Intermoney | The Spanish National Markets and Competition Commission (CNMC) has decided to leave tariffs unchanged for Aena’s network of airports in 2023, a move which will be made public shortly, according to Cinco Días. This contrasts with the request for a seven-tenths of a point hike made by the airports’ operator in July, but is in line once again with the opinion of the airlines. The sources cited by Cinco Días state that the regulator would have decided on this zero variation by including just a part of the costs derived from measures taken to deal with the pandemic. In the end, the maximum adjusted revenue per passenger (IMAAJ) from March next year remains at 9,95 euros, six cents less than what Aena wanted.
Valuation: The CNMC’s decision is no surprise, as lately it has tended to side more with the airlines. Whatsmore, freezing the tariffs from year to year is in line with the law, which indicates a freeze on tariffs between 2015 and 2025. However, extraordinary costs occurring in each year could be applied. According to DORA 2 (Document for Airport Regulation) which is in force until 2026, a maximum revenue (IMAP) of 9,89 euros per passenger is established. And corrections are applied for unforeseen costs out of Aena’s control to get to the IMAAJ, which is established each year. These corrections include the mix of traffic (long or short distance), but never its total volume, as we have seen in AENA’s results during Covid.
Aena: Hold, Target Price 140 euros/share
