BME:AENA

Stock Analysis Report

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Executive Summary

Aena S.M.E., S.A., together with its subsidiaries, operates, maintains, manages, and administers airport infrastructures and heliports in Spain, the United Kingdom, Mexico, Colombia, Cuba, and internationally. More Details


Snowflake Analysis

Reasonable growth potential with mediocre balance sheet.


Similar Companies

Share Price & News

How has Aena S.M.E's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AENA is not significantly more volatile than the rest of Spanish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: AENA's weekly volatility (7%) has been stable over the past year.


Market Performance


7 Day Return

-2.8%

AENA

-1.4%

ES Infrastructure

0.5%

ES Market


1 Year Return

-14.9%

AENA

-20.8%

ES Infrastructure

-8.5%

ES Market

Return vs Industry: AENA exceeded the Spanish Infrastructure industry which returned -19.9% over the past year.

Return vs Market: AENA underperformed the Spanish Market which returned -8.1% over the past year.


Shareholder returns

AENAIndustryMarket
7 Day-2.8%-1.4%0.5%
30 Day16.8%19.6%21.8%
90 Day8.6%9.6%16.1%
1 Year-14.9%-14.9%-20.4%-20.8%-5.9%-8.5%
3 Year-12.0%-17.6%-21.0%-26.4%-6.3%-14.7%
5 Year47.3%32.8%18.7%4.8%3.3%-12.4%

Long-Term Price Volatility Vs. Market

How volatile is Aena S.M.E's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Aena S.M.E undervalued compared to its fair value and its price relative to the market?

95.22x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AENA (€140.1) is trading above our estimate of fair value (€79.08)

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


Price To Earnings Ratio

PE vs Industry: AENA is poor value based on its PE Ratio (95.2x) compared to the XE Infrastructure industry average (19.3x).

PE vs Market: AENA is poor value based on its PE Ratio (95.2x) compared to the Spanish market (22.1x).


Price to Earnings Growth Ratio

PEG Ratio: AENA is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: AENA is overvalued based on its PB Ratio (3.4x) compared to the XE Infrastructure industry average (1.5x).


Next Steps

Future Growth

How is Aena S.M.E forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

56.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AENA's forecast earnings growth (56.8% per year) is above the savings rate (1.3%).

Earnings vs Market: AENA's earnings (56.8% per year) are forecast to grow faster than the Spanish market (35.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: AENA's revenue (19.6% per year) is forecast to grow faster than the Spanish market (6.4% per year).

High Growth Revenue: AENA's revenue (19.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AENA's Return on Equity is forecast to be low in 3 years time (17%).


Next Steps

Past Performance

How has Aena S.M.E performed over the past 5 years?

1.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AENA has a large one-off loss of €121.4M impacting its September 30 2020 financial results.

Growing Profit Margin: AENA's current net profit margins (8%) are lower than last year (32.2%).


Past Earnings Growth Analysis

Earnings Trend: AENA's earnings have grown by 1.8% per year over the past 5 years.

Accelerating Growth: AENA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AENA had negative earnings growth (-84.5%) over the past year, making it difficult to compare to the Infrastructure industry average (-47.7%).


Return on Equity

High ROE: AENA's Return on Equity (3.2%) is considered low.


Next Steps

Financial Health

How is Aena S.M.E's financial position?


Financial Position Analysis

Short Term Liabilities: AENA's short term assets (€2.4B) exceed its short term liabilities (€2.3B).

Long Term Liabilities: AENA's short term assets (€2.4B) do not cover its long term liabilities (€7.6B).


Debt to Equity History and Analysis

Debt Level: AENA's debt to equity ratio (140.8%) is considered high.

Reducing Debt: AENA's debt to equity ratio has reduced from 249.7% to 140.8% over the past 5 years.

Debt Coverage: AENA's debt is not well covered by operating cash flow (6.1%).

Interest Coverage: AENA's interest payments on its debt are well covered by EBIT (3.5x coverage).


Balance Sheet


Next Steps

Dividend

What is Aena S.M.E current dividend yield, its reliability and sustainability?

5.41%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AENA's dividend (5.41%) is higher than the bottom 25% of dividend payers in the Spanish market (2.18%).

High Dividend: AENA's dividend (5.41%) is low compared to the top 25% of dividend payers in the Spanish market (6.85%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, AENA has been paying a dividend for less than 10 years.

Growing Dividend: AENA's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (515.2%), AENA's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AENA's dividends in 3 years are forecast to be covered by earnings (70.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.9yrs

Average management tenure


CEO

Maurici Lucena Betriu (45 yo)

2.42yrs

Tenure

Mr. Maurici Lucena Betriu has been the Chairman, Chief Executive Officer and Director of Aena S.M.E., S.A. (formerly known as Aena, S.A.) since July 16, 2018. Mr. Betriu served as Managing Director of Cent...


Leadership Team

NamePositionTenureCompensationOwnership
Maurici Lucena Betriu
Chairman & CEO2.42yrsno datano data
Jose Leo Vizcaino
Economic & Financial Director and CFO5.42yrsno datano data
Francisco Marin San Andres
MD of Airports0.17yrno datano data
Antonio García-Mon Marañés
Director of Legal Advisory & Equity Management Servicesno datano datano data
Maria Gomez Rodriguez
Director of Communicationsno datano datano data
Begona Gosalvez Mayordomo
Organization & Human Resources Directorno datano datano data
Roberto Ángel Ramírez García
Head of Internal Auditingno datano datano data
Emilio Rotondo
Deputy Chief Financial Officerno datano datano data
José Fernández Bosch
Head of General Unregulated Businessno datano datano data
Juan Carlos Alfonso Rubio
Secretary of the Board of Directors & General Secretary2.92yrsno datano data
María José Leal
Deputy Chief Financial Officerno datano datano data

2.9yrs

Average Tenure

52.5yo

Average Age

Experienced Management: AENA's management team is considered experienced (2.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Maurici Lucena Betriu
Chairman & CEO2.42yrsno datano data
Francisco Marin San Andres
MD of Airports0.17yrno datano data
Jaime Terceiro Lomba
Independent Director5.5yrs€8.00kno data
Amancio Lopez Seijas
Independent Director5.5yrs€6.00kno data
Pilar Arranz Notario
Proprietary Director8.08yrs€12.00kno data
Francisco Ferrer Moreno
Proprietary Director2.42yrsno datano data
Christopher Anthony Hohn
Proprietary Director5.92yrsno datano data
Angel Luis Arias Serrano
Proprietary Director2.92yrsno datano data
Leticia Iglesias Herraiz
Independent Director1.67yrsno datano data
Josep Antoni Duran i Lleida
Independent Director1.92yrsno data0.000020%
€ 4.2k
Angélica Martínez Ortega
Proprietary Director2.42yrsno datano data
Juan Ignacio Diaz Bidart
Proprietary Director2.17yrsno datano data

2.4yrs

Average Tenure

61yo

Average Age

Experienced Board: AENA's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Aena S.M.E., S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Aena S.M.E., S.A.
  • Ticker: AENA
  • Exchange: BME
  • Founded: 2010
  • Industry: Airport Services
  • Sector: Transportation
  • Market Cap: €21.150b
  • Shares outstanding: 150.00m
  • Website: https://www.aena.es

Number of Employees


Location

  • Aena S.M.E., S.A.
  • C/ Peonías, 12
  • 6ª Planta
  • Madrid
  • Madrid
  • 28042
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AENABME (Bolsas y Mercados Espanoles)YesOrdinary SharesESEURFeb 2015
AENAeBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURFeb 2015
A44DB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 2015
0R4YLSE (London Stock Exchange)YesOrdinary SharesGBEURFeb 2015
AENAWBAG (Wiener Boerse AG)YesOrdinary SharesATEURFeb 2015
ANNS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 2015
AENA NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNFeb 2015
A44ETLX (Eurotlx)YesOrdinary SharesITEURFeb 2015

Biography

Aena S.M.E., S.A., together with its subsidiaries, operates, maintains, manages, and administers airport infrastructures and heliports in Spain, the United Kingdom, Mexico, Colombia, Cuba, and internationa...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/02 18:40
End of Day Share Price2020/12/02 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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 here.