AENA: DEAD CALM (ANÃLISIS BANCO SABADELL)
The reopening of borders to tourism will be the main driver of the stock. BUY.We cut our T.P. to € 148.00/sh. (+9.4% upside, -2% previously) although we maintain our BUY recommendation in view of the positive newsflow we expect as the deconfinement measures are lifted and the existing doubts on the business are dispelled. This should allow the company to pay, at least, part of the dividend announced (we expected € 3.79/sh., +3% yield vs. € 7.58/sh. pre Covid-19). Although the company’s liquidity position should allow it to pay the full dividend, out of prudence, we expect the dividend to be cut. With this in mind, despite the stock’s good performance since March’s lows (+20% vs. Ibex), AENA remains a solid option to bet on the recovery of tourism at a low risk (given its low debt levels and reduced operating risk vs. airlines and hotels).
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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