AENA : Good results led by aviation with good prospects for 2023 and contained financial leverage
>Higher EBITDA, cash flow and increased traffic guidance - Despite having already published Q4 2022 traffic figures (+37% in Q4 2022 and 103% in FY 2022 or -3% and -11% vs 2019, respectively) Aena’s FY 2022 results were slightly ahead of our estimates: EBITDA (adjusted by an accounting change in the commercial division) 3.7% or € 74m above. The main outperformance to our estimates, came from the aviation division (EBITDA € 51m above), leading to a total cash flow gene...Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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