AENA: 1Q’20 RESULTS (ANÃLISIS BANCO SABADELL)
1Q'20 vs. 1Q'19 Results:Sales: € 782.0 M (-13.4% vs. -19.3% BS(e) and -19.8% consensus);
EBITDA: € 251.2 M (-36.1% vs. -41.7% BS(e) and -38.2% consensus);
Net Profit: € 23.1 M (-82.8% vs. -91.7% BS(e) and -77.6% consensus);
The 1Q’20 results came in slightly below expectations in EBITDA (-36.1% vs. -41.7% BS(e) and -38.2% consensus) although the relevance of this release is limited as the Covid-19 crisis has brought a -20% drop in traffic on the quarter (vs. 1Q’19), which was already known.
On another note, the company stresses that in view of the current situation giving a guidance for 2020 is not feasible, which is no surprise, as current traffic levels are -95% lower than in April’19, and an increase in this regard will largely depend on the deconfinement measures in both Spain and the rest of European countries (90% of AENA’s traffic).
In summary, no news in these results (the cost-cutting measures had been already announced at the end of March), where the only doubt will lie in the company’s possible comments in the Conference Call (13:00 CET), which we do not believe will bring any big surprises, as the stock’s catalysts depend on external variables (mainly political). BUY. T.P. € 151.00/sh. (upside +30.28%).1Q'20 vs. 1Q'19 Results:
Sales: € 782.0 M (-13.4% vs. -19.3% BS(e) and -19.8% consensus);
EBITDA: € 251.2 M (-36.1% vs. -41.7% BS(e) and -38.2% consensus);
Net Profit: € 23.1 M (-82.8% vs. -91.7% BS(e) and -77.6% consensus);
The 1Q’20 results came in slightly below expectations in EBITDA (-36.1% vs. -41.7% BS(e) and -38.2% consensus) although the relevance of this release is limited as the Covid-19 crisis has brought a -20% drop in traffic on the quarter (vs. 1Q’19), which was already known.
On another note, the company stresses that in view of the current situation giving a guidance for 2020 is not feasible, which is no surprise, as current traffic levels are -95% lower than in April’19, and an increase in this regard will largely depend on the deconfinement measures in both Spain and the rest of European countries (90% of AENA’s traffic).
In summary, no news in these results (the cost-cutting measures had been already announced at the end of March), where the only doubt will lie in the company’s possible comments in the Conference Call (13:00 CET), which we do not believe will bring any big surprises, as the stock’s catalysts depend on external variables (mainly political). BUY. T.P. € 151.00/sh. (upside +30.28%).
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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