The final DORA III agreement for the period from 2027 to 2031 calls for the full EUR 10 billion of regulated capital expenditures, real tariff increases of 0.33% per year, traffic CAGR of 1.8%, and a regulated weighted average cost of capital of 8.32%.
Aena’s Spanish airport network boasts one of the strongest efficient scale moats in our coverage, and its dual-till framework allows it to earn economic profits from its passenger flow.
Aena could be free cash flow negative for a few years during the DORA III period, making it vulnerable to macroeconomic shocks.
|
Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Price/Earnings (Normalized) | 17.62 | 16.32 | 14.74 |
Price/Book Value | 4.40 | 1.92 | 1.08 |
Price/Sales | 4.55 | 4.19 | 1.25 |
Price/Cash Flow | 12.71 | 8.61 | 4.76 |
|
Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Quick Ratio | 1.12 | 1.48 | 1.49 |
Current Ratio | 1.13 | 1.52 | 1.50 |
Interest Coverage | 13.08 | 16.44 | 2.16 |
|
Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Return on Assets (Normalized) | 16.41% | 6.43% | 1.99% |
Return on Equity (Normalized) | 33.51% | 11.60% | 7.93% |
Return on Invested Capital (Normalized) | 19.40% | 7.70% | 3.60% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Aena SME SA
ANNSF
| — | LOCK|Jl | $43B | |||
| Aena SME SA ADR
ANYYY
| — | LOCK|G?% | $43B | |||
| Airports Of Thailand PLC ADR
AIPUY
| — | LOCK|>& | $25B | |||
| Grupo Aeroportuario del Pacifico SAB de CV Class B
GPAEF
| — | LOCK|lKXN | $12B | |||
| Grupo Aeroportuario del Pacifico SAB de CV ADR
PAC
| LOCK|&h@!qK | LOCK|W%%H | $12B | |||
| Aeroports de Paris SA ADR
ARRPY
| — | LOCK|@MVbc | $12B | |||
| Aeroports de Paris SA
AEOXF
| — | LOCK|Vj#R | $12B | |||
| Auckland International Airport Ltd
ACKDF
| — | LOCK|QL | $8B | |||
| Auckland International Airport Ltd ADR
AUKNY
| — | LOCK|%Lx | $8B | |||
| Grupo Aeroportuario del Sureste SAB de CV ADR
ASR
| LOCK|M#dgGGc | LOCK|RQNW$ | $8B |
United States