AENA: 9M’20 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'20 vs. 3Q'19 Results:Sales: € 620.6 M (-54.0% vs. -53.4% BS(e) and -59.8% consensus);
EBITDA: € 304.6 M (-67.8% vs. -74.2% BS(e) and -79.6% consensus);
Net Profit: € 63.8 M (-88.5% vs. -98.5% BS(e) and € -32.54 M consensus);
9M'20 vs. 9M'19 Results:
Sales: € 1.733 Bn (-49.8% vs. -49.5% BS(e) and -52.0% consensus);
EBITDA: € 516.0 M (-75.8% vs. -78.7% BS(e) and -81.0% consensus);
Net Profit: € -107.0 M (€ 1.114 Bn in 9M'19 vs. € -162.5 M BS(e) and € -203.34 M consensus);
The company has released better 9M’20 results than expected thanks to higher MAGs (minimum annual guaranteed rents) on the books and strong cost containment, which has made the drop in EBITDA vs. 9M’19 less than expected (-75.8% vs. -78.7% BS(e) and -81% consensus).
As expected, AENA has not given any guidance on air traffic in 2020, stating that against the current backdrop (second wave of Covid-19 in Europe), it does not think it will be possible to provide an estimate on when there will be recovery. Note that in the 1H’20 results release the company stated that it thought it was possible air traffic would not return to 2019 levels until 2024-27 (vs. 2025-26 BS(e)).
With all this in mind, the results will have a limited impact on the operating level, as the underlying image of the company has not changed. Thus, we think the poor reaction by the stock today (-2% vs. IBEX and -5% in absolute terms) is due to the low visibility on the sector (which is falling at the same rate as AENA) in view of the doubts generated by the second wave of Covid-19 cases and the restrictions to be imposed on travellers by some Governments. BUY. T.P. € 148.00/sh. (upside +24.58%).
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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