AENA: FONDO DE ARMARIO CON YIELD INTERESANTE (ANÁLISIS BANCO SABADELL)
Fondo de armario con yield interesante. SOBREPONDERARA pesar de la buena evolución que lleva el valor en 2024 (+26% en absoluto; +8% vs Ibex 35 y vs -7%/-10% de sus comparables ADP y Fraport) la debilidad reciente tras los Rdos. 9meses’24 (-4% en absoluto; -1% vs Ibex 35) ha incrementado el potencial que se ve impulsado con la fortaleza del tráfico de pasajeros, donde no se atisba ningún cambio de tendencia. Ante esa sólida evolución (+9,4% hasta octubre’24) y unas buenas perspectivas hemos revisado estimaciones al alza (ahora esperamos una TACC’23/26 BS(e) del +7% en ingresos y del +8% en EBITDA vs +5% anterior, respectivamente) y con el rollover’25 mejoramos +9% nuestro P.O. hasta 222,0 euros/acc. (potencial +12,5%) y mantenemos la recomendación de SOBREPONDERAR.
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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