AENA has signed new loans with various financial institutions for a total of 1.075Bn euros. The loans have a maturity of between 1 and 4 years and will boost the firm’s liquidity to 2.425Bn euros (from 1.350Bn previously). AENA also has the possibility of increasing it further with the Euro Commercial Paper (ECP) programme up to 900Mn euros, of which 495Mn are still available. Furthermore, the company expects to close additional loans in the coming weeks.
The number of Aena passengers has fallen by 45.5% so far in March, although it has accelerated to -97% in recent days. Therefore, its traffic forecasts for 2020 are no longer valid (+1.9%). To cushion the impact, Aena has reorganised the activity of its airports with the aim of temporarily reducing costs by approximately 43M euros per month.
Spanish airport operator Aena expects an increase in capacity of + 0.5% for this winter, which represents a significant slowdown compared to the 19% summer traffic growth of + 4%, as well as the + 6% winter growth of 2018-19.
Banc Sabadell | According to the press, Maurici Lucena (President of AENA) has commented that during the period of the next Airport Regulatory Document (DORA, 2022-26) the company will invest 1 billion euros per year (5 billion euros in the entire period).
Renta4 | Aena has published the traffic statistics for Spanish airports in April, where we continue to see how it remains well above the annual forecast of +3.7%, being for the year so far at +6.1%.
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.
Banc Sabadell | The regulator has announced that TCI will make an accelerated sale of 0.8% of AENA at an estimated price (according to Bloomberg) of 159.53 Euros/share (-2.2%).
Santander | The growth in passenger numbers registered at Zurich in November (6.0 % vs. 6.0% est), Aena (6.9% vs 6.5% est) and ADP (5.4% vs 4.8% est) was more or less in line with our estimations, while the traffic in Fraport (4.7% vs 6.5% est) and Heathrow (3.3% vs 0.2%) remained below.
For the first time in its history AENA has published its strategic plan and set out its forecasts for its results for the next two years. In the plan, three pillars mark the direction of the group in this period: commercial income, construction and foreign growth.
The Public Works Ministry has approved a plan to optimise the value of 2000 hectares of land around Aena’s airports. The sale of these lands should provide substantial capital gains and/or rental revenues in a favourable real estate cycle.