Bankinter | Spain’s Aena airports handled 20.3 million passengers in January, representing an increase of 2.6% compared to the previous year.
Analysis team’s view: Good news. Airport traffic has started the year on a positive note, continuing to break records and exceeding our estimates, which point to stagnation in airport traffic at 2025 levels (322 million passengers; an all-time high). However, we believe this is already largely discounted in the share price, which is trading around 20% above our target price (€23.0/share). We therefore maintain our Sell recommendation.
