AENA: CALMA CHICHA (ANÃLISIS BANCO SABADELL)
La apertura al turismo será el principal impulsor de la cotización. COMPRARRebajamos nuestro P.O. a 148,00 euros/acc. (+9,4% potencial, -2 % antes) pero mantenemos COMPRAR ante el positivo newsflow que prevemos a medida que el desconfinamiento avance y vaya alejando las dudas del negocio. Esto deberÃa permitirles pagar como mÃnimo parte del dividendo anunciado hasta el momento (prevemos 3,79 euros/acc. y yield del 3% vs 7,58 euros/acc. pre-Covid-19). Si bien su liquidez les permitirÃa hacer el pago del dividendo completo, por prudencia esperamos que lo recorte. Con todo, pese a la buena evolución desde mÃnimos de marzo (+20% vs IBEX), AENA sigue siendo una apuesta sólida para jugar la recuperación del turismo con un riesgo limitado (dado su bajo endeudamiento y menor riesgo operativo que aerolÃneas y hoteles).
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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