AENA : Substantially lower MAG rents but AENA's strengths are intact
>MAG rent renegotiations at the centre of the debate - Unsurprisingly, in the conference call which followed the release of AENA's 2020 results (see our comment of 25 February), the bulk of the questions focused on the renegotiation of MAG rents for AENA's retail operations.As a reminder, in 2020, under IFRS 16, AENA billed all the contractual guaranteed minimum rents to its retailer partners. However, as a result of the exceptional situation in 2020, the group a...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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