Enav SpA (IT:ENAV)
:ENAV
Want to see IT:ENAV full AI Analyst Report?
Top Page
Enav SpA
(ENAV)
Select Model
Select Model
Rating:59Neutral
Price Target:
€5.50
▲(8.27% Upside)
Action:ReiteratedDate:04/18/26
The score is mainly weighed down by the sharp 2025 financial deterioration (revenue and gross margin decline) despite previously solid profitability and only moderate leverage. Technicals are broadly neutral with a modestly positive longer-term trend but limited near-term momentum, while valuation is mixed—strong dividend yield offset by a relatively high P/E.
Positive Factors
Regulated monopoly revenue
ENAV operates as Italy’s air navigation service provider with regulated fees for en‑route and terminal services, creating a durable, low-competition revenue base. This regulatory monopolistic framework supports predictable cash flows and structural revenue defensibility over multi‑month horizons.
Negative Factors
2025 revenue and margin shock
The sharp 2025 decline in revenue and collapse in gross margin marks a meaningful deterioration in earnings quality. If persistent, this reduces internal funding capacity, pressures operating leverage and could force difficult tradeoffs on capex, service investment or dividends over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated monopoly revenue
ENAV operates as Italy’s air navigation service provider with regulated fees for en‑route and terminal services, creating a durable, low-competition revenue base. This regulatory monopolistic framework supports predictable cash flows and structural revenue defensibility over multi‑month horizons.
Read all positive factors
Enav SpA (ENAV) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€2.70B
Dividend Yield5.7%
Average Volume (3M)664.23K
Price to Earnings (P/E)27.4
Beta (1Y)0.48
Revenue Growth-1.70%
EPS Growth-25.90%
CountryIT
Employees4,354
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.05
Shares Outstanding541,744,400
10 Day Avg. Volume536,976
30 Day Avg. Volume664,225
Financial Highlights & Ratios
PEG Ratio-1.05
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
€5.48Price Target Upside7.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.2
Revenue Forecast (FY)€1.07B
Enav SpA Business Overview & Revenue Model
Company Description
ENAV S.p.A. provides air traffic control and management, and other air navigation services in Italy, the rest of Europe, and internationally. It operates through three segments: Air Navigation Services, Maintenance Services, and AIM Software Solut...
How the Company Makes Money
ENAV makes money primarily by charging regulated fees for air navigation services provided to aircraft operators (typically airlines). The core revenue model is service-based and depends on traffic volumes (number of flights and flight distance/we...
Enav SpA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 982.71M | 999.75M | 964.01M | 907.36M | 800.22M |
| Gross Profit | 101.43M | 412.88M | 402.00M | 136.01M | 83.48M |
| EBITDA | 249.92M | 336.25M | 311.50M | 283.49M | 238.83M |
| Net Income | 93.06M | 125.83M | 112.92M | 105.00M | 78.37M |
Balance Sheet | |||||
| Total Assets | 2.32B | 2.37B | 2.34B | 2.42B | 2.36B |
| Cash, Cash Equivalents and Short-Term Investments | 447.67M | 356.82M | 224.88M | 267.73M | 225.31M |
| Total Debt | 579.21M | 589.66M | 528.08M | 601.33M | 667.43M |
| Total Liabilities | 1.15B | 1.14B | 1.12B | 1.21B | 1.19B |
| Stockholders Equity | 1.17B | 1.23B | 1.22B | 1.21B | 1.16B |
Cash Flow | |||||
| Free Cash Flow | 227.50M | 158.84M | 100.14M | 139.13M | -242.78M |
| Operating Cash Flow | 340.62M | 277.89M | 210.62M | 236.90M | -157.15M |
| Investing Cash Flow | -76.97M | -78.76M | -71.60M | -70.17M | -59.89M |
| Financing Cash Flow | -172.76M | -62.83M | -181.76M | -124.51M | 124.68M |
Enav SpA Technical Analysis
Neutral
5.08
Price Trends
5.20
Negative
4.96
Positive
4.61
Positive
Market Momentum
0.02
Positive
48.05
Neutral
10.69
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 5.08 is below the 20-day moving average (MA) of 5.21, below the 50-day MA of 5.20, and above the 200-day MA of 4.61, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 10.69 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | €30.22B | 23.17 | 12.10% | 1.05% | 9.80% | 13.78% | |
65 Neutral | €338.74M | 21.62 | ― | 1.96% | 14.71% | -5.83% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | €225.28M | 2.78 | 16.88% | 3.86% | 5.13% | 24.12% | |
59 Neutral | €2.70B | 27.42 | 9.96% | 5.70% | -1.70% | -25.90% | |
50 Neutral | €2.52B | 14.02 | 15.02% | 2.32% | 14.59% | 23.80% |
* Industrials Sector Average
IT:ENAV
Enav SpA
5.04
1.40
38.61%
IT:FNM
FNM S.p.A.
0.51
0.13
34.92%
IT:LDO
Leonardo Spa
52.41
7.71
17.25%
IT:WBD
Webuild SpA
2.51
-0.59
-19.05%
IT:TYA
Toscana Aeroporti S.p.A.
18.15
2.79
18.19%
IT:PAG
Porto Aviation Group S.P.A.
9.40
5.19
123.28%
Enav SpA Corporate Events
Ena S.p.A. Calls Fully Remote Shareholders’ Meeting to Approve 2025 Accounts
Apr 13, 2026
Ena S.p.A. has convened its ordinary and extraordinary shareholders’ meeting for 28 April 2026, with a possible second call on 29 April, to approve the 2025 annual financial statements, acknowledge the consolidated accounts and decide on pro...
ENAV Calls 2026 Shareholders’ Meeting to Approve 2025 Results and Renew Board
Apr 3, 2026
ENAV has called an ordinary shareholders’ meeting for 14 May 2026 in Rome to approve its 2025 standalone and consolidated financial statements, integrated annual and sustainability reports, and to decide on the allocation of profit. The meet...
ENAV Calls 2026 Shareholders’ Meeting to Approve 2025 Results and Renew Board
Apr 3, 2026
ENAV has called an ordinary Shareholders’ Meeting for 14 May 2026 in Rome to approve the 2025 financial statements, allocate net profit, and present its integrated annual and sustainability reports. Shareholders will also vote on remuneratio...
ENAV Calls 2026 Shareholders’ Meeting and Unveils New Long-Term Incentive Plan
Mar 30, 2026
ENAV’s board has called an ordinary shareholders’ meeting for 14 May 2026 to approve the 2025 financial statements and renew the board of directors, providing shareholders with guidelines on the optimal size and composition of the gove...
Enav Reports Insider-Related Disposal of Ordinary Shares by Party Linked to COO
Mar 30, 2026
Enav disclosed an internal dealing transaction involving a person closely associated with Chief Operating Officer Maurizio Paggetti, in line with EU Market Abuse Regulation reporting requirements. The filing reports the disposal of 1,434 Enav ordi...
Ena S.p.A. Accepts €500,000 Strategic Investment Proposal from Laserwall
Mar 26, 2026
Ena S.p.A.’s board has accepted a binding proposal from Laserwall S.r.l. for a €500,000 subscription of newly issued ordinary shares, to be completed by 31 July 2026. Laserwall, active in digital systems for condominiums, aims to integ...
ENAV Buys 85% of AIView to Boost Drone and U-Space Services
Mar 26, 2026
ENAV has completed the acquisition of 85% of AIView Group, a high-tech company specializing in drone services and unmanned systems that leverage artificial intelligence for data collection and analysis. AIView focuses on advanced inspections and m...
ENAV Board Sets Governance Guidelines Ahead of 2026 Shareholders’ Meeting
Mar 23, 2026
ENAV’s Board of Directors, chaired by Alessandra Bruni, has approved guidelines on the optimal size and composition of the company’s next Board, to be appointed at the shareholders’ meeting that will approve the 2025 financial st...
ENAV Corrects 2025 Dividend Calendar After Strong Cash Flow
Mar 23, 2026
ENAV S.p.A. has corrected the dates associated with its proposed 2025 dividend distribution, which follows stronger‑than‑planned free cash flow performance versus its 2025–2029 industrial plan. The board will propose to the share...
ENAV Posts Record 2025 Traffic, Lifts Dividends on Strong Cash Flow
Mar 23, 2026
ENAV’s board approved the 2025 integrated annual report, showing record traffic of 2.4 million flights handled in Italian airspace and positioning Italy as the best performer among major European countries. The group combined strong operatio...
Enav Discloses Small Share Disposal by Associate of COO
Feb 19, 2026
Enav S.p.A. disclosed a transaction involving a person closely associated with Chief Operating Officer Maurizio Paggetti, in line with EU market abuse regulations. The filing reports the disposal of 568 ordinary Enav shares at a price of €5....
Ena S.p.A. Wins Shareholder Approval for New Treasury Share Purchase and Disposal Plan
Jan 30, 2026
Ena S.p.A.’s ordinary shareholders’ meeting has authorized the Board of Directors to purchase ordinary treasury shares for a total amount of up to €400,000, with the shares intended to support stock liquidity, serve as considerat...
Ena S.p.A. First-Call Shareholders’ Meeting Void, Treasury-Share Vote Moved to Second Call
Jan 29, 2026
Ena S.p.A. reported that its Ordinary Shareholders’ Meeting, convened on first call for 29 January 2026, was void due to not reaching the legally required quorum. In line with the previously published notice, the company will reconvene the O...
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.