WOOD Flash – Aegean Airlines: 1Q24 – ASK 24% above 1Q19, but revenue >50% higher, as RASK continues to trend up
During 1Q24, Aegean managed to generate one of the strongest first-quarter results on record, as the RASK still trended up (5% yoy), even from the already high levels of 1Q23. The good performance in 1Q24, which was flagged by the company, reflects the successful efforts to extend the tourism season and provide higher capacity during the shoulder months, as well as the still strong demand for flying and the continued supportive ticket price environment. We see some upside for our forecasts for 2024E. With the ex-fuel CASK up by 9% yoy and capacity growth of low- to mid-single digits expected in 2024E, we believe the key driver of the stock in the coming months is likely to be ticket prices. Aegean said that the summer demand is encouraging, but has not provided specific guidance for pricing trends, at this stage.Aegean Airlines is an airline carrier based in Greece. Co. is engaged in aviation transportation, providing services that concern the transportation of passengers and commodities in the sector of public aviation transportation inside and outside Greece, conducting scheduled and unscheduled flights. Co. provides full service, premium quality short and medium haul services. Co. maintains a network of 145 destinations, 111 international in 45 countries and 34 domestic destinations. Co. is a member of global airline network, the Star Alliance network.
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