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Aena S.A (ES:AENA)
:AENA
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Aena SA (AENA) AI Stock Analysis

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ES:AENA

Aena SA

(LSE:AENA)

Rating:73Outperform
Price Target:
€26.00
▲(10.54%Upside)
Aena SA's overall stock score reflects strong financial performance with robust revenue and profitability growth, complemented by a stable balance sheet with no debt. Technical analysis provides mixed signals, with neutral momentum indicators. Valuation is moderate, with a high dividend yield suggesting potential undervaluation. No additional insights from earnings calls or corporate events.
Positive Factors
Financial Performance
AENA has held up better than the rest of the coverage, supported by a strong balance sheet and largely European consumer exposure.
Negative Factors
Earnings
The medium-term free cash flow and growth outlook for AENA is seen as unattractive due to its regulated business over-earning.
Traffic and Economic Conditions
A traffic slowdown and increase in capital expenditures are affecting AENA's performance negatively.

Aena SA (AENA) vs. iShares MSCI Spain ETF (EWP)

Aena SA Business Overview & Revenue Model

Company DescriptionAena S.M.E., S.A., together with its subsidiaries, engages in the operation, maintenance, management, and administration of airport infrastructures and heliports in Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company operates through Airports, Real Estate Services, International, and SCAIRM segments. It also manages commercial spaces in airport terminals and car parks network; and rents areas in airport terminals for duty-free shops, specialty shops, food and beverage establishments, commercial operations, and advertising, as well as financial services. In addition, the company leases office buildings, warehouses, hangars, and cargo storage facilities to airlines, air cargo operators, handling agents, and other airport service providers. It manages 46 airports in Spain; 12 airports in Mexico; 2 airports in Colombia; 1 airport in the United Kingdom; and 6 airports in Brazil. The company was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017. The company was founded in 2010 and is headquartered in Madrid, Spain. Aena S.M.E., S.A. is a subsidiary of ENAIRE.
How the Company Makes MoneyAena makes money primarily through aeronautical and non-aeronautical revenue streams. Aeronautical revenue is generated from charges levied on airlines for the use of airport facilities and services, including landing fees, passenger fees, and aircraft parking charges. Non-aeronautical revenue comes from various commercial activities within the airport, such as leasing retail and dining spaces, advertising, and parking services. Additionally, Aena earns from real estate development in and around its airport properties. Its performance is heavily influenced by passenger volumes and airline traffic, making it sensitive to economic cycles and trends in the aviation industry. Significant partnerships with airlines and retailers enhance its revenue potential, while strategic expansions into international markets contribute to its growth and diversification strategy.

Aena SA Financial Statement Overview

Summary
Aena SA demonstrates strong income statement performance with robust revenue growth and improved profitability. The balance sheet shows financial stability with no debt, and cash flow indicates healthy cash management. Overall, the financial health is strong, with a focus on maintaining growth and margins in a competitive industry.
Income Statement
85
Very Positive
Aena SA demonstrates strong income statement performance with robust revenue growth of 14.3% from 2023 to 2024. The company's net profit margin improved to 33.5% in 2024, reflecting enhanced profitability. Gross profit and EBIT margins are high at 71.7% and 46.2%, respectively, suggesting efficient cost management. However, the industry is competitive, and maintaining these growth rates could be challenging.
Balance Sheet
88
Very Positive
The balance sheet shows Aena SA has a solid equity base with a debt-to-equity ratio of 0, highlighting financial stability. The equity ratio is 48.7%, indicating a strong capital structure. Return on Equity improved significantly to 23.4%, showcasing effective utilization of shareholder funds. With no debt, financial risk is minimal, though future growth may require leveraging opportunities.
Cash Flow
82
Very Positive
The cash flow statement indicates healthy cash management, with a free cash flow growth of 120.0% from 2023 to 2024. Operating cash flow to net income ratio is 1.42, showing strong cash generation relative to profits. Free cash flow to net income ratio is 0.99, underscoring cash generation efficiency. Despite these strengths, consistent free cash flow growth will be critical for sustaining operations and dividends.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue5.76B5.04B4.18B2.32B2.18B
Gross Profit4.13B4.00B2.55B795.19M679.48M
EBITDA3.64B3.20B2.02B123.77M679.26M
Net Income1.93B1.63B901.50M-89.58M-160.75M
Balance Sheet
Total Assets16.98B17.56B15.85B16.33B15.66B
Cash, Cash Equivalents and Short-Term Investments1.82B2.40B1.57B1.47B1.22B
Total Debt6.99B7.40B7.63B8.72B8.11B
Total Liabilities8.45B10.00B9.21B10.31B9.60B
Stockholders Equity8.28B7.63B6.72B6.10B6.12B
Cash Flow
Free Cash Flow1.92B873.65M1.14B-390.61M-356.88M
Operating Cash Flow2.75B2.22B1.86B280.47M146.24M
Investing Cash Flow-804.35M-1.42B-664.16M-660.91M-534.70M
Financing Cash Flow-2.43B-19.61M-1.09B619.81M1.38B

Aena SA Technical Analysis

Technical Analysis Sentiment
Positive
Last Price23.52
Price Trends
50DMA
23.34
Positive
100DMA
22.51
Positive
200DMA
21.13
Positive
Market Momentum
MACD
0.16
Negative
RSI
52.95
Neutral
STOCH
51.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:AENA, the sentiment is Positive. The current price of 23.52 is above the 20-day moving average (MA) of 23.44, above the 50-day MA of 23.34, and above the 200-day MA of 21.13, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 52.95 is Neutral, neither overbought nor oversold. The STOCH value of 51.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:AENA.

Aena SA Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
€35.28B17.4726.61%41.50%10.04%10.24%
73
Outperform
€2.82B11.1522.67%8.95%64.16%
70
Outperform
€1.65B9.5723.93%1.92%3.31%44.82%
63
Neutral
€8.32B5.1316.89%7.24%2.91%-161.35%
* Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ES:AENA
Aena SA
23.52
7.47
46.58%
ES:MEL
MELIA HOTELS INTERNATIONAL
7.49
1.58
26.65%
ES:NHH
NH Hotel Group S.A
6.47
2.39
58.58%

Aena SA Corporate Events

Aena SA Reports Strong Q1 2025 Financial Performance
Apr 30, 2025

Aena SA reported a net profit of 301.3 million euros in the first quarter of 2025, marking an increase from the previous year. The company’s EBITDA grew by 10.8% to 643.6 million euros, and total revenues rose by 7.5% to over 1,325 million euros. Passenger traffic increased by 4.9%, reaching 78.3 million passengers across its managed airports. Aena invested over 200 million euros in improving airport facilities and safety. The company’s financial health improved with a reduction in net financial debt and strong cash generation.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 10, 2025