Buy Or Sell Opportunity • Jul 08
Now 20% undervalued Over the last 90 days, the stock has risen 22% to RON12.20. The fair value is estimated to be RON15.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 6.7%. Announcement • Jun 01
Aerostar S.A. to Report Q3, 2026 Results on Nov 06, 2026 Aerostar S.A. announced that they will report Q3, 2026 results on Nov 06, 2026 Reported Earnings • May 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: RON195.4m (up 15% from 1Q 2025). Net income: RON41.1m (up 95% from 1Q 2025). Profit margin: 21% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to RON12.55, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 34x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 77% over the past three years. Upcoming Dividend • May 07
Upcoming dividend of RON0.32 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (1.3%). Announcement • May 01
Aerostar S.A. to Report Q1, 2026 Results on May 08, 2026 Aerostar S.A. announced that they will report Q1, 2026 results on May 08, 2026 Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: RON0.64 (vs RON0.63 in FY 2024) Full year 2025 results: EPS: RON0.64 (up from RON0.63 in FY 2024). Revenue: RON624.0m (up 6.3% from FY 2024). Net income: RON98.0m (up 2.4% from FY 2024). Profit margin: 16% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Declared Dividend • Mar 25
Dividend increased to RON0.32 Dividend of RON0.32 is 33% higher than last year. Ex-date: 14th May 2026 Payment date: 5th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (34% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 24
Aerostar S.A. announces Annual dividend, payable on June 05, 2026 Aerostar S.A. announced Annual dividend of RON 0.3200 per share payable on June 05, 2026, ex-date on May 14, 2026 and record date on May 15, 2026. Reported Earnings • Feb 23
Full year 2025 earnings released: EPS: RON0.64 (vs RON0.63 in FY 2024) Full year 2025 results: EPS: RON0.64 (up from RON0.63 in FY 2024). Revenue: RON624.0m (up 6.3% from FY 2024). Net income: RON98.0m (up 2.4% from FY 2024). Profit margin: 16% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 27
Aerostar S.A., Annual General Meeting, Apr 22, 2026 Aerostar S.A., Annual General Meeting, Apr 22, 2026. Reported Earnings • Nov 10
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: RON125.7m (down 1.2% from 3Q 2024). Net income: RON24.7m (up 115% from 3Q 2024). Profit margin: 20% (up from 9.0% in 3Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON146.8m (up 6.3% from 2Q 2024). Net income: RON25.1m (up 13% from 2Q 2024). Profit margin: 17% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • May 07
Upcoming dividend of RON0.24 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 05 June 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Romanian dividend payers (6.9%). Higher than average of industry peers (1.3%). Reported Earnings • Apr 29
Full year 2024 earnings released: EPS: RON0.63 (vs RON0.61 in FY 2023) Full year 2024 results: EPS: RON0.63 (up from RON0.61 in FY 2023). Revenue: RON587.0m (up 15% from FY 2023). Net income: RON95.7m (up 2.9% from FY 2023). Profit margin: 16% (down from 18% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Apr 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 322% Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Dividend is not well covered by cash flows (322% cash payout ratio). Declared Dividend • Mar 24
Dividend increased to RON0.24 Dividend of RON0.24 is 14% higher than last year. Ex-date: 14th May 2025 Payment date: 5th June 2025 Dividend yield will be 2.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (281% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 23
Aerostar S.A. announces Annual dividend, payable on June 05, 2025 Aerostar S.A. announced Annual dividend of RON 0.2400 per share payable on June 05, 2025, ex-date on May 14, 2025 and record date on May 15, 2025. New Risk • Mar 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: RON128.1m (up 9.8% from 3Q 2023). Net income: RON11.5m (down 20% from 3Q 2023). Profit margin: 8.9% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: RON138.6m (up 14% from 2Q 2023). Net income: RON22.2m (up 33% from 2Q 2023). Profit margin: 16% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: RON0.61 (vs RON0.59 in FY 2022) Full year 2023 results: EPS: RON0.61 (up from RON0.59 in FY 2022). Revenue: RON509.0m (up 8.5% from FY 2022). Net income: RON93.0m (up 3.1% from FY 2022). Profit margin: 18% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 26% per year. New Risk • Apr 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 374% Dividend yield: 2.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 18
Dividend of RON0.21 announced Shareholders will receive a dividend of RON0.21. Ex-date: 8th May 2024 Payment date: 30th May 2024 Dividend yield will be 2.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (320% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: RON0.61 (vs RON0.59 in FY 2022) Full year 2023 results: EPS: RON0.61 (up from RON0.59 in FY 2022). Revenue: RON510.7m (up 8.9% from FY 2022). Net income: RON93.0m (up 3.1% from FY 2022). Profit margin: 18% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. New Risk • Jan 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (4.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RON10.00, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 28x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 158% over the past three years. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON118.0m (flat on 3Q 2022). Net income: RON14.3m (down 43% from 3Q 2022). Profit margin: 12% (down from 21% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 28% per year. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Romanian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: RON122.0m (up 26% from 2Q 2022). Net income: RON16.7m (down 42% from 2Q 2022). Profit margin: 14% (down from 30% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Upcoming Dividend • May 04
Upcoming dividend of RON0.18 per share at 2.4% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (9.0%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 25
Full year 2022 earnings released: EPS: RON0.59 (vs RON0.39 in FY 2021) Full year 2022 results: EPS: RON0.59 (up from RON0.39 in FY 2021). Net income: RON90.3m (up 51% from FY 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: RON0.59 (vs RON0.39 in FY 2021) Full year 2022 results: EPS: RON0.59 (up from RON0.39 in FY 2021). Revenue: RON470.4m (up 24% from FY 2021). Net income: RON90.3m (up 51% from FY 2021). Profit margin: 19% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Doros Liviu-Claudiu was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON118.1m (up 73% from 3Q 2021). Net income: RON25.1m (up 104% from 3Q 2021). Profit margin: 21% (up from 18% in 3Q 2021). The increase in margin was driven by higher revenue. Announcement • Nov 12
Aerostar S.A., Annual General Meeting, Dec 15, 2022 Aerostar S.A., Annual General Meeting, Dec 15, 2022, at 13:00 E. Europe Standard Time. Location: Aerostar S.A. 9th Condorilor St, postal code 600302 Bacau Romania Agenda: To consider election of the secretariate of the OGMS in accordance with art.129, para. (2) and para. (5) of the Law no. 31/1990 on companies; to consider presentation and approval of the Income and Expenses Budget for the year 2023; to consider remuneration for the members on the Board of Directors; to consider presentation and approval to register, in accordance with legal provisions, of the dividends for the year 2018; and to empower the President General Director of the Company, Mr. Eng. Grigore FILIP. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RON6.40, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 21x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 34% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: RON97.2m (up 16% from 2Q 2021). Net income: RON28.8m (up 72% from 2Q 2021). Profit margin: 30% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Announcement • May 14
Aerostar S.A., Annual General Meeting, Jun 16, 2022 Aerostar S.A., Annual General Meeting, Jun 16, 2022, at 13:00 E. Europe Standard Time. Location: the registered head office in Bacau, 9 Condorilor St, postal code 600302, Bacau County Bacau Romania Agenda: To consider Election of the secretariate of the OGMS meeting in accordance with art. 129, para (2) and para (5) of the law no 31/1990 on companies; to The extension of the mandate for the members of the Audit Committee, appointed by the General Meeting of the Shareholders' Resolutions dated August 13th 2020, in accordance with art. 65 of the Act/Law no 162/2017 with reference to the statutory auditing of the annual financial statements and the consolidated annual financial statements, until July 10th 2024; to The repeal of BDO Audit SRL's mandate as the company's Financial Auditor, appointed by the General Meeting of the Shareholders' Resolutions dated April 24th 2021, as a result of termination of the Financial Auditing Contract; to Appointment of the financial auditor/auditing firm and stablishing the duration of the Financial Auditing Contract; and to consider other matter. Reported Earnings • May 08
First quarter 2022 earnings released First quarter 2022 results: Revenue: RON104.9m (up 13% from 1Q 2021). Net income: RON20.0m (up 4.2% from 1Q 2021). Profit margin: 19% (down from 21% in 1Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 02
Upcoming dividend of RON0.15 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Romanian dividend payers (6.3%). Higher than average of industry peers (1.6%). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Doros Liviu-Claudiu was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 26% share price gain to RON9.05, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 23x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 93% over the past three years. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RON0.39 (up from RON0.25 in FY 2020). Revenue: RON381.3m (up 27% from FY 2020). Net income: RON59.9m (up 56% from FY 2020). Profit margin: 16% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RON71.0m (up 12% from 3Q 2020). Net income: RON12.3m (up 49% from 3Q 2020). Profit margin: 17% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Reported Earnings • Aug 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON85.0m (up 36% from 2Q 2020). Net income: RON16.8m (up 66% from 2Q 2020). Profit margin: 20% (up from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 21% share price gain to RON6.65, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 23x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of RON0.12 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 22 June 2021. Trailing yield: 2.6%. Lower than top quartile of Romanian dividend payers (5.6%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 15% share price gain to RON4.80, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 23x in the Aerospace & Defense industry in Europe. Negligible returns to shareholders over past three years. Announcement • Mar 17
S.C. Aerostar S.A. Proposes Gross Dividend, Payable on 22 June 2021 S.C. Aerostar S.A. at Ordinary General Meeting of Shareholders to be held on April 21, 2021 proposed gross dividend to one share is RON 0.12. The approval of the date of June 2nd, 2021, as Record Date, in accordance with art. 86 para 1 of the Law no 24/2017 regarding the issuers of financial instruments and market operations. With reference to the proposed record date, the ex date will be May 31, 2021. Approval of the date of 22 of June, 2021, as the Payment Date of the dividends relating the financial year 2020. Announcement • Mar 16
S.C. Aerostar S.A., Annual General Meeting, Apr 21, 2021 S.C. Aerostar S.A., Annual General Meeting, Apr 21, 2021, at 13:00 E. Europe Standard Time. Location: Bacau, 9 Condorilor St, postal code 600302 Bacau Romania Agenda: To consider the election of secretariate of the OGMS meeting; to the report of the board of directors for the financial year of 2020; to the financial auditor's report on auditing the financial statements of the year 2020; to the financial statements of the year 2020; to the release of accountability of the board of directors and of the executive management for the year 2020, based on the reports presented; to appointment of the financial auditor/auditing firm (the financial audit contract is set to expire at the same time the auditing of the financial statements for the year 2020 is complete); and to consider other matter. Is New 90 Day High Low • Mar 09
New 90-day low: RON4.00 The company is down 5.0% from its price of RON4.22 on 09 December 2020. The Romanian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 3.0% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: RON301.5m (down 25% from FY 2019). Net income: RON38.4m (down 42% from FY 2019). Profit margin: 13% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 06
New 90-day high: RON4.36 The company is up 1.0% from its price of RON4.30 on 07 October 2020. The Romanian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 26% over the same period.