Aena SA (AENA) AI Stock Analysis

• Market Cap: €36.39B
• Dividend Yield: 3.3%
• Average Volume (3M): 221.33K
• Price to Earnings (P/E): 18.4
• Beta (1Y): 0.69
• Revenue Growth: 11.50%
• EPS Growth: 12.30%
• Country: ES
• Employees: 9,511
• Sector: Real Estate
• Sector Strength: 60
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 2.01
• Shares Outstanding: 150,000,000
• 10 Day Avg. Volume: 216,084
• 30 Day Avg. Volume: 221,327
• PEG Ratio: 8.34
• Price to Book (P/B): 3.99
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 16.60
• 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: €226.56
• Price Target Upside: -6.61% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 9

• Rating: 81 Outperform
• Price Target: €277.00 ▲(14.18%Upside)

Aena SA's strong financial performance is the most significant factor driving the score, supported by solid revenue and profit growth. Technical analysis indicates positive momentum, while a fair valuation with a decent dividend yield adds to the overall attractiveness of the stock.

Positive Factors

Financial performance

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

Negative Factors

Free cash flow

A peak-to-trough decline in free cash flow of approximately 40% is modeled, driven by rising capital expenditures amid stable aeronautical fees.

Stock recommendation

Analyst recommendation for Aena SA is downgraded to sell.

Aena SA Business Overview & Revenue Model

Company Description

Aena SA (AENA) is a leading Spanish airport operator, responsible for the management and operation of a vast network of airports and heliports primarily in Spain and internationally. The company is a prominent player in the aviation sector, providing comprehensive airport services that include passenger services, retail and commercial activities, air cargo handling, and real estate services associated with airport operations.

How the Company Makes Money

Aena SA generates revenue primarily through several key streams: aeronautical revenues, which include charges to airlines for landing, takeoff, and aircraft parking, as well as passenger fees; commercial revenues, derived from the leasing of retail spaces, parking services, advertising, and other passenger-related services within airport premises; real estate income, which comes from the leasing and management of airport-related properties; and international operations, where the company earns fees from managing airports outside of Spain. Additionally, Aena collaborates with various stakeholders, including airlines, retailers, and government entities, to enhance its service offerings and infrastructure, thereby contributing to its financial performance.

Aena SA Financial Statement Overview

Summary

Aena SA's financial health is strong, marked by impressive revenue and profitability growth. The company's balance sheet is robust with no debt, reducing financial risk and providing a solid foundation for future expansion. Strong cash flow generation supports operational stability and shareholder returns. Continued focus on growth and maintaining margins will be essential in the competitive transportation 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
7.50B	5.76B	5.04B	4.18B	2.32B	2.18B
	Gross Profit
5.46B	4.13B	4.00B	2.55B	795.19M	679.48M
	EBIT
3.60B	2.66B	2.20B	1.34B	73.63M	41.45M
	EBITDA
4.58B	3.64B	3.20B	2.02B	123.77M	679.26M
	Net Income Common Stockholders
2.62B	1.93B	1.63B	901.50M	-89.58M	-160.75M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.82B	1.82B	2.40B	1.57B	1.47B	1.22B
	Total Assets
16.98B	16.98B	17.56B	15.85B	16.33B	15.66B
	Total Debt
6.99B	6.99B	7.40B	7.63B	8.72B	8.11B
	Net Debt
5.17B	5.17B	5.03B	6.06B	7.26B	6.88B
	Total Liabilities
8.45B	8.45B	10.00B	9.21B	10.31B	9.60B
	Stockholders Equity
8.28B	8.28B	7.63B	6.72B	6.10B	6.12B
Cash Flow		Free Cash Flow
2.07B	1.92B	873.65M	1.14B	-390.61M	-356.88M
	Operating Cash Flow
2.85B	2.75B	2.22B	1.86B	280.47M	146.24M
	Investing Cash Flow
-735.67M	-804.35M	-1.42B	-664.16M	-660.91M	-534.70M
	Financing Cash Flow
-2.43B	-2.43B	-19.61M	-1.09B	619.81M	1.38B

Aena SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 242.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

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 242.6 is above the 20-day moving average (MA) of 237.01, above the 50-day MA of 222.83, and above the 200-day MA of 202.09, indicating a bullish trend. The MACD of 4.73 indicates Positive momentum. The RSI at 66.93 is Neutral, neither overbought nor oversold. The STOCH value of 88.70 is Negative, 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	81 Outperform	€36.39B	18.43	23.95%	3.30%	11.50%	12.30%
MEL	74 Outperform	€1.53B	10.87	22.13%	1.09%	4.35%	19.45%
NHH	72 Outperform	€2.74B	12.92	20.24%	―	11.99%	65.25%
Sector *	61 Neutral	$2.83B	10.92	0.41%	8438.90%	5.75%	-21.03%

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.

Aena to Present Q1 2025 Financial Results

Aena S.M.E. S.A. has announced its upcoming presentation of financial results for the first quarter of 2025, scheduled for April 30. This event will provide insights into the company’s financial performance and is crucial for stakeholders to assess Aena’s market position and operational strategies.

Aena Announces Board of Directors Changes and Committee Appointments

Aena, S.M.E., S.A. has announced several changes to its Board of Directors following its Ordinary General Meeting of Shareholders. These changes include the appointment of Mr. Ramon Tremosa i Balcells as an Independent Director and the re-election of several directors for a four-year term. The company has also made adjustments to its committee memberships, maintaining its commitment to independent director representation and gender diversity on the board.

Aena Announces 9.76 Euros Dividend Per Share for 2024

Aena S.M.E., S.A. has announced that its Ordinary General Meeting of Shareholders has approved a dividend distribution of 9.76 euros gross per share, based on the company’s 2024 fiscal year results. This dividend will be paid on April 24, 2025, through IBERCLEAR, with necessary withholdings applied, reflecting the company’s financial health and commitment to returning value to its shareholders.

Aena Announces Share Split to Enhance Market Liquidity

Aena, S.M.E., S.A. has announced a share split approved during its Ordinary General Shareholders’ Meeting, changing the nominal value of each share from 10 euros to 1 euro, effectively increasing the number of shares in circulation by a factor of ten without altering the total share capital. This strategic move aims to enhance the liquidity and accessibility of Aena’s shares, potentially attracting a broader range of investors and improving market positioning. The implementation of the share split will be overseen by the Board of Directors and communicated through the National Securities Market Commission.

Aena Shareholders Approve All Proposals at General Meeting

The Ordinary General Meeting of Shareholders of Aena, S.M.E. S.A. has approved all proposals on its agenda with the required majorities. This approval signifies a unified direction for the company, potentially impacting its strategic decisions and stakeholder relations.