airlines).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Air France-KLM has delivered over 20% year on year earnings growth in the past 5 years.
  • Air France-KLM has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Air France-KLM has become profitable in the last year making it difficult to compare the Europe Airlines industry average.
Earnings and Revenue History
Air France-KLM's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Air France-KLM Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:AIRF Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 27,119.00 291.00 1,041.00
2019-03-31 26,695.00 321.00 1,052.00
2018-12-31 26,515.00 372.00 1,034.00
2018-09-30 26,172.00 -763.00 1,011.00
2018-06-30 25,967.00 -471.00 979.00
2018-03-31 25,968.00 20.00 939.00
2017-12-31 25,867.00 146.00 935.00
2017-09-30 25,676.00 1,162.00 915.00
2017-06-30 25,358.00 1,071.00 908.00
2017-03-31 24,946.00 508.00 902.00
2016-12-31 24,846.00 497.00 905.00
2016-09-30 25,002.00 665.00 883.00
2016-06-30 25,369.00 588.00 894.00
2016-03-31 25,713.00 481.00 899.00
2015-12-31 25,691.00 74.00 896.00
2015-09-30 25,661.00 133.00 908.00
2015-06-30 25,058.00 -248.00 898.00
2015-03-31 24,951.00 -180.00 874.00
2014-12-31 24,930.00 -221.00 870.00
2014-09-30 24,841.00 -1,624.00 865.00
2014-06-30 25,321.00 -1,559.00 855.00
2014-03-31 25,411.00 -1,675.00 854.00
2013-12-31 25,530.00 -1,705.00 852.00
2013-09-30 25,505.00 -658.00 841.00
2013-06-30 25,508.00 -513.00 859.00
2013-03-31 25,684.00 -1,445.00 1,472.00
2012-12-31 25,439.00 -1,028.00 866.00
2012-09-30 25,380.00 -1,239.00 1,332.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Air France-KLM has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Air France-KLM used its assets less efficiently than the Europe Airlines industry average last year based on Return on Assets.
  • Air France-KLM's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Air France-KLM's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Airlines industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Air France-KLM has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Air France-KLM's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Air France-KLM's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Air France-KLM's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Air France-KLM's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Air France-KLM's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Air France-KLM Company Filings, last reported 1 month ago.

WBAG:AIRF Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,590.00 3,594.00 4,887.00
2019-03-31 1,933.00 6,865.00 4,464.00
2018-12-31 1,865.00 3,052.00 3,632.00
2018-09-30 3,292.00 6,726.00 4,218.00
2018-06-30 2,594.00 2,924.00 4,450.00
2018-03-31 2,333.00 6,546.00 4,473.00
2017-12-31 2,420.00 3,570.00 4,808.00
2017-09-30 2,937.00 8,015.00 4,546.00
2017-06-30 2,044.00 4,103.00 4,621.00
2017-03-31 1,777.00 8,268.00 4,253.00
2016-12-31 1,296.00 4,259.00 3,977.00
2016-09-30 -230.00 8,531.00 3,650.00
2016-06-30 -733.00 4,347.00 4,008.00
2016-03-31 -510.00 8,971.00 4,175.00
2015-12-31 273.00 4,945.00 3,514.00
2015-09-30 20.00 9,171.00 4,174.00
2015-06-30 -167.00 5,146.00 4,329.00
2015-03-31 -1,476.00 10,077.00 4,029.00
2014-12-31 -653.00 6,114.00 3,175.00
2014-09-30 -251.00 10,054.00 4,019.00
2014-06-30 1,068.00 6,093.00 4,088.00
2014-03-31 1,091.00 10,024.00 3,705.00
2013-12-31 2,293.00 10,899.00 4,715.00
2013-09-30 3,231.00 10,988.00 4,665.00
2013-06-30 2,970.00 6,739.00 4,833.00
2013-03-31 3,589.00 11,458.00 4,640.00
2012-12-31 3,637.00 6,949.00 3,659.00
2012-09-30 5,269.00 10,612.00 3,550.00
  • Air France-KLM's level of debt (226%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (578.1% vs 226% today).
  • Debt is well covered by operating cash flow (105.9%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Air France-KLM's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Air France-KLM has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Air France-KLM's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Air France-KLM dividends. Estimated to be 0.64% next year.
If you bought €2,000 of Air France-KLM shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Air France-KLM's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Air France-KLM's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:AIRF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
Europe Airlines Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 6.4%
Austria Market Average Dividend Yield Market Cap Weighted Average of 51 Stocks 3.6%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.6%
Austria Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:AIRF Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.12 11.00
2020-12-31 0.08 13.00
2019-12-31 0.00 11.00
WBAG:AIRF Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2010-02-10 0.000 0.000
2009-11-23 0.000 0.000
2009-11-18 0.000 0.000
2009-07-30 0.000 0.000
2009-05-20 0.000 0.000
2009-05-19 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Air France-KLM has not reported any payouts.
  • Unable to verify if Air France-KLM's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Air France-KLM's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Air France-KLM has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Air France-KLM's dividends in 3 years as they are not expected to pay a notable one for Austria.
X
Income/ dividend checks
We assess Air France-KLM's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Air France-KLM afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Air France-KLM has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Air France-KLM's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ben Smith
COMPENSATION €1,610,017
AGE 48
TENURE AS CEO 0.9 years
CEO Bio

Mr. Benjamin M. Smith, also known as Ben, has been Chief Executive Officer at Air France-KLM SA since September 17, 2018 and has been its Director since December 5, 2018. He served as President of Passenger Airlines at Air Canada from August 2014 to August 31, 2018 and served as its Chief Operating Officer until August 31, 2018. Mr. Smith served as an Executive Vice President of Air Canada since April 22, 2004 and its Chief Commercial Officer since May 2007. He served as the Chief Executive Officer and President of Air Canada Vacations at Ace Aviation Holdings Inc., since January 2006. He served as a Vice President of Planning of Ace Aviation Holdings Inc., since April 2004 and its Acting President of Air Canada Vacations. He served as Vice President of Network Planning at Air Canada, responsible for the network planning, scheduling and revenue management functions at Air Canada and Jazz from 2004 to 2006. Mr. Smith served as Senior Director, Network Planning from June 2003 to April 2004 and Managing Director, Tango from March 2002 to June 2003 of Air Canada. Prior to joining Air Canada in March 2002, he owned and operated a corporate travel agency and also worked as an Independent Consultant. He holds a Bachelor's Degree in Economics from The University of Western Ontario.

CEO Compensation
  • Insufficient data for Ben to compare compensation growth.
  • Insufficient data for Ben to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Air France-KLM management team in years:

2.9
Average Tenure
58.5
Average Age
  • The tenure for the Air France-KLM management team is about average.
Management Team

Ben Smith

TITLE
CEO & Director
COMPENSATION
€2M
AGE
48
TENURE
0.9 yrs

Frédéric N. P. Gagey

TITLE
Chief Financial Officer
COMPENSATION
€739K
AGE
63
TENURE
2.8 yrs

Eric Schramm

TITLE
Executive Vice President of Operations and Accountable Manager
AGE
60
TENURE
3.7 yrs

Marie-Agnès de Peslouan

TITLE
Head of Investor Relations

Patrick Alexandre

TITLE
Executive Vice-President of Commercial
AGE
64

Janet Dekker

TITLE
Executive Vice President of Human Resource
TENURE
0.6 yrs

Jean-Christophe Lalanne

TITLE
Executive Vice President of Information Technology
AGE
57

Pieter Bootsma

TITLE
Executive Vice-President of Commercial & Revenue
AGE
50

Henri de Peyrelongue

TITLE
Senior VP of Commercial Planning and Representative of The Commercial
TENURE
3 yrs

Zoran Jelkic

TITLE
Senior Vice President of Air France
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Air France-KLM board of directors in years:

5.8
Average Tenure
69.5
Average Age
  • The tenure for the Air France-KLM board of directors is about average.
Board of Directors

Anne-Marie Couderc

TITLE
Non-Executive Chairwoman
COMPENSATION
€275K
AGE
69
TENURE
1.3 yrs

Ben Smith

TITLE
CEO & Director
COMPENSATION
€2M
AGE
48
TENURE
0.7 yrs

Jean-Cyril Spinetta

TITLE
Honorary Chairman
COMPENSATION
€100K
AGE
76
TENURE
6.1 yrs

Maryse Aulagnon

TITLE
Independent Director
COMPENSATION
€56K
AGE
70
TENURE
9.1 yrs

Jaap de Hoop Scheffer

TITLE
Director
COMPENSATION
€56K
AGE
71
TENURE
8.1 yrs

Anne-Marie Idrac

TITLE
Independent Director
COMPENSATION
€44K
AGE
68
TENURE
1.8 yrs

Jean-Dominique Comolli

TITLE
Director
COMPENSATION
€58K
AGE
71
TENURE
8.7 yrs

Isabelle Bouillot

TITLE
Independent Director
COMPENSATION
€53K
AGE
70
TENURE
6.3 yrs

Isabelle Parize

TITLE
Independent Director
COMPENSATION
€53K
AGE
62
TENURE
5.4 yrs

Alex Wynaendts

TITLE
Independent Director
COMPENSATION
€52K
AGE
59
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Air France-KLM's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Air France-KLM has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Air France-KLM SA, together with its subsidiaries, provides passenger transportation services on scheduled flights. The company operates through Network, Maintenance, Transavia, and Other segments. It also offers cargo transportation and aeronautics maintenance services; and other air-transport-related services. The company operates in France, Benelux, Europe, Africa, the Middle East, Gulf, India, the Asia-Pacific, North America, Caribbean, West Indies, French Guyana, Indian Ocean, and South America. As of June 30, 2019, it operated fleet of 551 aircraft. Air France-KLM SA was founded in 1919 and is headquartered in Paris, France.

Details
Name: Air France-KLM SA
AIRF
Exchange: WBAG
Founded: 1919
€4,356,099,214
427,487,656
Website: http://www.airfranceklm.com
Address: Air France-KLM SA
2 rue Robert Esnault-Pelterie,
Paris,
Ile-de-France, 75007,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA AF Ordinary Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK AFRA.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB AFR Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0LN7 Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
SWX AF Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG AIRF Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
BATS-CHIXE AFP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK AFLY.Y SPONSORED ADR Pink Sheets LLC US USD 05. May 2004
Number of employees
Current staff
Staff numbers
85,606
Air France-KLM employees.
Industry
Airlines
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/18 21:33
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/08
Last earnings filing: 2019/07/31
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.