AENA: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 Results:Sales: € 353.3 M (-54.8% vs. -58.3% BS(e) and -56.2% consensus);
EBITDA: € -121.5 M (€ 251.2 M in 1Q'20 vs. € -114.25 M BS(e) and € -53.15 M consensus);
Net Profit: € -241.2 M (€ 23.1 M in 1Q'20 vs. € -349.25 M BS(e) and € -188.44 M consensus);
The 1Q’21 results came in clearly below the consensus’ EBITDA estimate (€-121.5 M vs. €-114.3 M BS(e) and €-53.1 M consensus) due to the weakness of traffic (already known; -80.4% in Spanish airports vs. 1Q’20), which is not offset with the significant reduction in the cost base (-8.4% in personnel and -19.3% in other operating costs vs. 1Q’20), which was less significant than expected by the consensus. In this regard, the company specifies that the costs stemming from the implementation of measures to prevent Covid-19 have had a negative impact of € -19.2 M, which we believe will be recovered going forward.
Beyond the operating level (and in line with recent interviews with the CEO), AENA believes that traffic will recover towards the second half of the year, although the company cannot even quantify the extent of this recovery for the time being. In short, weak results that underscore once more the complicated situation of the business and in the absence of clear catalysts in the short-term we maintain our cautious stance on the stock. AENA share price has underperformed the IBEX by -12% since the beginning of the year although it is trading only -18% below pre- Covid-19 levels, which we believe is demanding given the current low visibility. SELL. T.P. € 136.50/sh. (-2.81% potential).
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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