AENA: SIN ALAS; CAMBIO DE RECOMENDACIÓN A VENDER (ANÁLISIS BANCO SABADELL)
La pandemia retrasará la recuperación. Cambiamos recomendación a VENDER.La evolución del Covid-19 nos lleva a rebajar nuestras expectativas y a asumir que será difícil ver el tráfico recuperando niveles de 2019 hasta la segunda parte de esta década (en 2020 cayó un -73% vs 2019), lo que lastrará el negocio aeronáutico (48% EBITDA) y, en menor medida, el comercial (43% EBITDA) y ahora esperamos una TACC’19-24e en EBITDA del -8,6% (vs -3% antes). En base a esto, revisamos P.O. a 136,50 euros/acc. (-8,4% antes) y cambiamos a VENDER por el reducido potencial (+4%) tras el fuerte rebote de la acción desde mínimos de marzo’20 (+6,4% vs IBEX y +8% vs sector). Así, aunque no vemos riesgo a nivel de liquidez y sus activos son de máxima calidad, nos parece que la ausencia de dividendo a corto plazo (frente a una yield’21 BS(e) del 3,4% antes) restaría un punto de atractivo a la acción.
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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