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Aerostar S.A (ARS) Fair Value & Analysis

Industrials · RO · Market cap 1.9B RON

AS Aerostar S.A ARS · RO
Price13.10 RON
Fair Value10.69 RON
Upside-18.4%
Quality66/100
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Expensive Growth
Solidly profitable · 18.2% net margin
generates free cash flow
2.72% dividend yield
Ranks above peers (12/13)
Wide moat 65/100
Evidence: Medium Range 6.29 RON – 13.91 RON Share as image

Fair value as of: Jul 14, 2026

From 22 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from 11.73 RON to 10.69 RON (−8.9%) since Jun 24, 2026. Share price +19.1% over the past month.

A solid business, but screening 18% overvalued on our models.

What matters now

  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (6.29 RON to 13.91 RON) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

13.85 RON 4.00 RON Fair Value 10.69 RON Nov 2020 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 4.00 RON – 13.85 RON · fair‑value band 6.29 RON – 13.91 RON · the 13.10 RON price screens above the 10.69 RON fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Aerostar S.A (ARS) currently trades at 13.10 RON, while our model-based Fair Value estimate is 10.69 RON, implying the stock looks roughly 18.4% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Aerostar S.A generated revenue of 649M RON at a net margin of 18.2%. Revenue grew 15.2% year over year. It earns a return on equity of 16.9%. The stock trades on a trailing P/E of 16.2. Fundamentals as of Jul 14, 2026

Our scenario range runs from 6.29 RON (bear case) to 13.91 RON (bull case); at 13.10 RON, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -18%, ARS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 3.87 RON 4.80 RON 10.67 RON 76
Growth DCF 2.59 RON 3.29 RON 4.44 RON 72
Gordon GGM 1.58 RON 2.84 RON 3.91 RON 70
All 22 models by family
DCF Models
FCF DCF 2.63 RON 3.19 RON 4.59 RON 38
5Y Revenue Exit 4.96 RON 8.58 RON 14.86 RON 39
5Y P/E Exit 7.08 RON 13.82 RON 22.47 RON 38
10Y Revenue Exit 3.96 RON 7.28 RON 12.23 RON 36
10Y P/E Exit 5.45 RON 10.81 RON 20.06 RON 35
Earnings-Based
Graham-Dodd 4.27 RON 28.16 RON 39.43 RON 54
Lynch FV 8.21 RON 11.73 RON 15.25 RON 50
PEG = 1.0 8.21 RON 11.73 RON 15.25 RON 46
EPV 5.79 RON 6.34 RON 6.81 RON 59
Dividend Discount
Gordon GGM 1.58 RON 2.84 RON 3.91 RON 70
DDM Multi-Stage 1.58 RON 2.59 RON 3.03 RON 61
Multiples
P/E Multiple 8.01 RON 10.69 RON 13.36 RON 63
P/S Multiple 4.65 RON 6.20 RON 7.75 RON 58
P/B Multiple 8.01 RON 10.69 RON 13.36 RON 55
EV/EBIT 8.48 RON 10.74 RON 13.00 RON 53
EV/Revenue 6.05 RON 7.91 RON 9.77 RON 43
Asset-Based
NCAV (Graham) 2.04 RON 2.73 RON 4.07 RON 50
Growth DCF
Growth DCF 2.59 RON 3.29 RON 4.44 RON 72
Rev-Margin DCF 4.96 RON 8.64 RON 14.02 RON 67
Economic Profit
Residual Income 3.87 RON 4.80 RON 10.67 RON 76
ROIC Compounder 6.51 RON 8.22 RON 10.44 RON 67
Growth Earnings
Growth-Adj P/E 10.51 RON 15.02 RON 19.53 RON 68

Widest divergence: Growth Earnings (15.02 RON) versus Dividend Discount (2.59 RON). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 649M RON
Revenue growth (YoY) +15.2%
Net margin 18.2%
Return on equity 16.9%
Free cash flow 11.4M RON FY2025
P/E ratio 16.2
More key figures
Operating margin 21.2%
EPS (TTM) 0.7800 RON
Dividend yield 2.7%
EPS growth (YoY) +95.4%

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 63 · Market factors (momentum, volatility) 82

Profitability 57
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Aerostar S.A. engages in the manufacture, integration, upgrade, and maintenance of aviation and ground defense systems for the civil aviation industry in Romania and internationally. It offers aerostructures, components, and parts and subassemblies; and landing gear and hydraulic systems, as well as maintenance and repair services.

Full company description

Aerostar S.A. engages in the manufacture, integration, upgrade, and maintenance of aviation and ground defense systems for the civil aviation industry in Romania and internationally. It offers aerostructures, components, and parts and subassemblies; and landing gear and hydraulic systems, as well as maintenance and repair services. The company is also involved in the MRO and upgrades for military aircraft; and production and integration of electronic, communication, and IFF systems on ground, naval, and aerial platforms. In addition, it manufactures ground defense systems, such as rocket launchers, variants, and configurations; firing subsystem, reconnaissance and data subsystem, command and control system, and logistic support subsystem; and military equipment, including engineering equipment, self-propelled howitzers, and armored vehicles. The company was founded in 1953 and is headquartered in Bacau, Romania. Aerostar S.A. is a subsidiary of IAROM S.A.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aerostar S.A reported revenue of 629M RON in FY2025 versus 307M RON in FY2021, a compound +19.6%/yr. Reported net income was 95.7M RON in FY2025, compounding +25.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
629M RON
Latest YoY
+19.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.5%
Revenue +19.6%/yr
FY21 307M RON
FY22 378M RON
FY23 470M RON
FY24 529M RON
FY25 629M RON
Net income +25.6%/yr
FY21 38.4M RON
FY22 59.9M RON
FY23 90.3M RON
FY24 93.0M RON
FY25 95.7M RON

ARS screens 18% overvalued. Compare with General Electric Company →

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Cite: Fair Value Calculator (2026). "Aerostar S.A Fair Value". https://www.fairvalue-calculator.com/stock/ARS

Peer Group

Aerospace & Defense · 226 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside −18% · Top 25%
Return on equity (TTM) 17% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 15% · Above median
Dividend yield (TTM) 2.7% · Top 25%

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 16.2× · Cheaper than 75% of peers
P/B 0.68× · Cheaper than 75% of peers
P/S (TTM) 0.65× · Cheaper than 75% of peers
P/FCF 37.2× · Pricier than 75% of peers
EV/EBITDA 1.1× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 9 · sector 0
FUTURE 76 · sector 46
PAST 68 · sector 38
HEALTH 0 · sector 94
DIVIDEND 54 · sector 15

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $381.22 $116.71 -69%
RTX Corporation RTX $195.93 $88.37 -55%
Airbus SE 1AIR €213.25 €86.20 -60%
The Boeing Company BA $217.11 $48.20 -78%
China CSSC Holdings 600150 ¥34.31 ¥21.90 -36%
HD Hyundai Heavy Industries Co 329180 466,000 KRW 272,966 KRW -41%
Hanwha Aerospace Co 012450 967,000 KRW 573,468 KRW -41%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 337.50 TRY 130.70 TRY -61%
Saab AB SAABB kr 520.40 kr 212.84 -59%
Kongsberg Gruppen ASA KOG kr 277.50 kr 106.93 -61%

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Frequently asked questions

Is Aerostar S.A (ARS) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 10.69 RON versus a price of 13.10 RON, about −18% (overvalued).
What is the fair value of ARS?
Our model-based fair value for Aerostar S.A is 10.69 RON (as of Jul 14, 2026), built from audited fundamentals. The current price is 13.10 RON.
What is the quality score of ARS?
Aerostar S.A has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Aerostar S.A (ARS)?
Aerostar S.A reported trailing-twelve-month revenue of about 649M RON (latest available figure, as of Jul 14, 2026).
What is the net profit margin of ARS?
The net profit margin of Aerostar S.A is about 18.2%, meaning it keeps roughly 18.2% of revenue as net income. Based on the latest reported figures.
Does Aerostar S.A pay a dividend?
Aerostar S.A currently shows a dividend yield of about 2.72% relative to its recent price (as of Jul 14, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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