Company Valuation: Air France-KLM

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,188 2,483 3,163 3,570 2,134 3,082 3,082 -
Change - 13.46% 27.38% 12.87% -40.23% 44.45% 0% -
Enterprise Value (EV) 1 13,237 10,699 9,500 8,611 9,466 12,174 12,324 12,046
Change - -19.18% -11.21% -9.36% 9.93% 28.61% 1.24% -2.26%
P/E ratio -0.31x -0.65x 3.97x 3.32x 8.74x 3.14x 2.79x 2.39x
PBR -0.4x -0.65x -0.8x -1.74x -1.21x -4.33x 4.85x 1.58x
PEG - 0x -0x 0.1x -0.1x 0x 0.2x 0.1x
Capitalization / Revenue 0.2x 0.17x 0.12x 0.12x 0.07x 0.09x 0.09x 0.08x
EV / Revenue 1.19x 0.75x 0.36x 0.29x 0.3x 0.37x 0.36x 0.33x
EV / EBITDA -7.84x 14.4x 2.63x 2.05x 2.23x 2.52x 2.34x 2.11x
EV / EBIT -2.91x -6.58x 7.96x 5.03x 5.91x 6.38x 5.56x 4.87x
EV / FCF -2.69x 46.3x 5.04x -20.2x 34.9x 12.6x 11.9x 10.2x
FCF Yield -37.2% 2.16% 19.8% -4.95% 2.86% 7.91% 8.41% 9.83%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -165.6 -59.5 3.1 4.1 0.93 3.732 4.204 4.917
Distribution rate - - - - - - - -
Net sales 1 11,088 14,315 26,393 30,019 31,459 32,909 34,397 36,279
EBITDA 1 -1,689 745 3,615 4,208 4,244 4,831 5,256 5,700
EBIT 1 -4,548 -1,626 1,193 1,712 1,601 1,908 2,217 2,471
Net income 1 -7,078 -3,292 728 934 317 1,066 1,164 1,340
Net Debt 1 11,049 8,216 6,337 5,041 7,332 9,092 9,243 8,964
Reference price 2 51.20 38.71 12.31 13.59 8.12 11.74 11.74 11.74
Nbr of stocks (in thousands) 42,743 64,143 256,933 262,649 262,626 262,626 262,626 -
Announcement Date 2/18/21 2/17/22 2/17/23 2/29/24 3/6/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
3.14x0.37x2.52x-.--% 3.66B
9.4x0.89x5.99x1.11% 44.82B
8.25x0.84x5.69x-.--% 35.35B
12.94x1.68x6.88x1.74% 33.38B
7.35x0.89x3.92x2.14% 27B
62.59x2.52x12.27x0.2% 21.04B
1833.85x1.91x9.85x-.--% 19.99B
111.78x1.91x9.14x0.07% 18.53B
139.27x2.18x10.01x-.--% 18.49B
11.14x1.41x4.96x2.97% 17.01B
Average 219.97x 1.46x 7.12x 0.82% 23.93B
Weighted average by Cap. 184.62x 1.43x 7.14x 0.93%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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