WOOD Flash – Aegean Airlines: capital increase priced at EUR 3.2/share, rights can be exercised for the next two weeks
Aegean has launched its EUR 60m capital increase, priced at EUR 3.2/share. With the strong support from the controlling shareholders reiterated, c.EUR 40m of the EUR 60m capital increase is covered already. Furthermore, the controlling shareholders have offered to buy an additional c.EUR 10m in the capital increase in the case of limited demand from the remaining minority investors. As such, we expect the capital increase to be covered easily. We note that Aegean remains among the cheapest full service carriers in Europe, with the discount, we believe, largely reflecting its smaller size and its single-country exposure risk. We see strong pent-up demand for leisure travel, and expect air travel in Europe, mainly towards seaside destinations, to accelerate from around mid-June and onwards. As long as the number of COVID-19 cases in Greece remains relatively low, and Greece remains open to visitors, this should be positive for Aegean, in our view.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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