Aena S.M.E., S.A.

WBAG:AEN2 Stock Report

Market Cap: €34.0b

Aena S.M.E Valuation

Is AEN2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AEN2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€14.44
Fair Value
56.5% overvalued intrinsic discount
21
Number of Analysts

Below Fair Value: AEN2 (€22.6) is trading above our estimate of fair value (€14.44)

Significantly Below Fair Value: AEN2 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AEN2?

Key metric: As AEN2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AEN2. This is calculated by dividing AEN2's market cap by their current earnings.
What is AEN2's PE Ratio?
PE Ratio17.2x
Earnings€1.97b
Market Cap€34.04b

Price to Earnings Ratio vs Peers

How does AEN2's PE Ratio compare to its peers?

The above table shows the PE ratio for AEN2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average26.2x
FLU Flughafen Wien
21x2.66%€4.6b
ADP Aeroports de Paris
30.8x23.37%€10.5b
600009 Shanghai International Airport
38x15.18%CN¥78.3b
POST Österreichische Post
15x4.68%€2.0b
AEN2 Aena S.M.E
17.2x5.54%€34.0b

Price-To-Earnings vs Peers: AEN2 is good value based on its Price-To-Earnings Ratio (17.2x) compared to the peer average (26.2x).

Price to Earnings Ratio vs Industry

How does AEN2's PE Ratio compare vs other companies in the European Infrastructure Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AEN2 17.2xIndustry Avg. 16.2xNo. of Companies10PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AEN2 is expensive based on its Price-To-Earnings Ratio (17.2x) compared to the European Infrastructure industry average (16.1x).

Price to Earnings Ratio vs Fair Ratio

What is AEN2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AEN2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.2x
Fair PE Ratio24.7x

Price-To-Earnings vs Fair Ratio: AEN2 is good value based on its Price-To-Earnings Ratio (17.2x) compared to the estimated Fair Price-To-Earnings Ratio (24.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AEN2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.60
€22.74
+0.60%
9.39%€27.00€17.50n/a21
Jul ’26€22.76
€22.74
-0.11%
9.39%€27.00€17.50n/a21
Jun ’26€23.76
€21.97
-7.51%
12.43%€26.10€12.90n/a22
May ’26€21.98
€21.62
-1.65%
11.54%€24.80€12.90n/a23
Apr ’26€21.82
€21.66
-0.73%
11.30%€24.80€12.90n/a23
Mar ’26€21.40
€21.54
+0.65%
11.20%€24.80€12.90n/a23
Feb ’26€21.06
€21.12
+0.30%
11.97%€23.70€12.90n/a23
Jan ’26€19.88
€20.74
+4.31%
11.97%€23.40€12.90n/a23
Dec ’25€20.40
€20.67
+1.31%
11.29%€23.40€12.90n/a23
Nov ’25€20.50
€20.57
+0.34%
11.44%€23.40€12.90n/a22
Oct ’25€19.95
€20.07
+0.61%
11.28%€22.60€12.90n/a25
Sep ’25€18.21
€19.99
+9.78%
11.03%€22.60€12.90n/a25
Aug ’25€17.29
€20.03
+15.85%
11.12%€22.60€12.90n/a25
Jul ’25€19.06
€19.20
+0.76%
12.83%€21.80€12.72€22.7625
Jun ’25€17.84
€18.93
+6.11%
12.77%€21.80€12.72€23.7624
May ’25€17.48
€18.73
+7.15%
12.17%€21.30€12.72€21.9824
Apr ’25€18.20
€18.30
+0.60%
11.90%€21.00€12.72€21.8224
Mar ’25€17.47
€17.93
+2.64%
11.70%€20.60€12.72€21.4025
Feb ’25€16.51
€17.06
+3.34%
12.13%€20.20€12.72€21.0625
Jan ’25€16.47
€16.56
+0.55%
10.19%€18.70€12.72€19.8825
Dec ’24€15.86
€16.29
+2.70%
9.61%€18.40€12.72€20.4025
Nov ’24€13.69
€16.10
+17.68%
9.50%€18.00€12.72€20.5024
Oct ’24€13.81
€16.26
+17.73%
9.70%€18.00€12.72€19.9522
Sep ’24€14.53
€16.53
+13.75%
8.97%€18.80€12.72€18.2122
Aug ’24€14.42
€16.44
+14.03%
9.09%€18.80€12.72€17.2921
Jul ’24€14.85
€16.29
+9.73%
8.82%€18.80€12.51€19.0621
AnalystConsensusTarget
Consensus Narrative from 21 Analysts
€22.65
Fair Value
0.2% undervalued intrinsic discount
21
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/07/07 15:03
End of Day Share Price 2025/07/07 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Aena S.M.E., S.A. is covered by 46 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bruno SilvaBanco BPI, S.A.
Filipe LeiteBanco BPI, S.A.
null nullBanco de Sabadell. S.A.