Company Valuation: Aena

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 20,820 17,595 24,615 29,610 35,730 38,070 - -
Change - -15.49% 39.9% 20.29% 20.67% 6.55% - -
Enterprise Value (EV) 1 28,266 23,838 30,837 35,108 41,239 43,546 43,891 44,833
Change - -15.67% 29.36% 13.85% 17.46% 5.59% 0.79% 2.15%
P/E -347x 19.5x 15.1x 15.3x 16.8x 16.3x 15.8x 15.4x
PBR 3.41x 2.62x 3.23x 3.58x 3.88x 3.87x 3.66x 3.45x
PEG - -0x 0.2x 0.8x 1.7x 1.63x 4.98x 7.88x
Capitalization / Revenue 8.7x 4.15x 4.79x 5.08x 5.69x 5.53x 5.33x 5.2x
EV / Revenue 11.8x 5.63x 6x 6.02x 6.57x 6.33x 6.15x 6.13x
EV / EBITDA 37.3x 11.6x 10.2x 10x 10.9x 10.7x 10.3x 10.2x
EV / EBIT -186x 18.6x 14x 13.2x 13.8x 13.4x 13x 12.9x
EV / FCF -72.1x 17.9x 18.4x 17.5x 19.9x 25.1x 26.5x 34x
FCF Yield -1.39% 5.57% 5.43% 5.72% 5.01% 3.99% 3.77% 2.94%
Dividend per Share 2 - 0.475 0.766 0.976 1.09 1.21 1.26 1.282
Rate of return - 4.05% 4.67% 4.94% 4.58% 4.77% 4.96% 5.05%
EPS 2 -0.04 0.601 1.087 1.289 1.42 1.562 1.611 1.643
Distribution rate - 79% 70.5% 75.7% 76.8% 77.5% 78.2% 78%
Net sales 1 2,393 4,237 5,142 5,828 6,278 6,879 7,141 7,319
EBITDA 1 757.4 2,053 3,023 3,510 3,785 4,081 4,252 4,383
EBIT 1 -151.8 1,284 2,201 2,662 2,988 3,255 3,381 3,465
Net income 1 -60.04 901.5 1,631 1,934 2,137 2,347 2,421 2,471
Net Debt 1 7,446 6,243 6,222 5,498 5,509 5,476 5,821 6,763
Reference price 2 13.88 11.73 16.41 19.74 23.82 25.38 25.38 25.38
Nbr of stocks (in thousands) 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 - -
Announcement Date 2/23/22 2/27/23 2/28/24 2/26/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.25x6.33x10.67x4.77% 43.66B
17.69x2.85x8.45x3.68% 12.29B
17.31x5.58x10.66x5.84% 12.08B
156.84x8.6x21.27x-.--% 10.93B
21.07x2.92x6.59x2.32% 8.42B
45.2x16.48x23.23x1.61% 8.17B
19.16x5.47x9.93x3.78% 7.46B
11.31x3.62x6.88x7.45% 7.29B
17.71x1.3x7.24x1.94% 4.43B
Average 35.84x 5.90x 11.66x 3.49% 12.75B
Weighted average by Cap. 32.25x 6.14x 11.62x 3.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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