Luton, the London airport in which AENA has a 51% stake, has received authorisation from the British Department for Transport and the Department for Communities to increase its capacity to 19 million passengers per year, compared to the current limit of 18 million. This expansion does not require any new construction or investment.
Assessment: Good news for Aena, which will allow it to increase Luton’s capacity by 5% without the need for new investment. However, it should have a moderate impact on the share price (+0.2% approximately), given that Luton represents less than 3% of Aena’s total valuation. The Neutral recommendation with a target price of €155.1/share, which implies a potential upside of +10%, is maintained.
