BME:AENA

Stock Analysis Report

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.

Rewards

Earnings are forecast to grow 1.33% per year

Earnings have grown 17.5% per year over the past 5 years

Risk Analysis

Has a high level of debt

Unstable dividend track record



Snowflake Analysis

Mediocre balance sheet with acceptable track record.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.8%

AENA

-0.2%

ES Infrastructure

1.1%

ES Market


1 Year Return

21.0%

AENA

12.7%

ES Infrastructure

7.6%

ES Market

Return vs Industry: AENA exceeded the Spanish Infrastructure industry which returned 15.1% over the past year.

Return vs Market: AENA exceeded the Spanish Market which returned 8.5% over the past year.


Shareholder returns

AENAIndustryMarket
7 Day0.8%-0.2%1.1%
30 Day-0.8%-1.4%0.8%
90 Day3.0%0.3%4.2%
1 Year25.3%21.0%17.0%12.7%11.5%7.6%
3 Year40.4%29.0%36.8%24.1%15.9%4.7%
5 Yearn/a59.0%33.1%11.0%-7.6%

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?

18.22x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AENA (€174.1) is trading above our estimate of fair value (€119.3)

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 (18.3x) compared to the Infrastructure industry average (17.8x).

PE vs Market: AENA is poor value based on its PE Ratio (18.3x) compared to the Spanish market (17x).


Price to Earnings Growth Ratio

PEG Ratio: AENA is poor value based on its PEG Ratio (13.7x)


Price to Book Ratio

PB vs Industry: AENA is overvalued based on its PB Ratio (4.3x) compared to the XE Infrastructure industry average (1.8x).


Next Steps

Future Growth

How is Aena S.M.E forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?

1.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AENA's forecast earnings growth (1.3% per year) is above the savings rate (0.4%).

Earnings vs Market: AENA's earnings (1.3% per year) are forecast to grow slower than the Spanish market (9% per year).

High Growth Earnings: AENA's earnings are forecast to grow, but not significantly.

Revenue vs Market: AENA's revenue (2% per year) is forecast to grow slower than the Spanish market (3.4% per year).

High Growth Revenue: AENA's revenue (2% 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 high in 3 years time (20.9%)


Next Steps

Past Performance

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

17.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AENA has high quality earnings.

Growing Profit Margin: AENA's current net profit margins (32.3%) are higher than last year (31.1%).


Past Earnings Growth Analysis

Earnings Trend: AENA's earnings have grown by 17.5% per year over the past 5 years.

Accelerating Growth: AENA's earnings growth over the past year (10.8%) is below its 5-year average (17.5% per year).

Earnings vs Industry: AENA earnings growth over the past year (10.8%) underperformed the Infrastructure industry 13.4%.


Return on Equity

High ROE: Whilst AENA's Return on Equity (23.66%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

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


Financial Position Analysis

Short Term Liabilities: AENA's short term assets (€802.2M) do not cover its short term liabilities (€1.8B).

Long Term Liabilities: AENA's short term assets (€802.2M) do not cover its long term liabilities (€7.0B).


Debt to Equity History and Analysis

Debt Level: AENA's debt to equity ratio (116.2%) is considered high.

Reducing Debt: AENA's debt to equity ratio has reduced from 319.4% to 116.2% over the past 5 years.

Debt Coverage: AENA's debt is well covered by operating cash flow (29.8%).

Interest Coverage: AENA's interest payments on its debt are well covered by EBIT (15.9x coverage).


Balance Sheet

Inventory Level: AENA has a high level of physical assets or inventory.

Debt Coverage by Assets: AENA's debt is not covered by short term assets (assets are 0.1x debt).


Next Steps

Dividend

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

4.01%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.2%markettop25%5.4%industryaverage4.0%forecastin3Years4.3%

Current dividend yield vs market & industry

Notable Dividend: AENA's dividend (3.98%) is higher than the bottom 25% of dividend payers in the Spanish market (2.22%).

High Dividend: AENA's dividend (3.98%) is low compared to the top 25% of dividend payers in the Spanish market (5.51%).


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 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73%), AENA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AENA's dividends in 3 years are forecast to be covered by earnings (69.7% payout ratio).


Next Steps

Management

What is the CEO of Aena S.M.E's salary, the management and board of directors tenure and is there insider trading?

2.0yrs

Average management tenure


CEO

Maurici Lucena Betriu (44yo)

1.5yrs

Tenure

0

Mr. Maurici Lucena Betriu has been the Chairman, Chief Executive Officer and Director of Aena S.A. since July 16, 2018. Mr. Betriu served as Managing Director of Centre for the Development of Industrial Te ...


Management Age and Tenure

2.0yrs

Average Tenure

50yo

Average Age

Experienced Management: AENA's management team is considered experienced (2 years average tenure).


Board Age and Tenure

1.5yrs

Average Tenure

Experienced Board: AENA's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Insider Trading

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


Recent Insider Transactions

Buy€5,01001 Aug 19
Josep Antoni Duran i Lleida
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares30
Max Price€167.00

Ownership Breakdown

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


Management Team

  • Maurici Lucena Betriu (44yo)

    Chairman & CEO

    • Tenure: 1.5yrs
  • Emilio Rotondo

    Deputy Chief Financial Officer

    • Antonio García-Mon Marañés (53yo)

      Director of Legal Advisory & Equity Management Services

      • Begoña Gosálvez Butler

        Director of Organization & Human Resources

        • Roberto Ángel Ramírez García

          Head of Internal Auditing

          • José Leo Vizcaíno

            Head of Financial Matters

            • Tenure: 4.5yrs
          • Juan Carlos Alfonso Rubio

            Non-Director Secretary of the Board

            • Tenure: 2yrs
          • José Manuel Fernández Bosch (50yo)

            Head of General Unregulated Business

            • María José Leal

              Deputy Chief Financial Officer

              • María Gómez Rodríguez

                Director of Communications


                Board Members

                • Maurici Lucena Betriu (44yo)

                  Chairman & CEO

                  • Tenure: 1.5yrs
                • José Luis Bonet Ferrer

                  Independent Director

                  • Compensation: €3.00k
                • Jaime Terceiro Lomba (73yo)

                  Independent Director

                  • Compensation: €8.00k
                • Amancio López Seijas

                  Independent Director

                  • Compensation: €6.00k
                • Pilar Arranz Notario

                  Proprietary Director

                  • Compensation: €12.00k
                • Christopher Anthony Hohn

                  Proprietary Director

                  • Francisco Javier Martín Ramiro

                    Proprietary Director

                    • Tenure: 3.3yrs
                  • Angel Luis Arias Serrano

                    Proprietary Director

                    • Tenure: 2yrs
                  • Leticia Iglesias Herraiz

                    Independent Director

                    • Tenure: 1yrs
                  • Josep Antoni Duran i Lleida

                    Independent Director

                    • Tenure: 1yrs

                  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: €25.943b
                  • Shares outstanding: 150.00m
                  • Website: https://www.aena.es

                  Number of Employees


                  Location

                  • Aena S.M.E., S.A.
                  • calle Peonías, 12
                  • 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
                  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 internationally. The company operates through Airports, Real Estate Services, and International segments. It also operates and manages commercial spaces in airport terminals and car parks network; and rents areas in airport terminals for stores, food and beverage outlets, and advertising. In addition, the company manages industrial and real estate assets, such as land, warehouses, and hangars; and manages cargo centers. It manages 46 airports in Spain; 12 airports in Mexico; 2 airports in Colombia; and 1 airport in the United Kingdom. The company was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017. The company was founded in 2010 and is headquartered in Madrid, Spain. Aena S.M.E., S.A. is a subsidiary of ENAIRE. 


                  Company Analysis and Financial Data Status

                  All financial data provided by Standard & Poor's Capital IQ.
                  DataLast Updated (UTC time)
                  Company Analysis2020/01/17 21:30
                  End of Day Share Price2020/01/17 00:00
                  Earnings2019/09/30
                  Annual Earnings2018/12/31


                  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.