Aena SA
🇪🇸 AENA.MC · Madrid · ES0105046017
Infrastructure
EUR 26.24 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
18.4
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Calculation: 26.24 ÷ 1.42 = 18.4
TTM period through: 2025-12-31
Forward P/E (estimated): 16.6
Based on analyst estimates
Reference: Provider P/E (Trailing): 18.5
Yield (Fwd)
4.15%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Trailing Yield (TTM): 4.19%
Net Debt/EBITDA (TTM)
1.4x
Latest quarter: 7.2x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2025-12-31
Latest quarter (2025-12-31): 7.2x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
Payout (Fwd)
76.5%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Payout (TTM): 70.1%
Cash Flow Payout (TTM): 53.0%
FCF Coverage (TTM): 1.41x
ROE
24.8%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
10.7x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Summary
Aena is a world-class infrastructure operator holding a natural monopoly over Spain's airport network, complemented by growing international assets like the recent Galeão concession in Brazil. While the underlying business quality is outstanding with robust margins and a secure 4.19% yield, the current valuation offers limited upside. Existing shareholders should maintain positions, but new investors may want to wait for a more attractive entry point.
Sector Context
Aena operates as a global airport infrastructure manager, generating revenue through aeronautical fees charged to airlines and commercial activities like duty-free, parking, and retail. As an infrastructure asset, it benefits from a natural monopoly with captive demand, high barriers to entry, and inflation-linked pricing power, making it highly attractive for dividend strategies despite periodic cyclical exposure to global travel volumes.
Temporary Opportunity Identified
Macroeconomic headwinds (oil >$100, geopolitical tensions) and localized political friction over regional airport control are creating near-term noise, though the core post-COVID business recovery is completely intact.
📊 Strategy Analysis
- • Absolute natural monopoly over Spanish air travel, further strengthened by the recent Galeão airport concession in Brazil, providing captive demand and high barriers to entry.
- • Exceptional balance sheet recovery, with Net Debt/EBITDA deleveraged to a very safe 1.42x (down from 49.9x during the pandemic in 2019), demonstrating excellent capital management.
- • Highly sustainable 4.19% dividend yield, comfortably covered by a 53.02% cash flow payout ratio and robust Free Cash Flow generation (FCF coverage of 1.41x).
- • Outstanding profitability metrics with an EBITDA margin of 58.63% and ROE of 24.76%, reflecting strong pricing power and operational efficiency.
⚠ What to Watch
- • Current valuation at a P/E of 18.42 sits above the ideal 8-15x target range, leaving a limited margin of safety for new capital.
- • Macroeconomic headwinds, particularly surging oil prices above $100 and escalating geopolitical tensions, could temporarily suppress airline capacity and passenger demand.
- • Emerging political friction regarding the potential transfer of Basque airport management introduces localized regulatory and operational uncertainty.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-04-04
Disclaimer: This information is for educational purposes only. Not financial advice.