Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: €0.22 (vs €0.20 in 1Q 2025) First quarter 2026 results: EPS: €0.22 (up from €0.20 in 1Q 2025). Revenue: €1.47b (up 12% from 1Q 2025). Net income: €329.4m (up 9.3% from 1Q 2025). Profit margin: 22% (in line with 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 154% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 27
Now 85% overvalued after recent price rise Over the last 90 days, the stock has risen 798% to €232. The fair value is estimated to be €126, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Announcement • Apr 22
Aena S.M.E., S.A. to Report Q1, 2026 Results on Apr 29, 2026 Aena S.M.E., S.A. announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 Upcoming Dividend • Apr 16
Upcoming dividend of €0.88 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 27 April 2026. Payout ratio and cash payout ratio are on the higher end at 77% and 95% respectively. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.8%). Buy Or Sell Opportunity • Apr 02
Now 208% overvalued after recent price rise Over the last 90 days, the stock has risen 881% to €232. The fair value is estimated to be €75.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Buy Or Sell Opportunity • Mar 18
Now 202% overvalued after recent price rise Over the last 90 days, the stock has risen 883% to €232. The fair value is estimated to be €77.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Buy Or Sell Opportunity • Mar 03
Now 199% overvalued after recent price rise Over the last 90 days, the stock has risen 892% to €232. The fair value is estimated to be €77.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 3.4% per annum over the same time period. New Risk • Mar 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Dividend is not well covered by cash flows (95% cash payout ratio). Declared Dividend • Mar 02
Dividend of €0.88 announced Shareholders will receive a dividend of €0.88. Ex-date: 23rd April 2026 Payment date: 27th April 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Aena S.M.E., S.A. announces Annual dividend, payable on April 27, 2026 Aena S.M.E., S.A. announced Annual dividend of EUR 0.8829 per share payable on April 27, 2026, ex-date on April 23, 2026 and record date on April 24, 2026. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: €1.42 (vs €1.29 in FY 2024) Full year 2025 results: EPS: €1.42 (up from €1.29 in FY 2024). Revenue: €6.29b (up 8.6% from FY 2024). Net income: €2.14b (up 11% from FY 2024). Profit margin: 34% (in line with FY 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 151% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 26
Aena S.M.E., S.A., Annual General Meeting, Apr 16, 2026 Aena S.M.E., S.A., Annual General Meeting, Apr 16, 2026. Buy Or Sell Opportunity • Feb 16
Now 214% overvalued after recent price rise Over the last 90 days, the stock has risen 939% to €232. The fair value is estimated to be €74.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 4.5% per annum over the same time period. Buy Or Sell Opportunity • Jan 30
Now 409% overvalued after recent price rise Over the last 90 days, the stock has risen 888% to €232. The fair value is estimated to be €45.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Buy Or Sell Opportunity • Jan 15
Now 565% overvalued after recent price rise Over the last 90 days, the stock has risen 890% to €232. The fair value is estimated to be €34.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Buy Or Sell Opportunity • Dec 31
Now 499% overvalued after recent price rise Over the last 90 days, the stock has risen 919% to €232. The fair value is estimated to be €38.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Announcement • Dec 19
Aena S.M.E., S.A. (BME:AENA) entered into a binding agreement to acquire 51% stake in in a newly formed holding company from InfraBridge in a transaction valued at £270 million. Aena S.M.E., S.A. (BME:AENA) entered into a binding agreement to acquire 51% stake in in a newly formed holding company from InfraBridge in a transaction valued at £270 million on December 18, 2025. The transaction values the stake being acquire at approximately GBP 270 million, subject to customary adjustments. The newly formed holding company owns 100% stake in Leeds Bradford Airport Limited and 49% stake in Newcastle International Airport Limited. Following the transaction, InfraBridge will continue to manage a 49% shareholding in the holding company.
The transaction is subject to customary conditions to closing, including regulatory approvals, and completion will take place once all such conditions have been satisfied. Buy Or Sell Opportunity • Dec 15
Now 258% overvalued after recent price rise Over the last 90 days, the stock has risen 845% to €232. The fair value is estimated to be €64.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Buy Or Sell Opportunity • Nov 28
Now 250% overvalued after recent price rise Over the last 90 days, the stock has risen 840% to €232. The fair value is estimated to be €66.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Buy Or Sell Opportunity • Nov 13
Now 233% overvalued after recent price rise Over the last 90 days, the stock has risen 806% to €232. The fair value is estimated to be €69.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Announcement • Oct 31
Aena S.M.E., S.A. Confirms Traffic Guidance for the Full Year 2025 Aena S.M.E., S.A. confirmed traffic guidance for the full year 2025. for the year, the company confirm traffic guidance of 3.4% year-on-year. Reported Earnings • Oct 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €1.78b (up 7.8% from 3Q 2024). Net income: €685.7m (up 6.9% from 3Q 2024). Profit margin: 39% (in line with 3Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. Buy Or Sell Opportunity • Oct 28
Now 377% overvalued after recent price rise Over the last 90 days, the stock has risen 873% to €232. The fair value is estimated to be €48.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Announcement • Oct 22
Aena S.M.E., S.A. to Report Q3, 2025 Results on Oct 29, 2025 Aena S.M.E., S.A. announced that they will report Q3, 2025 results Pre-Market on Oct 29, 2025 Buy Or Sell Opportunity • Oct 13
Now 352% overvalued after recent price rise Over the last 90 days, the stock has risen 901% to €232. The fair value is estimated to be €51.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Sep 26
Now 41% overvalued after recent price rise Over the last 90 days, the stock has risen 933% to €232. The fair value is estimated to be €165, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Sep 11
Now 67% overvalued after recent price rise Over the last 90 days, the stock has risen 909% to €232. The fair value is estimated to be €139, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.4% per annum over the same time period. Buy Or Sell Opportunity • Aug 27
Now 79% overvalued after recent price rise Over the last 90 days, the stock has risen 878% to €232. The fair value is estimated to be €130, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. Buy Or Sell Opportunity • Aug 12
Now 79% overvalued after recent price rise Over the last 90 days, the stock has risen 916% to €232. The fair value is estimated to be €130, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. Reported Earnings • Jul 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €1.66b (up 11% from 2Q 2024). Net income: €592.4m (up 8.2% from 2Q 2024). Profit margin: 36% (in line with 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. Buy Or Sell Opportunity • Jul 28
Now 61% overvalued after recent price rise Over the last 90 days, the stock has risen 978% to €232. The fair value is estimated to be €145, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Buy Or Sell Opportunity • Jul 11
Now 64% overvalued after recent price rise Over the last 90 days, the stock has risen 1,020% to €232. The fair value is estimated to be €141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Jun 26
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 957% to €232. The fair value is estimated to be €175, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €2.01 (vs €1.74 in 1Q 2024) First quarter 2025 results: EPS: €2.01 (up from €1.74 in 1Q 2024). Revenue: €1.32b (up 7.6% from 1Q 2024). Net income: €301.3m (up 15% from 1Q 2024). Profit margin: 23% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Aena S.M.E., S.A. to Report Q1, 2025 Results on Apr 30, 2025 Aena S.M.E., S.A. announced that they will report Q1, 2025 results Pre-Market on Apr 30, 2025 Upcoming Dividend • Apr 15
Upcoming dividend of €7.91 per share Eligible shareholders must have bought the stock before 22 April 2025. Payment date: 24 April 2025. Payout ratio and cash payout ratio are on the higher end at 76% and 76% respectively. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (6.4%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 28
Dividend of €7.91 announced Shareholders will receive a dividend of €7.91. Ex-date: 22nd April 2025 Payment date: 24th April 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to €216. The fair value is estimated to be €179, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €4.28 (vs €3.54 in 3Q 2023) Third quarter 2024 results: EPS: €4.28 (up from €3.54 in 3Q 2023). Revenue: €1.65b (up 14% from 3Q 2023). Net income: €641.2m (up 21% from 3Q 2023). Profit margin: 39% (up from 37% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.5% to €198. The fair value is estimated to be €165, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Announcement • Oct 01
Aena S.M.E., S.A. to Report Q3, 2024 Results on Oct 30, 2024 Aena S.M.E., S.A. announced that they will report Q3, 2024 results on Oct 30, 2024 Buy Or Sell Opportunity • Sep 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to €197. The fair value is estimated to be €164, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: €3.65 (vs €3.16 in 2Q 2023) Second quarter 2024 results: EPS: €3.65 (up from €3.16 in 2Q 2023). Revenue: €1.50b (up 16% from 2Q 2023). Net income: €547.6m (up 16% from 2Q 2023). Profit margin: 36% (in line with 2Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Aena S.M.E., S.A. to Report Q2, 2024 Results on Jul 31, 2024 Aena S.M.E., S.A. announced that they will report Q2, 2024 results on Jul 31, 2024 Buy Or Sell Opportunity • Jul 02
Now 15% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to €188. The fair value is estimated to be €163, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Buy Or Sell Opportunity • Jun 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to €187. The fair value is estimated to be €155, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: €1.74 (vs €0.89 in 1Q 2023) First quarter 2024 results: EPS: €1.74 (up from €0.89 in 1Q 2023). Revenue: €1.22b (up 20% from 1Q 2023). Net income: €261.0m (up 95% from 1Q 2023). Profit margin: 21% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of €6.20 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 07 May 2024. Payout ratio is a comfortable 70% and the cash payout ratio is 87%. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (3.8%). Announcement • Apr 23
Aena S.M.E., S.A. to Report Q1, 2024 Results on Apr 30, 2024 Aena S.M.E., S.A. announced that they will report Q1, 2024 results on Apr 30, 2024 Declared Dividend • Mar 01
Dividend of €6.20 announced Shareholders will receive a dividend of €6.20. Ex-date: 3rd May 2024 Payment date: 7th May 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
Aena S.M.E., S.A. to Report Fiscal Year 2023 Results on Feb 28, 2024 Aena S.M.E., S.A. announced that they will report fiscal year 2023 results Pre-Market on Feb 28, 2024 Announcement • Feb 01
Aena S.M.E., S.A., Annual General Meeting, Apr 18, 2024 Aena S.M.E., S.A., Annual General Meeting, Apr 18, 2024. Announcement • Jan 19
Aena S.M.E., S.A., Annual General Meeting, Apr 11, 2024 Aena S.M.E., S.A., Annual General Meeting, Apr 11, 2024. Announcement • Sep 06
Aena S.M.E., S.A. to Report Nine Months, 2023 Results on Nov 02, 2023 Aena S.M.E., S.A. announced that they will report nine months, 2023 results on Nov 02, 2023 Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: €3.16 (vs €1.74 in 2Q 2022) Second quarter 2023 results: EPS: €3.16 (up from €1.74 in 2Q 2022). Revenue: €1.30b (up 27% from 2Q 2022). Net income: €474.1m (up 82% from 2Q 2022). Profit margin: 37% (up from 25% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: €0.89 (vs €0.28 loss in 1Q 2022) First quarter 2023 results: EPS: €0.89 (up from €0.28 loss in 1Q 2022). Revenue: €1.02b (up 35% from 1Q 2022). Net income: €133.6m (up €175.2m from 1Q 2022). Profit margin: 13% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of €3.85 per share at 3.1% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.1%). Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: €6.01 (vs €0.40 loss in FY 2021) Full year 2022 results: EPS: €6.01 (up from €0.40 loss in FY 2021). Revenue: €4.19b (up 80% from FY 2021). Net income: €901.5m (up €961.5m from FY 2021). Profit margin: 22% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Buying Opportunity • Dec 20
Now 20% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be €149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be €148, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings is also forecast to grow by 26% per annum over the same time period. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: €2.25 (vs €1.46 in 3Q 2021) Third quarter 2022 results: EPS: €2.25 (up from €1.46 in 3Q 2021). Revenue: €1.19b (up 34% from 3Q 2021). Net income: €335.4m (up 51% from 3Q 2021). Profit margin: 28% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: €1.74 (vs €0.70 loss in 2Q 2021) Second quarter 2022 results: EPS: €1.74 (up from €0.70 loss in 2Q 2021). Revenue: €1.03b (up 110% from 2Q 2021). Net income: €260.2m (up €365.4m from 2Q 2021). Profit margin: 25% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 22%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Buying Opportunity • May 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be €171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 35% per annum over the same time period. Reported Earnings • May 02
First quarter 2022 earnings released: €0.64 loss per share (vs €1.61 loss in 1Q 2021) First quarter 2022 results: €0.64 loss per share (up from €1.61 loss in 1Q 2021). Revenue: €673.4m (up 97% from 1Q 2021). Net loss: €96.4m (loss narrowed 60% from 1Q 2021). Over the next year, revenue is forecast to grow 35%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Buying Opportunity • Mar 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be €159, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: €0.40 loss per share (up from €0.84 loss in FY 2020). Revenue: €2.33b (up 6.4% from FY 2020). Net loss: €60.0m (loss narrowed 53% from FY 2020). Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 46%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 29
Second quarter 2021 earnings released: €0.70 loss per share (vs €1.33 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €495.3m (up 54% from 2Q 2020). Net loss: €105.2m (loss narrowed 46% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
First quarter 2021 earnings released: €1.61 loss per share (vs €0.15 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: €343.8m (down 56% from 1Q 2020). Net loss: €241.2m (down €264.2m from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue beats expectations Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 21% compared to a 3.6% decline forecast for the Infrastructure industry in the United Kingdom. Reported Earnings • Feb 27
Full year 2020 earnings released: €0.85 loss per share (vs €9.61 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €2.20b (down 51% from FY 2019). Net loss: €126.8m (down 109% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day high: €141 The company is up 14% from its price of €123 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €88.98 per share. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 24% at €620.9m. Revenue is forecast to grow 11% over the next year, compared to a 1.3% decline forecast for the Infrastructure industry in the United Kingdom. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of €220.2m, down 85% from the prior year. Total revenue was €2.74b over the last 12 months, down 38% from the prior year. 
