AENA S.M.E., S.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 172.7 EUR | -0.92% |
|
-1.76% | +5.24% |
| May. 03 | A return to normality for the airport sector? |  |
| May. 01 | Spanish Airport Operator Aena Posts Improved Q1 Profit, Revenue | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 25,575 | 21,330 | 20,820 | 17,595 | 24,615 | 25,905 | - | - |
| Enterprise Value (EV) 1 | 32,375 | 28,494 | 28,266 | 23,838 | 24,615 | 31,431 | 30,897 | 30,406 |
| P/E ratio | 17.7 x | -167 x | -347 x | 19.5 x | - | 14.3 x | 13.8 x | 13 x |
| Yield | 4.45% | - | - | 4.05% | - | 5.46% | 5.69% | 5.93% |
| Capitalization / Revenue | 5.68 x | 9.78 x | 8.7 x | 4.15 x | 4.79 x | 4.56 x | 4.43 x | 4.24 x |
| EV / Revenue | 7.19 x | 13.1 x | 11.8 x | 5.63 x | 4.79 x | 5.53 x | 5.29 x | 4.98 x |
| EV / EBITDA | 11.7 x | 34.4 x | 37.3 x | 11.6 x | 8.14 x | 9.42 x | 8.97 x | 8.43 x |
| EV / FCF | 29.9 x | -88.1 x | -72.1 x | 17.9 x | - | 16.5 x | 15.7 x | 14.8 x |
| FCF Yield | 3.34% | -1.14% | -1.39% | 5.57% | - | 6.05% | 6.37% | 6.74% |
| Price to Book | 3.99 x | 3.49 x | 3.41 x | 2.62 x | - | 3.17 x | 3.02 x | 2.81 x |
| Nbr of stocks (in thousands) | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | - | - |
| Reference price 2 | 170.5 | 142.2 | 138.8 | 117.3 | 164.1 | 172.7 | 172.7 | 172.7 |
| Announcement Date | 2/26/20 | 2/24/21 | 2/23/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,503 | 2,181 | 2,393 | 4,237 | 5,142 | 5,685 | 5,844 | 6,102 |
| EBITDA 1 | 2,776 | 828.5 | 757.4 | 2,053 | 3,023 | 3,335 | 3,444 | 3,607 |
| EBIT 1 | 1,977 | -92.29 | -151.8 | 1,284 | 2,201 | 2,494 | 2,632 | 2,753 |
| Operating Margin | 43.91% | -4.23% | -6.34% | 30.29% | 42.81% | 43.87% | 45.03% | 45.11% |
| Earnings before Tax (EBT) 1 | 1,883 | -212.6 | -168.5 | 1,170 | 2,166 | 2,409 | 2,565 | 2,695 |
| Net income 1 | 1,442 | -126.8 | -60.04 | 901.5 | 1,631 | 1,790 | 1,893 | 1,992 |
| Net margin | 32.02% | -5.81% | -2.51% | 21.27% | 31.72% | 31.49% | 32.39% | 32.65% |
| EPS 2 | 9.610 | -0.8500 | -0.4000 | 6.010 | - | 12.07 | 12.51 | 13.28 |
| Free Cash Flow 1 | 1,082 | -323.5 | -392.2 | 1,328 | - | 1,903 | 1,969 | 2,050 |
| FCF margin | 24.03% | -14.84% | -16.39% | 31.34% | - | 33.47% | 33.69% | 33.59% |
| FCF Conversion (EBITDA) | 38.98% | - | - | 64.7% | - | 57.06% | 57.17% | 56.84% |
| FCF Conversion (Net income) | 75.03% | - | - | 147.33% | - | 106.29% | 104.01% | 102.9% |
| Dividend per Share 2 | 7.580 | - | - | 4.750 | - | 9.432 | 9.818 | 10.25 |
| Announcement Date | 2/26/20 | 2/24/21 | 2/23/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,112 | 862.9 | 632.4 | 683.9 | 1,037 | 1,721 | 1,194 | 1,322 | 1,027 | 1,306 | 2,333 | 1,446 | 1,363 | - | 1,233 | 1,513 | 1,640 | 1,353 | 1,244 | 1,572 |
| EBITDA 1 | 211.4 | -58.2 | 222.8 | 72.61 | 558.7 | 631.3 | 670.2 | - | 368.6 | 801.7 | 1,170 | 943.3 | 909 | - | 581.1 | 966.9 | 1,102 | 784.8 | 578.2 | 1,011 |
| EBIT 1 | -192.1 | -454.3 | 3.584 | -123.2 | 360.8 | 237.6 | 470.5 | 575.6 | 169.9 | 599.3 | 769.2 | 740.5 | 691.7 | - | 369.6 | 767.4 | 890.3 | 570.3 | 366.4 | 802.7 |
| Operating Margin | -17.27% | -52.65% | 0.57% | -18.01% | 34.8% | 13.81% | 39.39% | 43.53% | 16.55% | 45.87% | 32.97% | 51.21% | 50.76% | - | 29.98% | 50.71% | 54.29% | 42.15% | 29.45% | 51.07% |
| Earnings before Tax (EBT) 1 | - | -488.3 | 34.23 | -136.8 | 344.7 | 207.9 | 434.6 | 527.1 | 177.4 | 619.3 | - | 712.9 | 656.2 | - | 346.7 | 719.3 | 859.2 | 532.5 | 340.2 | 778.1 |
| Net income 1 | -170.7 | -346.4 | 63.6 | -96.38 | 260.2 | 163.8 | 335.4 | 402.3 | 133.6 | 474.1 | 607.7 | 531.4 | 491.7 | 1,023 | 261 | 553.6 | 645 | 405.1 | 253.1 | 581.5 |
| Net margin | -15.35% | -40.14% | 10.06% | -14.09% | 25.09% | 9.52% | 28.08% | 30.43% | 13.01% | 36.29% | 26.05% | 36.75% | 36.08% | - | 21.17% | 36.58% | 39.33% | 29.94% | 20.34% | 37% |
| EPS 2 | - | - | 0.4200 | - | - | - | 2.240 | 2.680 | 0.8900 | 3.160 | - | 3.540 | - | - | - | 3.690 | 4.287 | 2.691 | 1.687 | 3.877 |
| Dividend per Share 2 | - | - | - | - | - | - | - | 4.750 | - | - | - | - | - | - | - | - | - | 9.763 | - | - |
| Announcement Date | 7/28/20 | 7/28/21 | 2/23/22 | 4/27/22 | 7/27/22 | 7/27/22 | 10/26/22 | 2/27/23 | 4/26/23 | 7/26/23 | 7/26/23 | 11/3/23 | 2/28/24 | 2/28/24 | 4/30/24 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 6,800 | 7,164 | 7,446 | 6,243 | - | 5,526 | 4,992 | 4,501 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.45 x | 8.647 x | 9.831 x | 3.041 x | - | 1.657 x | 1.449 x | 1.248 x |
| Free Cash Flow 1 | 1,082 | -324 | -392 | 1,328 | - | 1,903 | 1,969 | 2,050 |
| ROE (net income / shareholders' equity) | 23.2% | -2.02% | -0.98% | 14.6% | - | 22.8% | 22.2% | 22.3% |
| ROA (Net income/ Total Assets) | 9.68% | -0.83% | -0.38% | 5.68% | - | 10.4% | 11.3% | 11.7% |
| Assets 1 | 14,895 | 15,277 | 15,994 | 15,862 | - | 17,242 | 16,819 | 16,971 |
| Book Value Per Share 2 | 42.70 | 40.80 | 40.70 | 44.80 | - | 54.40 | 57.20 | 61.50 |
| Cash Flow per Share 2 | 14.10 | 0.9700 | 1.870 | 12.40 | - | 16.90 | 16.80 | 19.10 |
| Capex 1 | 1,032 | 470 | 673 | 535 | - | 788 | 770 | 831 |
| Capex / Sales | 22.93% | 21.54% | 28.11% | 12.62% | - | 13.86% | 13.18% | 13.62% |
| Announcement Date | 2/26/20 | 2/24/21 | 2/23/22 | 2/27/23 | 2/28/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
172.7
EUR
Average target price
188.6
EUR
Spread / Average Target
+9.22%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +5.24% | 27.91B | |
| +14.83% | 12.94B | |
| +3.58% | 12.91B | |
| +16.00% | 10.17B | |
| -10.68% | 7B | |
| +7.00% | 6.38B | |
| +6.27% | 6.2B | |
| +38.59% | 3.59B | |
| +55.46% | 2.82B | |
| -7.27% | 2.82B |
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- Financials Aena S.M.E., S.A.
