AENA: FY2020 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'20 vs. 4Q'19 ResultsSales: € 509.0 M (-51.7% vs. -79.2% BS(e) and -60.2% consensus);
EBITDA: € 198.6 M (-68.5% vs. -78.4% BS(e) and -78.1% consensus);
Net Profit: € -19.1 M (€ 327.8 M in 4Q'19 vs. € -143.1 M BS(e) and € -92.7 M consensus);
FY2020 vs. FY2019 Results
Sales: € 4.5 Bn (-50.2% vs. -56.5% BS(e) and -52.2% consensus);
EBITDA: € 2.77 Bn (-74.2% vs. -76.4% BS(e) and –76.4% consensus);
Net Profit: € -126.8 M (€ 1.11 Bn in 2019 vs. € -250.0 M BS(e) and € -199.6 M consensus).
The FY2020 results came in somewhat above expectations thanks to a higher accounting allocation of MAGs and cost reductions, which have led to a smaller drop in EBITDA vs. 2019 than expected (-74.2% vs. -76.4% BS(e)).
As expected, the company has not provided any traffic guidance for 2021, claiming that in the current scenario of mobility restrictions in most European countries it is not possible to foresee when traffic levels will recover. Beyond the operating level, the company has stated that only 52.9% of current tenants with MAGs (accounting for 13.2% of MAGs affected) would have accepted the -50% cut to rents through Sept’21.
With all this in mind, the results will have a small impact, where we welcome the cost containment. On the negative side, we think the tenants’ low acceptance of the proposal to lower rents could continue to generate noise in the stock. Thus, we continue to recommend caution on the stock, especially following its good performance since March’s lows (+57% in absolute terms, +23% vs. IBEX 35), only -19% vs. Jan’20 highs (despite the current tensions in the commercial business and the fact that the traffic recovery is not clear). SELL. Target Price: € 136.50/sh. (-3.53% 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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