AENA : The skies are clearing...Outperform vs Neutral
>Summer traffic confirms its recovery. Q3 results on 27 October - With traffic at 60.1% of the 2019 level, i.e. 57.5% in Q3, AENA’s traffic figures for September, published on Wednesday, confirmed the recovery. This performance was close to that delivered by ADP (59% of the September 2019 level but significantly better than Frankfurt airport (46%) and Vinci Airports (44%). For Q3 (results due out on 27 October), we forecast sales growth of 38% vs 2020 (-37% vs the 20...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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