AENA: 1H’20 RESULTS (ANÃLISIS BANCO SABADELL)
2Q'20 vs. 2Q'19 ResultsSales: € 330.4 M (-72.4% vs. -93.2% expected and -91.5% expected by the market consensus);
EBITDA: € -39.8 M (€ 796.41 M in 1H'19 vs. € -273.6 M expected and € -179.9 M expected by the market consensus);
Net Profit: € -193.9 M (€ 424.68 M in 1H'19 vs. € -501.2 M expected and € -346.0 M expected by the market consensus);
1H'20 vs. 1H'19 Results
Sales: € 1.112 Bn (-47.0% vs. -58.9% expected and -57.9% expected by the market consensus);
EBITDA: € 211.4 M (-82.2% vs. € -22.4 M expected and -94.0% expected by the market consensus);
Net Profit: € -170.8 M (€ 559.08 M in 1H'19 vs. € -478.1 M expected and € -322.9 M expected by the market consensus);
1H’20 Results came in above expectations on all levels due especially to higher accounting entries of MGR during the state of emergency period (€ 198 M, 18% 1H’20 sales). This explains the significant difference between the figures released; our estimate and that of the consensus in both sales (-72.4% vs. -93.2% BS(e) and -91.5% consensus) and EBITDA (€ 211 M vs. € -22.4 M BS(e) and € 71 M consensus)).
In line with expectations, AENA did not unveil a specific traffic guidance for 2020 although it assumes the estimates given by several bodies that mean a drop in passengers of between 57% and 67% in 2020 (vs. -54% BS(e) and -59% IATA). Furthermore, it outlines that it sees feasible that traffic will not return to 2019 level until 2024/27 (vs. 2025/2026 BS(e)).
Results of limited impact, as they do not modify the company’s background scenario and visibility continues to be low, especially amid the doubts generated by an eventual second outbreak of Covid-19 and the discouraging measures of travellers to some countries. With this in mind, we welcome the cost containment in the 2Q (-14.5% vs. 2Q’19) that offers flexibility in an environment of gradual recovery of operations (that could be speeded up with the massive commercial emergence of vaccines in 2021). BUY. Target Price: € 148.00/sh (upside 26.82%)
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.
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