AENA : Little visibility in the short term. Neutral rating maintained
>No guidance for 2021 but traffic at 35% the 2019 level still achievable - As anticipated, AENA’s management gave no guidance for 2021 due to the ongoing uncertainties. However, it did indicate that traffic levels equivalent to 35% of the 2019 level are still achievable. For the first six months of the year, traffic fell by 78.8% (vs. 2019), which would imply a decrease of no more than 53% in H2. This seems achievable given the improvement seen since May (-76% in May ...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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