Aena SA (AENA) AI Stock Analysis

• Market Cap: €37.69B
• Dividend Yield: 3.88%
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 18.8
• Beta (1Y): 0.75
• Revenue Growth: 10.04%
• EPS Growth: 10.24%
• Country: ES
• Employees: 9,511
• Sector: Services
• Sector Strength: N/A
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.39
• Shares Outstanding: 1,500,000,000
• 10 Day Avg. Volume: 890,192
• 30 Day Avg. Volume: 1,033,001
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €24.31
• Price Target Upside: -3.26% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 7

• Rating: 73 Outperform
• Price Target: €26.00 ▲(3.46% 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 Stability

AENA has held up better than the rest of our coverage, which makes sense given a strong balance sheet and largely European consumer exposure.

Negative Factors

Analyst Recommendations

Analyst recommendation for Aena SA is downgraded to sell.

Free Cash Flow

A peak-to-trough decline in FCF of approximately 40% is modeled, driven by rising capex amid stable aeronautical fees.

Traffic and Revenue

Aena SA is experiencing a traffic slowdown and an increase in capital expenditures.

Aena SA Business Overview & Revenue Model

Company Description

Aena 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 Money

Aena 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.66B	5.76B	5.04B	4.18B	2.32B	2.18B
Gross Profit	5.60B	4.13B	4.00B	2.55B	795.19M	679.48M
EBITDA	4.70B	3.64B	3.20B	2.02B	123.77M	679.26M
Net Income	2.66B	1.93B	1.63B	901.50M	-89.58M	-160.75M
Balance Sheet
Total Assets	16.52B	16.98B	17.56B	15.85B	16.33B	15.66B
Cash, Cash Equivalents and Short-Term Investments	950.33M	1.82B	2.40B	1.57B	1.47B	1.22B
Total Debt	0.00	6.99B	7.40B	7.63B	8.72B	8.11B
Total Liabilities	8.60B	8.77B	10.00B	9.21B	10.31B	9.60B
Stockholders Equity	7.97B	8.28B	7.63B	6.72B	6.10B	6.12B
Cash Flow
Free Cash Flow	1.97B	1.92B	873.65M	1.14B	-390.61M	-356.88M
Operating Cash Flow	2.83B	2.75B	2.22B	1.86B	280.47M	146.24M
Investing Cash Flow	-822.09M	-804.35M	-1.42B	-664.16M	-660.91M	-534.70M
Financing Cash Flow	-2.52B	-2.43B	-19.61M	-1.09B	619.81M	1.38B

Aena SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 25.13
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 25.13 is above the 20-day moving average (MA) of 24.84, above the 50-day MA of 23.79, and above the 200-day MA of 21.60, indicating a bullish trend. The MACD of 0.49 indicates Positive momentum. The RSI at 60.27 is Neutral, neither overbought nor oversold. The STOCH value of 45.14 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AENA	73 Outperform	€37.69B	18.84	26.61%	3.88%	10.04%	10.24%
Sector *	56 Neutral	$1.84B	9.56	8.02%	2.47%	5.38%	-37.86%
0MKO	―	€1.79B	10.33	23.93%	―	―	―
0OHG	―	€2.82B	11.17	22.67%	―	―	―

Aena SA Corporate Events

Aena SA Reports Strong Q1 2025 Financial Performance

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.