Financials Aena CINNOBER BOAT

Equities

0R4Y

ES0105046009

Airport Services

Real-time Estimate Tradegate Other stock markets 12:32:09 02/07/2024 pm IST			5-day change	1st Jan Change
187.1 ^EUR	0.00%		0.00%	0.00%

11/06	Heavy rains paralyse airport on Spanish island of Mallorca	RE
31/05	Aena Interested in Ferrovial, Macquarie's U.K. Airports Valued at $1.1 Billion, Spain's Expansion Reports	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,575	21,330	20,820	17,595	24,615	28,230	-	-
Enterprise Value (EV) ¹	32,375	28,494	28,266	23,838	30,837	33,778	33,250	32,711
P/E ratio	17.7 x	-167 x	-347 x	19.5 x	-	15.8 x	14.7 x	13.8 x
Yield	4.45%	-	-	4.05%	4.67%	5.01%	5.36%	5.65%
Capitalization / Revenue	5.68 x	9.78 x	8.7 x	4.15 x	4.79 x	4.98 x	4.78 x	4.58 x
EV / Revenue	7.19 x	13.1 x	11.8 x	5.63 x	6 x	5.96 x	5.63 x	5.3 x
EV / EBITDA	11.7 x	34.4 x	37.3 x	11.6 x	10.2 x	9.95 x	9.39 x	8.88 x
EV / FCF	29.9 x	-88.1 x	-72.1 x	17.9 x	-	18.1 x	16.8 x	15.8 x
FCF Yield	3.34%	-1.14%	-1.39%	5.57%	-	5.52%	5.96%	6.34%
Price to Book	3.99 x	3.49 x	3.41 x	2.62 x	-	3.44 x	3.24 x	3.03 x
Nbr of stocks (in thousands)	1,50,000	1,50,000	1,50,000	1,50,000	1,50,000	1,50,000	-	-
Reference price ²	170.5	142.2	138.8	117.3	164.1	188.2	188.2	188.2
Announcement Date	26/02/20	24/02/21	23/02/22	27/02/23	28/02/24	-	-	-

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	5,666	5,908	6,167
EBITDA ¹	2,776	828.5	757.4	2,053	3,023	3,395	3,539	3,685
EBIT ¹	1,977	-92.29	-151.8	1,284	2,201	2,549	2,686	2,816
Operating Margin	43.91%	-4.23%	-6.34%	30.29%	42.81%	44.98%	45.46%	45.67%
Earnings before Tax (EBT) ¹	1,883	-212.6	-168.5	1,170	2,166	2,432	2,595	2,746
Net income ¹	1,442	-126.8	-60.04	901.5	1,631	1,834	1,940	2,036
Net margin	32.02%	-5.81%	-2.51%	21.27%	31.72%	32.37%	32.83%	33.02%
EPS ²	9.610	-0.8500	-0.4000	6.010	-	11.89	12.80	13.61
Free Cash Flow ¹	1,082	-323.5	-392.2	1,328	-	1,865	1,983	2,074
FCF margin	24.03%	-14.84%	-16.39%	31.34%	-	32.91%	33.56%	33.63%
FCF Conversion (EBITDA)	38.98%	-	-	64.7%	-	54.93%	56.01%	56.28%
FCF Conversion (Net income)	75.03%	-	-	147.33%	-	101.67%	102.21%	101.87%
Dividend per Share ²	7.580	-	-	4.750	7.660	9.423	10.09	10.63
Announcement Date	26/02/20	24/02/21	23/02/22	27/02/23	28/02/24	-	-	-

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	1,503	1,640	1,373	1,242	1,591
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	981.9	1,124	813.5	568.4	1,031
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	778	910.5	600.1	356.5	822.9
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%	51.76%	55.53%	43.7%	28.71%	51.71%
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	732.6	875.6	549.3	330.8	798.7
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	565.6	662.3	428.5	246.1	597.1
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%	37.63%	40.39%	31.2%	19.82%	37.52%
EPS ²	-	-	0.4200	-	-	-	2.240	2.680	0.8900	3.160	-	3.540	-	-	1.740	3.735	4.397	2.843	1.641	3.980
Dividend per Share ²	-	-	-	-	-	-	-	4.750	-	-	-	-	7.660	-	-	-	-	10.16	-	-
Announcement Date	28/07/20	28/07/21	23/02/22	27/04/22	27/07/22	27/07/22	26/10/22	27/02/23	26/04/23	26/07/23	26/07/23	03/11/23	28/02/24	28/02/24	30/04/24	-	-	-	-	-

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	6,222	5,548	5,020	4,481
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.45 x	8.647 x	9.831 x	3.041 x	2.059 x	1.634 x	1.418 x	1.216 x
Free Cash Flow ¹	1,082	-324	-392	1,328	-	1,865	1,983	2,074
ROE (net income / shareholders' equity)	23.2%	-2.02%	-0.98%	14.6%	-	22.3%	22.4%	22.6%
ROA (Net income/ Total Assets)	9.68%	-0.83%	-0.38%	5.68%	9.76%	10.5%	11.4%	11.9%
Assets ¹	14,895	15,277	15,994	15,862	16,703	17,509	17,061	17,179
Book Value Per Share ²	42.70	40.80	40.70	44.80	-	54.70	58.00	62.00
Cash Flow per Share ²	14.10	0.9700	1.870	12.40	-	16.60	17.80	20.00
Capex ¹	1,032	470	673	535	-	779	772	834
Capex / Sales	22.93%	21.54%	28.11%	12.62%	-	13.74%	13.07%	13.53%
Announcement Date	26/02/20	24/02/21	23/02/22	27/02/23	28/02/24	-	-	-

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

Ratings for Aena

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

188.2 EUR

Average target price

192 EUR

Spread / Average Target

+2.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airport Services

	1st Jan change	Capi.
AÉROPORTS DE PARIS	-2.99%	1.22TCr
SHANGHAI INTERNATIONAL AIRPORT CO., LTD.	-0.61%	1.12TCr
GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V.	+11.74%	906.15Cr
GRUPO AEROPORTUARIO DEL PACÍFICO, S.A.B. DE C.V.	-3.62%	784.4Cr
GMR AIRPORTS INFRASTRUCTURE LIMITED	+19.83%	705.99Cr
FLUGHAFEN ZÜRICH AG	+11.67%	665.91Cr
MALAYSIA AIRPORTS HOLDINGS	+33.97%	349.01Cr
SATS LTD.	+3.27%	314.85Cr
TAV HAVALIMANLARI HOLDING	+138.60%	285.08Cr

Other Airport Services