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Enav SpA
(ENAV)
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Rating:75Outperform
Price Target:
€5.50
â–²(10.66% Upside)
Action:Upgraded
Date:07/10/26
The score is driven primarily by solid financial performance—especially strong free cash flow generation and healthy profitability with reasonable leverage. Valuation is supportive, helped by a very high dividend yield alongside a moderate P/E. Technical indicators are mixed to slightly weak (RSI below neutral and price below the 20-day average), which tempers the overall score.
Positive Factors
Regulated service model
Enav's core revenues come from regulated route and terminal charges, creating predictable, contract-like cash flows tied to traffic volumes and unit rates. This regulatory framework and quasi-monopoly over Italian airspace provide durable revenue visibility, reducing competitive pricing pressure and supporting long-term planning.
Negative Factors
2025 revenue and margin shock
A large 2025 drop in revenue and gross margin signals structural risks—whether traffic, pricing or cost inflation—that can materially lower earnings power. If these adverse trends persist, they will erode cash flow, constrain capital allocation, and could trigger tougher regulatory scrutiny or require tariff adjustments to restore sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated service model
Enav's core revenues come from regulated route and terminal charges, creating predictable, contract-like cash flows tied to traffic volumes and unit rates. This regulatory framework and quasi-monopoly over Italian airspace provide durable revenue visibility, reducing competitive pricing pressure and supporting long-term planning.
Read all positive factors
Enav SpA (ENAV) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€2.73B
Dividend Yield11.49%
Average Volume (3M)664.23K
Price to Earnings (P/E)16.4
Beta (1Y)0.54
Revenue Growth3.15%
EPS Growth-3.25%
CountryIT
Employees4,574
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.31
Shares Outstanding541,744,400
10 Day Avg. Volume536,976
30 Day Avg. Volume664,225
Financial Highlights & Ratios
PEG Ratio-1.06
Price to Book (P/B)2.18
Price to Sales (P/S)2.60
P/FCF Ratio11.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.87Price Target Upside18.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.2
Revenue Forecast (FY)€1.08B
Enav SpA Business Overview & Revenue Model
Company Description
Established in 2001 and headquartered in Rome, Italy, ENAV S.p.A. specializes in critical air traffic management and navigation services. The company operates across Italy, throughout Europe, and on an international scale. Its operations are organ...
How the Company Makes Money
Enav primarily makes money by charging regulated fees for air navigation services provided to aircraft operators (airlines and other airspace users). The core revenue stream is air navigation charges linked to (1) en-route services—fees for aircra...
Enav SpA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 982.71M | 999.75M | 964.01M | 907.36M | 800.22M |
| Gross Profit | 428.21M | 101.43M | 412.88M | 402.00M | 136.01M | 83.48M |
| EBITDA | 260.89M | 280.41M | 336.25M | 311.50M | 283.49M | 238.83M |
| Net Income | 165.53M | 93.06M | 125.83M | 112.92M | 105.00M | 78.37M |
Balance Sheet | ||||||
| Total Assets | 2.09B | 2.32B | 2.37B | 2.34B | 2.42B | 2.36B |
| Cash, Cash Equivalents and Short-Term Investments | 239.89M | 447.67M | 356.82M | 224.88M | 267.73M | 225.31M |
| Total Debt | 470.99M | 579.21M | 589.66M | 528.08M | 601.33M | 667.43M |
| Total Liabilities | 1.05B | 1.15B | 1.14B | 1.12B | 1.21B | 1.19B |
| Stockholders Equity | 1.03B | 1.17B | 1.23B | 1.22B | 1.21B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | 390.01M | 227.50M | 158.84M | 100.14M | 139.13M | -242.78M |
| Operating Cash Flow | 511.67M | 340.62M | 277.89M | 210.62M | 236.90M | -157.15M |
| Investing Cash Flow | -92.01M | -76.97M | -78.76M | -71.60M | -70.17M | -59.89M |
| Financing Cash Flow | -295.19M | -172.76M | -62.83M | -181.76M | -124.51M | 124.68M |
Enav SpA Technical Analysis
Neutral
4.97
Price Trends
5.12
Negative
5.00
Positive
4.80
Positive
Market Momentum
<0.01
Positive
44.82
Neutral
11.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ENAV, the sentiment is Neutral. The current price of 4.97 is below the 20-day moving average (MA) of 5.08, below the 50-day MA of 5.12, and above the 200-day MA of 4.80, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 11.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:ENAV.
Enav SpA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €2.73B | 16.42 | 13.99% | 11.68% | 3.15% | -3.25% | |
67 Neutral | €349.90M | 22.79 | 12.86% | 1.96% | 12.72% | -9.12% | |
66 Neutral | €34.45B | 30.72 | 13.19% | 1.21% | 10.11% | 7.22% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | €203.97M | 2.65 | 17.20% | 5.08% | 5.89% | 30.28% | |
56 Neutral | €2.28B | 9.48 | 14.74% | 3.80% | 2.26% | -1.76% |
* Industrials Sector Average
IT:ENAV
Enav SpA
5.05
0.97
23.71%
IT:FNM
FNM S.p.A.
0.47
0.07
16.96%
IT:LDO
Leonardo Spa
59.90
11.18
22.95%
IT:WBD
Webuild SpA
2.28
-1.74
-43.35%
IT:TYA
Toscana Aeroporti S.p.A.
18.80
2.81
17.60%
IT:PAG
Porto Aviation Group S.P.A.
9.70
5.72
143.66%
Enav SpA Corporate Events
ENAV Wins Landmark Greek Contract to Modernize Flight Procedures
Jul 29, 2026
ENAV has secured a major contract from Greece’s Hellenic Aviation Service Provider, its largest of this kind, to support the country’s transition to performance-based navigation using satellite technology. Partnering with EFA Ventures,...
ENA S.p.A. Expands Treasury Share Buyback, Now Holding 0.67% of Capital
Jul 27, 2026
ENA S.p.A., an Italian property management company listed on Euronext Growth, provides professional management and optimization of real estate assets, serving a broad range of stakeholders in the domestic market. The company works closely with fin...
ENA Board to Expire Early as Majority of Directors Resign Effective 30 September 2026
Jul 21, 2026
ENA S.p.A. has announced the resignation of director Mirko Reale Ruffino and, in response, the decision by three additional directors to step down, triggering the early expiry of the Board of Directors. The departing directors, including represent...
ENA S.p.A. expands treasury share holdings under authorized buyback plan
Jul 13, 2026
ENA S.p.A., a prominent player in Italy’s property management industry, continues to consolidate its market presence through active management of its capital structure. The company’s use of treasury share programmes reflects an effort ...
ENA S.p.A. Director Resigns, Board Launches Governance Review
Jul 9, 2026
ENA S.p.A. has announced the immediate resignation of board director Mirko Reale Ruffino, with the company stating that the reasons for his departure have not been disclosed. The board has formally taken note of the resignation and will conduct as...
ENA S.p.A. Expands Treasury Share Buyback, Now Holding 0.27% of Capital
Jul 6, 2026
ENA S.p.A. has continued its authorised share buyback programme, purchasing 2,000 treasury shares between 29 June and 3 July 2026 at an average price of €0.70 per share, for a total outlay of €1,400. The transactions, executed through ...
Enav allocates 21,189 shares under long-term incentive plan to associate of COO
Jul 6, 2026
Enav S.p.A. has disclosed a transaction involving ordinary shares allocated under its long-term incentive plan for the 2023–2025 cycle to a person closely associated with Chief Operating Officer Maurizio Paggetti. The allocation, totaling 21...
Enav Confirms Bottiglieri as Manager for Corporate Accounting and Sustainability Reporting
Jun 23, 2026
Enav’s board of directors has confirmed Loredana Bottiglieri as the manager responsible for drafting the company’s corporate accounting documents and overseeing certification of sustainability reporting, with her mandate running until ...
ENA S.p.A. Expands Treasury Share Buyback Programme
Jun 22, 2026
ENA S.p.A., a major player in real estate administration, reported that it has continued its treasury share buyback programme authorised by shareholders earlier this year, underscoring an active approach to capital management. Between 15 and 19 Ju...
ENA S.p.A. Adds to Treasury Stock with Modest Share Buyback
Jun 16, 2026
ENA S.p.A. has continued its share buyback and disposal program authorized by shareholders earlier this year, repurchasing 500 treasury shares on 9 June 2026 at a weighted average price of €0.73 per share, for a total outlay of €365. T...
ENA S.p.A. expands treasury share holdings under ongoing buyback programme
Jun 8, 2026
ENA S.p.A., a prominent player in the Italian property management sector, specialises in managing and optimising real estate assets for its clients and shareholders. Its operations centre on delivering professional services that enhance the value ...
ENA S.p.A. Buys Back 5,500 Treasury Shares Under Ongoing Programme
Jun 3, 2026
ENA S.p.A. has continued its treasury share buyback programme, purchasing 5,500 shares between 28 and 29 May 2026 at a weighted average price of about €0.7845 per share, for a total outlay of €4,315.00. These transactions were executed...
Enav Discloses Insider-Related Disposal of 1,000 Shares by COO Associate
Jun 3, 2026
Enav S.p.A. has disclosed an internal share transaction involving a person closely associated with Maurizio Paggetti, the company’s Chief Operating Officer, in line with EU market abuse regulations. The notification reports the disposal of 1...
ENA S.p.A. Delays Reserved Capital Increase, Reviews New Options
May 29, 2026
ENA S.p.A. has announced that the conditions have not yet been met to proceed with a previously approved reserved capital increase tied to discussions with Laserwall, leading both parties to postpone any decision and to keep open the possibility o...
ENAV CEO Pasqualino Monti Resigns as Chair Bruni Assumes Interim Powers
May 12, 2026
ENAV announced that Chief Executive Officer and board member Pasqualino Monti has resigned ahead of the imminent expiry of his mandate, after being elected in April 2023 from the majority list backed by Italy’s Ministry of Economy and Financ...
ENAV posts record Italian air traffic and stronger Q1 2026 finances
May 12, 2026
ENAV reported a strong start to 2026 as Italy recorded record air traffic volumes, with en‑route service units up 8.6% and terminal traffic up 2.7% compared with the first quarter of 2025, outpacing growth in other major European markets. Re...
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.