BIT:ADB

Stock Analysis Report

Aeroporto Guglielmo Marconi di Bologna

Executive Summary

Aeroporto Guglielmo Marconi di Bologna S.p.A.


Snowflake Analysis

Solid track record with excellent balance sheet.

Share Price & News

How has Aeroporto Guglielmo Marconi di Bologna's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ADB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-9.6%

ADB

-7.5%

IT Infrastructure

-7.2%

IT Market


1 Year Return

-9.8%

ADB

4.5%

IT Infrastructure

8.2%

IT Market

Return vs Industry: ADB underperformed the Italian Infrastructure industry which returned 4.5% over the past year.

Return vs Market: ADB underperformed the Italian Market which returned 8.2% over the past year.


Shareholder returns

ADBIndustryMarket
7 Day-9.6%-7.5%-7.2%
30 Day-11.5%-3.5%-3.3%
90 Day-13.9%-3.4%-2.2%
1 Year-6.5%-9.8%8.4%4.5%12.9%8.2%
3 Year-26.8%-32.3%25.8%13.3%29.0%16.0%
5 Yearn/a25.9%5.1%8.8%-28.3%

Price Volatility Vs. Market

How volatile is Aeroporto Guglielmo Marconi di Bologna's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Aeroporto Guglielmo Marconi di Bologna undervalued compared to its fair value and its price relative to the market?

17.75x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ADB (€10.5) is trading above our estimate of fair value (€4.08)

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


Price To Earnings Ratio

PE vs Industry: ADB is poor value based on its PE Ratio (17.7x) compared to the Infrastructure industry average (14x).

PE vs Market: ADB is poor value based on its PE Ratio (17.7x) compared to the Italian market (17.7x).


Price to Earnings Growth Ratio

PEG Ratio: ADB's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: ADB is overvalued based on its PB Ratio (2.2x) compared to the IT Infrastructure industry average (1.3x).


Next Steps

Future Growth

How is Aeroporto Guglielmo Marconi di Bologna forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-2.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ADB's earnings are forecast to decline over the next 3 years (-2.5% per year).

Earnings vs Market: ADB's earnings are forecast to decline over the next 3 years (-2.5% per year).

High Growth Earnings: ADB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ADB's revenue (1.7% per year) is forecast to grow slower than the Italian market (4.2% per year).

High Growth Revenue: ADB's revenue (1.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ADB's Return on Equity is forecast to be low in 3 years time (11.1%).


Next Steps

Past Performance

How has Aeroporto Guglielmo Marconi di Bologna performed over the past 5 years?

25.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ADB has high quality earnings.

Growing Profit Margin: ADB's current net profit margins (17.2%) are higher than last year (15.6%).


Past Earnings Growth Analysis

Earnings Trend: ADB's earnings have grown significantly by 25.7% per year over the past 5 years.

Accelerating Growth: ADB's earnings growth over the past year (27.2%) exceeds its 5-year average (25.7% per year).

Earnings vs Industry: ADB earnings growth over the past year (27.2%) exceeded the Infrastructure industry 4.7%.


Return on Equity

High ROE: ADB's Return on Equity (12.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Aeroporto Guglielmo Marconi di Bologna's financial position?


Financial Position Analysis

Short Term Liabilities: ADB's short term assets (€50.3M) do not cover its short term liabilities (€57.1M).

Long Term Liabilities: ADB's short term assets (€50.3M) exceed its long term liabilities (€32.1M).


Debt to Equity History and Analysis

Debt Level: ADB's debt to equity ratio (10.7%) is considered satisfactory.

Reducing Debt: ADB's debt to equity ratio has reduced from 26.9% to 10.7% over the past 5 years.

Debt Coverage: ADB's debt is well covered by operating cash flow (157.3%).

Interest Coverage: ADB's interest payments on its debt are well covered by EBIT (72.7x coverage).


Balance Sheet

Inventory Level: ADB has a low level of unsold assets or inventory.

Debt Coverage by Assets: ADB's debt is covered by short term assets (assets are 2.7x debt).


Next Steps

Dividend

What is Aeroporto Guglielmo Marconi di Bologna's current dividend yield, its reliability and sustainability?

4.28%

Current Dividend Yield


Dividend Yield vs Market

company4.3%marketbottom25%2.1%markettop25%4.7%industryaverage4.0%forecastin3Years4.6%

Current dividend yield vs market & industry

Notable Dividend: ADB's dividend (4.28%) is higher than the bottom 25% of dividend payers in the Italian market (2.09%).

High Dividend: ADB's dividend (4.28%) is low compared to the top 25% of dividend payers in the Italian market (4.73%).


Stability and Growth of Payments

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

Growing Dividend: ADB's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.9%), ADB's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ADB's dividends in 3 years are forecast to be covered by earnings (89.6% payout ratio).


Next Steps

Management

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

4.3yrs

Average management tenure


CEO

Nazareno Ventola (53yo)

3.8yrs

Tenure

0

Mr. Nazareno Ventola has been Managing Director of Aeroporto Guglielmo Marconi di Bologna S.p.A since July 17, 2015 and has been its Chief Executive Officer and Executive Director since May 09, 2016 and Ju ...


Leadership Team

NamePositionTenureCompensationOwnership
Nazareno Ventola
CEO, MD3.8yrsno datano data
Patrizia Muffato
Manager of Administration0yrsno datano data
Nazzarena Franco
Manager of Strategy Planning & Investor Relations4.5yrsno datano data
Silvia Piccorossi
Manager of Legal & Corporate Affairs0yrsno datano data
Antonello Bonolis
Manager of Business Aviation & Communication7.1yrsno datano data
Marco Verga
Human Resource Development & Organizational Manager4.1yrsno datano data

4.3yrs

Average Tenure

Experienced Management: ADB's management team is considered experienced (4.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Nazareno Ventola
CEO, MD3.8yrsno datano data
Gennarino Tozzi
Director0.8yrsno datano data
Enrico Postacchini
Chairman of the Board5.6yrs€91.54kno data
Laura Pascotto
Independent & Non-Executive Director3.8yrsno datano data
Giada Grandi
Non-Executive Director5.6yrs€14.56kno data
Marco Troncone
Independent & Non-Executive Director1.3yrsno datano data
Silvia Giannini
Independent & Non-Executive Director0.8yrsno datano data
Valerio Veronesi
Non-executive Director0yrsno datano data
Eugenio Sidoli
Independent & Non-Executive Director0yrsno datano data

3.8yrs

Average Tenure

60yo

Average Age

Experienced Board: ADB's board of directors are considered experienced (3.8 years average tenure).


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.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Aeroporto Guglielmo Marconi di Bologna S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Aeroporto Guglielmo Marconi di Bologna S.p.A.
  • Ticker: ADB
  • Exchange: BIT
  • Founded:
  • Industry: Airport Services
  • Sector: Transportation
  • Market Cap: €379.319m
  • Shares outstanding: 36.13m
  • Website: https://www.bologna-airport.it

Number of Employees


Location

  • Aeroporto Guglielmo Marconi di Bologna S.p.A.
  • Via del Triumvirato, 84
  • Bologna
  • Bologna
  • 40132
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ADBBIT (Borsa Italiana)YesOrdinary SharesITEURJul 2015
0R9DLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 2015
ADBMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 2015

Biography

Aeroporto Guglielmo Marconi di Bologna S.p.A. manages and maintains an airport in Bologna. The company operates through Aviation, Non-Aviation, and Other segments. It manages the infrastructure at the airport of Bologna, including terminals, baggage handling, parking areas, roads, and cargo warehouses, as well as airside areas. The company also provides security services and services to passengers with reduced mobility; offers information to the public and airport users; operates as a hangar for general aviation; handles cargo and mail at the airport; and renovates or expands airport infrastructure, such as facilities and equipment. In addition, it offers parking management services; retail sub concessions and advertising space services; and car rentals and business lounge services, as well as manages real estate properties. Aeroporto Guglielmo Marconi di Bologna S.p.A. is based in Bologna, Italy. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/24 23:13
End of Day Share Price2020/02/24 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.