Link Securities| Aena’s network airports closed 4M2023 with a total of 77.4 million passengers, 32.7% more than in the same period last year and 1.9% more than in 4M2019. A total of 695,549 aircraft movements were recorded between January and April (1.5% more than in 2019) and 336,909 tonnes of cargo were transported, which is 0.1% more than in the same period of 2019. In the month of April 2023,…
Banco Sabadell: The airport company has not received any bids for lot 1 (Madrid Airport) or lot 4 (airports in Catalonia) in the tender for the duty-free shop leasing contracts. These two lots represent 44% of the total RMGA’24 established as a basis for the tender (this could represent a total of around €190 million per year or 4% of AENA’s total revenues; at least 1% of the capitalisation). The…
Renta 4 | Aena (AENA) publishes traffic statistics for Spanish airports for March. Although passenger figures slowed slightly compared to January and February, March traffic levels again exceeded (+0.6%) 2019 levels, reaching 20.1 million passengers, thus improving expectations by nearly 10%. Domestic passengers were 4.4% above 2019 (February above +6%), while international passengers were 1.6% below 2019 levels (February flat vs 2019). The number of flights exceeded 2019 levels by…
Bankinter | On Thursday, Aena called for bids for what is considered to be the most important tender for duty free shops in the world, with revenues estimated at some 18 billion euros for the contract’s 15 years duration, including the 3 year extension. The Spanish airports operator’s goals are to end Dufry’s monopoly, maximise revenues and extend what’s on offer. It estimates that this way it will more than…
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…
Intermoney | Aena (Hold, T.P. 140 euros/share) announced is traffic figures for October on Friday. The company managed almost 24 million trips, 3% less than the same month in 2019. Last month, the dichotomy between the tourist airports continued. Palma (+5%) and Lanzarote (+11%)’s figures were well above pre-pandemic levels, while Barajas and El Prat airports’ figures are still on average 10% below those levels. In the year to date,…
Link Securities |Yesterday in Congress, Aena chairman Maurici Lucena talked about the company’s budget. He flagged that Aena expects to generate several hundred million euros in profits which “will benefit all Spaniards”, due to the State’s 5% stake in the group, according to Expansión today. Lucena appeared in Congress to explain Aena’s budgets for 2023, although he did not provide any more details. That said, in the budget for 2022 Aena…
Bankinter | The State budgets include estimates for the results of the big state-owned companies. One of them is Aena, for which the NAP forecast is for 380 million euros in 2022 and 650 million in 2023. Bankinter analyst team’s opinion: Bad news. The estimates for 2023 are below our own for NAP of 787 million euros. It’s probably a conservative figure, but once again it shows the company’s vulnerability…
Intermoney | Aena (Hold, Target Price 140 euros/share) plans soon to put the management of its duty free shops out to tender, the daily Cinco Dias reports. This tender is considered to be the largest of these characteristics in the airports industry, with 85 sale points and a global area of 55.000 m2, including Spain’s main airports. Aena’s current main tenant is Dufry, with whom the airports’ operator has been involved,…
Banc Sabadell | Aena (AENA) is continuing to struggle to reopen the compensation analysis for Covid-19, which the Civil Aviation and the Government have both denied. Now, according to the daily Cinco Dias, Aena will have asked Deloitte to prepare a report. In this, the latter estimates the revenue deficit during 2020, as a result of Covid-19, at 1.394 billion euros ( vs 1.364 billion published by the CNMC) and during…