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Aeroflot - Russian Airlines

MISX:AFLT
Snowflake Description

High growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AFLT
MISX
RUB106B
Market Cap
  1. Home
  2. RU
  3. Transportation
Company description

Public Joint Stock Company Aeroflot - Russian Airlines, together with its subsidiaries, provides passenger and cargo air transportation services in Russia and internationally. The last earnings update was 23 days ago. More info.


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AFLT Share Price and Events
7 Day Returns
2.4%
MISX:AFLT
-6.2%
Europe Airlines
0.9%
RU Market
1 Year Returns
-28.8%
MISX:AFLT
-34.9%
Europe Airlines
17.8%
RU Market
AFLT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aeroflot - Russian Airlines (AFLT) 2.4% 9.9% 3.1% -28.8% 19.9% 79.9%
Europe Airlines -6.2% -5.1% -15.2% -34.9% 3.1% 6.9%
RU Market 0.9% 5.6% 10.4% 17.8% 44.7% 95%
1 Year Return vs Industry and Market
  • AFLT outperformed the Airlines industry which returned -34.9% over the past year.
  • AFLT underperformed the Market in Russian Federation which returned 17.8% over the past year.
Price Volatility
AFLT
Industry
5yr Volatility vs Market

AFLT Value

 Is Aeroflot - Russian Airlines 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 Aeroflot - Russian Airlines 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 Aeroflot - Russian Airlines.

MISX:AFLT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 27.3%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

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 MISX:AFLT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Airlines Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.846 (1 + (1- 20%) (607.08%))
3.651
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (2 * 9.43%)
27.3%

Discounted Cash Flow Calculation for MISX:AFLT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aeroflot - Russian Airlines 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.

MISX:AFLT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 27.3%)
2019 182,926.90 Analyst x1 143,697.49
2020 85,963.13 Analyst x3 53,046.34
2021 77,459.73 Analyst x1 37,548.34
2022 91,047.11 Analyst x1 34,669.90
2023 118,992.49 Analyst x1 35,594.06
2024 132,064.23 Est @ 10.99% 31,032.36
2025 145,563.49 Est @ 10.22% 26,869.13
2026 159,664.54 Est @ 9.69% 23,151.61
2027 174,534.18 Est @ 9.31% 19,880.39
2028 190,331.51 Est @ 9.05% 17,030.47
Present value of next 10 years cash flows RUB422,520.08
MISX:AFLT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= RUB190,331.51 × (1 + 8.44%) ÷ (27.3% – 8.44%)
RUB1,094,355.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB1,094,355.74 ÷ (1 + 27.3%)10
RUB97,920.69
MISX:AFLT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB422,520.08 + RUB97,920.69
RUB520,440.78
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB520,440.78 / 1,062.80
RUB489.69
MISX:AFLT Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB489.69
Current discount Discount to share price of RUB100.04
= -1 x (RUB100.04 - RUB489.69) / RUB489.69
79.6%

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

Current Discount
Amount off the current price Aeroflot - Russian Airlines is available for.
Intrinsic value
>50%
Share price is RUB100.04 vs Future cash flow value of RUB489.69
Current Discount Checks
For Aeroflot - Russian Airlines to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aeroflot - Russian Airlines's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aeroflot - Russian Airlines'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 Aeroflot - Russian Airlines's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aeroflot - Russian Airlines's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:AFLT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in RUB RUB0.05
MISX:AFLT Share Price ** MISX (2019-06-21) in RUB RUB100.04
Europe Airlines Industry PE Ratio Median Figure of 13 Publicly-Listed Airlines Companies 8.98x
Russian Federation Market PE Ratio Median Figure of 135 Publicly-Listed Companies 7.37x

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

** Primary Listing of Aeroflot - Russian Airlines.

MISX:AFLT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:AFLT Share Price ÷ EPS (both in RUB)

= 100.04 ÷ 0.05

2085.95x

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

  • Aeroflot - Russian Airlines is overvalued based on earnings compared to the Europe Airlines industry average.
  • Aeroflot - Russian Airlines is overvalued based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Aeroflot - Russian Airlines's expected growth come at a high price?
Raw Data
MISX:AFLT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2085.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
30%per year
Europe Airlines Industry PEG Ratio Median Figure of 11 Publicly-Listed Airlines Companies 0.56x
Russian Federation Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 0.68x

*Line of best fit is calculated by linear regression .

MISX:AFLT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2085.95x ÷ 30%

69.47x

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

  • Aeroflot - Russian Airlines is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Aeroflot - Russian Airlines's assets?
Raw Data
MISX:AFLT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in RUB RUB-44.90
MISX:AFLT Share Price * MISX (2019-06-21) in RUB RUB100.04
Europe Airlines Industry PB Ratio Median Figure of 16 Publicly-Listed Airlines Companies 1.49x
Russian Federation Market PB Ratio Median Figure of 154 Publicly-Listed Companies 0.8x
MISX:AFLT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:AFLT Share Price ÷ Book Value per Share (both in RUB)

= 100.04 ÷ -44.90

-2.23x

* Primary Listing of Aeroflot - Russian Airlines.

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

  • Aeroflot - Russian Airlines has negative assets, we can't compare the value of its assets to the Europe Airlines industry average.
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Value checks
We assess Aeroflot - Russian Airlines'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. Aeroflot - Russian Airlines has a total score of 2/6, 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.

AFLT Future Performance

 How is Aeroflot - Russian Airlines expected to perform in the next 1 to 3 years based on estimates from 11 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
30%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aeroflot - Russian Airlines expected to grow at an attractive rate?
  • Aeroflot - Russian Airlines's earnings growth is expected to exceed the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Aeroflot - Russian Airlines's earnings growth is expected to exceed the Russian Federation market average.
  • Aeroflot - Russian Airlines's revenue growth is expected to exceed the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:AFLT Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:AFLT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 30%
MISX:AFLT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 8.8%
Europe Airlines Industry Earnings Growth Rate Market Cap Weighted Average 13.7%
Europe Airlines Industry Revenue Growth Rate Market Cap Weighted Average 6%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 2.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.3%

*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
MISX:AFLT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:AFLT Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 899,796 231,023 1
2022-12-31 922,218 224,554 2
2021-12-31 804,526 181,202 25,888 7
2020-12-31 725,435 125,422 24,972 11
2019-12-31 671,868 151,087 21,917 10
MISX:AFLT Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2019-03-31 637,669 33,331 52
2018-12-31 611,570 19,495 6,589
2018-09-30 594,506 47,680 19,574
2018-06-30 563,898 58,062 15,857
2018-03-31 541,751 55,942 17,941
2017-12-31 532,934 47,432 22,872
2017-09-30 519,347 52,062 21,848
2017-06-30 506,914 48,654 38,969
2017-03-31 487,093 56,805 31,370
2016-12-31 495,880 73,647 37,443
2016-09-30 486,969 94,598 34,060
2016-06-30 462,530 102,209 -1,066

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aeroflot - Russian Airlines's earnings are expected to grow significantly at over 20% yearly.
  • Aeroflot - Russian Airlines's revenue is expected to grow by 8.8% 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
MISX:AFLT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Aeroflot - Russian Airlines Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:AFLT Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 24.51 28.61 20.42 2.00
2020-12-31 25.53 28.48 20.57 4.00
2019-12-31 19.74 22.97 17.78 3.00
MISX:AFLT Past Financials Data
Date (Data in RUB Millions) EPS *
2019-03-31 0.05
2018-12-31 6.01
2018-09-30 17.66
2018-06-30 14.43
2018-03-31 16.53
2017-12-31 21.34
2017-09-30 20.64
2017-06-30 36.87
2017-03-31 29.68
2016-12-31 35.43
2016-09-30 32.23
2016-06-30 -1.01

*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.
  • Aeroflot - Russian Airlines is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Aeroflot - Russian Airlines'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.
Aeroflot - Russian Airlines has a total score of 5/6, 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.

AFLT Past Performance

  How has Aeroflot - Russian Airlines 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 Aeroflot - Russian Airlines'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.
  • Aeroflot - Russian Airlines has delivered over 20% year on year earnings growth in the past 5 years.
  • Aeroflot - Russian Airlines's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Aeroflot - Russian Airlines's 1-year earnings growth is negative, it can't be compared to the Europe Airlines industry average.
Earnings and Revenue History
Aeroflot - Russian Airlines'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 Aeroflot - Russian Airlines Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:AFLT Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 637,669.00 52.00 19.00
2018-12-31 611,570.00 6,589.00 19.00
2018-09-30 594,506.00 19,574.00 24.00
2018-06-30 563,898.00 15,857.00 24.00
2018-03-31 541,751.00 17,941.00 24.00
2017-12-31 532,934.00 22,872.00 24.00
2017-09-30 519,347.00 21,848.00 4.00
2017-06-30 506,914.00 38,969.00 4.00
2017-03-31 487,093.00 31,369.50 4.00
2016-12-31 495,880.00 37,443.00 4.00
2016-09-30 486,969.00 34,060.00 246.00
2016-06-30 462,530.00 -1,066.00 246.00
2016-03-31 438,851.50 -3,447.50 246.00
2015-12-31 415,173.00 -5,829.00 246.00
2015-09-30 392,583.00 -8,834.00 33.00
2015-06-30 355,957.00 -17,146.00 33.00
2015-03-31 337,864.00 -16,308.50 33.00
2014-12-31 319,771.00 -15,471.00 33.00
2014-09-30 305,301.00 -12,593.00 616.00
2014-06-30 303,057.00 6,120.00 616.00
2014-03-31 297,006.50 7,068.00 616.00
2013-12-31 290,956.00 8,016.00 616.00
2013-09-30 290,927.75 13,526.29 365.97
2013-06-30 276,660.05 6,288.84 400.44
2013-03-31 260,653.68 6,426.43 380.34
2012-12-31 248,545.71 6,783.16 375.65
2012-09-30 233,459.49 13,990.34 124.86
2012-06-30 215,666.12 6,555.88 165.44

*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.
  • It is difficult to establish if Aeroflot - Russian Airlines has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Aeroflot - Russian Airlines used its assets less efficiently than the Europe Airlines industry average last year based on Return on Assets.
  • Aeroflot - Russian Airlines's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aeroflot - Russian Airlines'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.
Aeroflot - Russian Airlines 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.

AFLT Health

 How is Aeroflot - Russian Airlines'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 Aeroflot - Russian Airlines's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aeroflot - Russian Airlines's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Aeroflot - Russian Airlines's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Aeroflot - Russian Airlines'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.
  • Aeroflot - Russian Airlines has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
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 Aeroflot - Russian Airlines Company Filings, last reported 2 months ago.

MISX:AFLT Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 -44,933.00 645,459.00 48,830.00
2018-12-31 45,335.00 96,710.00 30,148.00
2018-09-30 64,843.00 95,951.00 60,051.00
2018-06-30 37,545.00 96,156.00 97,755.00
2018-03-31 58,368.00 91,787.00 63,248.00
2017-12-31 67,299.00 103,870.00 54,909.00
2017-09-30 69,804.00 109,335.00 61,336.00
2017-06-30 28,669.00 129,822.00 88,133.00
2017-03-31 40,769.00 143,103.00 37,795.00
2016-12-31 40,769.00 143,103.00 37,795.00
2016-09-30 40,653.00 164,551.00 60,590.00
2016-06-30 -3,974.00 180,080.00 58,609.00
2016-03-31 -3,974.00 180,080.00 58,609.00
2015-12-31 -36,120.00 232,984.00 36,610.00
2015-09-30 -21,653.00 195,297.00 34,151.00
2015-06-30 -8,763.00 169,008.00 50,067.00
2015-03-31 -8,763.00 169,008.00 50,067.00
2014-12-31 -13,505.00 173,481.00 27,508.00
2014-09-30 47,737.00 121,547.00 30,693.00
2014-06-30 49,637.00 111,711.00 36,817.00
2014-03-31 49,637.00 111,711.00 36,817.00
2013-12-31 54,480.00 85,442.00 18,932.00
2013-09-30 64,477.88 86,309.49 24,827.34
2013-06-30 47,330.33 90,337.92 23,547.00
2013-03-31 44,771.65 85,454.24 22,274.05
2012-12-31 49,668.83 79,030.95 15,301.04
2012-09-30 53,735.76 76,940.62 18,809.86
2012-06-30 43,250.65 68,656.72 18,269.53
  • Aeroflot - Russian Airlines has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Aeroflot - Russian Airlines's debt level has increased considering it has negative shareholder equity.
  • Debt is well covered by operating cash flow (221.2%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Aeroflot - Russian Airlines'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. Aeroflot - Russian Airlines has a total score of 1/6, 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.

AFLT Dividends

 What is Aeroflot - Russian Airlines'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
12.8%
Current annual income from Aeroflot - Russian Airlines dividends. Estimated to be 12.23% next year.
If you bought RUB2,000 of Aeroflot - Russian Airlines shares you are expected to receive RUB256 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?
  • Aeroflot - Russian Airlines's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.17%).
  • Aeroflot - Russian Airlines's dividend is above the markets top 25% of dividend payers in Russian Federation (8.55%).
Upcoming dividend payment

Purchase Aeroflot - Russian Airlines before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
MISX:AFLT 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 11 Analyst Estimates (S&P Global) See Below
Europe Airlines Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 5.8%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 7.1%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.7%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.2%
Russian Federation Top 25% Dividend Yield 75th Percentile 8.5%

Industry and Market average data is calculated daily.

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

MISX:AFLT Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 38.38 1.00
2021-12-31 16.20 5.00
2020-12-31 11.01 9.00
2019-12-31 7.87 8.00
MISX:AFLT Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2018-05-31 12.805 12.135
2017-06-26 17.480 10.779
2015-11-30 0.000 0.000
2015-08-28 0.000 0.000
2015-03-02 0.000 0.000
2014-11-28 2.498 6.782
2014-08-29 2.498 5.902
2014-06-27 2.498 4.839
2014-03-12 2.498 4.643
2013-04-24 1.164 1.951
2012-08-31 1.852 4.088
2012-05-14 1.808 4.224
2011-06-29 1.085 2.076
2010-05-28 0.315 0.498
2010-05-05 0.350 0.611
2010-01-22 0.168 0.294

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

  • Aeroflot - Russian Airlines has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Aeroflot - Russian Airlines only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Aeroflot - Russian Airlines's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Aeroflot - Russian Airlines's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 Aeroflot - Russian Airlines afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aeroflot - Russian Airlines has a total score of 3/6, see the detailed checks below.


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

AFLT Management

 What is the CEO of Aeroflot - Russian Airlines'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
Vitaly Saveliev
COMPENSATION RUB3,618,907
AGE 64
TENURE AS CEO 10.2 years
CEO Bio

• 2009 – Present: General Manager, JSC “Aeroflot-Russian Airlines”, Moscow. 10 April 2009 – serves as Chief Executive Officer at OAO Aeroflot-Russian Airlines and serves as its Executive Director since 2009. Previously held positions: • 2007 – 2009: First Vice President – Head of "Telecommunications Assets" Business Unit, OJSC AFK "Sistema", Moscow. • 2004 – 2007: Deputy Minister, Russian Ministry of Economic Development, Moscow. • 2002 – 2004: Financial Vice President, Gross United Company Ltd., Krasnogorsk, Moscow Region. • 2001 – 2002: Deputy Chairman of the Management Board, OJSC Gazprom, Moscow. • 1996 – 2001: Chairman of the Management Board, Menatep St. Petersburg Commercial Bank. • 1995 – 1996: General Manager, Menatep Commercial Bank Representative Office in St. Petersburg. In 1995 – contract service. • 1993 – 1995: Chairman of the Management Board, the Russia Bank, St. Petersburg. • 1993: Advisor to the Bank Council, the Russia Bank, St. Petersburg. • 1991 – 1993: General Director, Soviet-American JSC "Dialogue Invest", St. Petersburg. • 1988 – 1991: Director, Joint Soviet-American Company "Dialogue" (Leningrad Branch), St. Petersburg. • 1987 – 1988: Deputy Head of the Main Department of Glavleningradizhhstroy, Leningrad. • 1985 – 1987: Assistant Manager of Sevzapmetallurgmontazh Group, Leningrad. • In 1985: Acting Manager of Sevzapmetallurgmontazh Group, Leningrad. • 1984 – 1985: Principal Manufacturing Engineer, Sevzapmetallurgmontazh Group of Glavmetallurgmontazh, Leningrad. • In 1984: Acting Principal Manufacturing Engineer, Sevzapmetallurgmontazh Group of Glavmetallurgmontazh, Leningrad; Head of Section within KR-3 Division, Orgenergostroy Research Institute within Minenergo of the USSR, Leningrad Branch, Leningrad. • 1981 – 1984: Principal Designer of Subsidiary Enterprises Department (Pit-mining Department until 02.81) of Krasnoyarskgesstroy, Sayanogorsk, Khakass Autonomous Region, Krasnoyarsky Krai. • 1980 – 1981: Head of Technical Division within Pit-mining Department of Krasnoyarskgesstroy, Sayanogorsk, Khakass Autonomous Region, Krasnoyarsky Krai. • 1977 – 1980: Engineer of Adjusting and Commissioning Division, Orgenergostroy Research Institute within Minenergo of the USSR, Leningrad Branch, Leningrad. Awards: • "For Cooperation with the Federal Security Service of Russia" Medal, 2007. • The "75th Anniversary of the State Reserves" Medal, 2006. • Order of Honor, 2006. • "For providing assistance to the Russian Ministry of Internal Affairs" Breastplate, 2006. • Certificate of Honor of the Russian Government, 2005. • Certificate of Honor of the Russian Federal Security Service. • The 1000th Anniversary of Kazan Commemorative Medal, 2005. • Silver Medal "For Strengthening Law Enforcement and Criminal Justice System", 2005. • The 100th Anniversary of ITAR-TASS Agency Commemorative Medal, 2004. • The "300th Anniversary of the Russian Fleet" Medal, 1996. • The 300th Anniversary of St. Petersburg Commemorative Medal, 2003. Education: • In 1977 – graduated from Leningrad Polytechnic Institute, majoring in "Road Construction Equipment and Vehicles". • In 1986 – graduated from Leningrad Institute of Engineering and Economics as Construction Manager.

CEO Compensation
  • Vitaly's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Insufficient data for Vitaly to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Aeroflot - Russian Airlines management team in years:

1.4
Average Tenure
61
Average Age
  • The average tenure for the Aeroflot - Russian Airlines management team is less than 2 years, this suggests a new team.
Management Team

Vitaly Saveliev

TITLE
Chairman of Management Board
COMPENSATION
RUB4M
AGE
64
TENURE
10.2 yrs

Andrey Chikhanchin

TITLE
Deputy CEO of Commerce & Finance and Member of Management Board
TENURE
0.8 yrs

Vasily Avilov

TITLE
Deputy CEO of Administrative Mgmt. & Member of Management Board
AGE
64

Vladimir Antonov

TITLE
First Deputy CEO of Operations & Member of Management Board
AGE
65
TENURE
1.4 yrs

Vadim Zingman

TITLE
Deputy CEO for Customer Relations & Member of Management Board
AGE
48

Kirill Bogdanov

TITLE
Deputy CEO of Information Technologies & Member of Management Board
AGE
55

Igor Chalik

TITLE
Deputy CEO
AGE
61

Igor Parakhin

TITLE
Deputy CEO
AGE
57

Georgy Matveev

TITLE
Director of Safety Management & Member of Management Board
AGE
65

Vladimir Alexandrov

TITLE
Deputy CEO for Legal & Property Matters & Member of Management Board
AGE
34
Board of Directors Tenure

Average tenure and age of the Aeroflot - Russian Airlines board of directors in years:

4.5
Average Tenure
47
Average Age
  • The tenure for the Aeroflot - Russian Airlines board of directors is about average.
Board of Directors

Evgeny Ditrich

TITLE
Chairman of the Board
TENURE
0.5 yrs

Vitaly Saveliev

TITLE
Chairman of Management Board
COMPENSATION
RUB4M
AGE
64
TENURE
10.4 yrs

Vasiliy Sidorov

TITLE
Independent Director
COMPENSATION
RUB7M
AGE
47
TENURE
6.4 yrs

Roman Pakhomov

TITLE
Director
COMPENSATION
RUB8M
AGE
47
TENURE
1.4 yrs

Igor Kamenskoy

TITLE
Independent Director
COMPENSATION
RUB8M
AGE
50
TENURE
5 yrs

Mikhail Poluboyarinov

TITLE
Director
AGE
52
TENURE
2 yrs

Sergey Chemezov

TITLE
Non-Executive Director
COMPENSATION
RUB6M
AGE
66
TENURE
8 yrs

Dmitry Peskov

TITLE
Non-Executive Director
COMPENSATION
RUB6M
AGE
43
TENURE
5 yrs

Yury Slyusar

TITLE
Non-Executive Director
COMPENSATION
RUB2M
AGE
44
TENURE
4 yrs

Mikhail Voevodin

TITLE
Non-Executive Director
AGE
43
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Aeroflot - Russian Airlines'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. Aeroflot - Russian Airlines 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.

AFLT News

Simply Wall St News

Is It Too Late To Consider Buying Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT)?

Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT), which is in the airlines business, and is based in Russia, saw significant share price movement during recent months on the MISX, rising to highs of RUB102.1 and falling to the lows of RUB90.08. … Given that Aeroflot - Russian Airlines’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. … AFLT’s optimistic future growth appears to have been factored into the current share price, with shares trading above its fair value.

Simply Wall St -

Has Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT) Been Employing Capital Shrewdly?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Aeroflot - Russian Airlines: 0.12 = RUруб20b ÷ (RUруб317b - RUруб157b) (Based on the trailing twelve months to December 2018.) Therefore, Aeroflot - Russian Airlines has an ROCE of 12%. … Do Aeroflot - Russian Airlines's Current Liabilities Skew Its ROCE? … Aeroflot - Russian Airlines's middling level of current liabilities have the effect of boosting its ROCE a bit.

Simply Wall St -

What Does Public Joint Stock Company Aeroflot - Russian Airlines's (MCX:AFLT) P/E Ratio Tell You?

We'll show how you can use Public Joint Stock Company Aeroflot - Russian Airlines's (MCX:AFLT) P/E ratio to inform your assessment of the investment opportunity. … Aeroflot - Russian Airlines has a P/E ratio of 16.24, based on the last twelve months. … How Do You Calculate Aeroflot - Russian Airlines's P/E Ratio

Simply Wall St -

What You Must Know About Public Joint Stock Company Aeroflot - Russian Airlines's (MCX:AFLT) Beta Value

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Are Public Joint Stock Company Aeroflot - Russian Airlines’s (MCX:AFLT) Returns On Investment Worth Your While?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

If You Had Bought Aeroflot - Russian Airlines Stock Five Years Ago, You Could Pocket A 62% Gain Today

Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT) shareholders might be concerned after seeing the share price drop 11% in the last quarter. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the last half decade, Aeroflot - Russian Airlines became profitable.

Simply Wall St -

Is Public Joint Stock Company Aeroflot - Russian Airlines's (MCX:AFLT) ROE Of 28% Impressive?

Our data shows Aeroflot - Russian Airlines has a return on equity of 28% for the last year. … That means that for every RUB1 worth of shareholders' equity, it generated RUB0.28 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Public Joint Stock Company Aeroflot - Russian Airlines’s (MCX:AFLT) Cash Outlook Optimistic?

Two important questions to ask before you buy Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT) is, how it makes money and how it spends its cash. … Today we will examine Aeroflot - Russian Airlines’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Free cash flow (FCF) is the amount of cash Aeroflot - Russian Airlines has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St -

Should You Think About Buying Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT) Now?

Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT), which is in the airlines business, and is based in Russia,. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Aeroflot - Russian Airlines’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Why Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT) Could Be Your Next Investment

Attractive stocks have exceptional fundamentals. … In the case of Public Joint Stock Company Aeroflot - Russian Airlines (MCX:AFLT), there's … company with a

Simply Wall St -

AFLT Company Info

Description

Public Joint Stock Company Aeroflot - Russian Airlines, together with its subsidiaries, provides passenger and cargo air transportation services in Russia and internationally. It also offers other aviation-related services from Moscow Sheremetyevo Airport. In addition, the company provides airline catering, finance, and technical maintenance services, as well as operates a hotel. As of February 01, 2018, it operated a fleet of 228 aircraft. The company was founded in 1923 and is headquartered in Moscow, Russia.

Details
Name: Public Joint Stock Company Aeroflot - Russian Airlines
AFLT
Exchange: MISX
Founded: 1923
RUB106,322,362,240
1,062,798,503
Website: http://www.aeroflot.ru
Address: Public Joint Stock Company Aeroflot - Russian Airlines
10 Arbat Street,
Moscow,
119002,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX AFLT Ordinary Shares Micex - Rts RU RUB 21. May 1997
KAS RU_AFLT Ordinary Shares Kazakhstan Stock Exchange KZ KZT 21. May 1997
DB AETG GDR EA REPR 5 ORD 144A Deutsche Boerse AG DE EUR 19. Apr 2001
Number of employees
Current staff
Staff numbers
39,769
Aeroflot - Russian Airlines employees.
Industry
Airlines
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 21:16
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/06/21
Last earnings filing: 2019/05/31
Last earnings reported: 2019/03/31
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.