Intermoney | The company (Buy, PO €205) announced yesterday with the market open the traffic figures for the past month of August. In that watertight period, Aena handled 32.1 million passengers, implying an increase of 7% year-on-year, or 9% compared to pre-pandemic levels. By airports, Madrid-Barajas grew by 5%, while Barcelona El Prat remained virtually stable compared to August 2023. In general, the tourist airports recorded increases of between 5…

Alphavalue / Divacons | The company has approved a new incentive aimed at encouraging air freight traffic and boosting the scheduling of routes and frequencies for cargo aircraft by airlines. The incentive consists of a rebate on each carrier’s average landing fee for inbound operations during the 12-month period compared to the previous 12 months, operated with wide-body freighter aircraft. The incentive will be in force for three years, from…

Intermoney | Aena (Hold, PO€170) announced yesterday, after the market close, an upgrade of its guidance traffic growth in Spain for 2024, which it now forecasts to be +8.3% compared to 2023, compared to its previous estimate of between +3.8 and +7.1%, published last March. This guidance would imply traffic for this year of around 307 million passengers, or +11% over the pre-pandemic 2019 figure. Assessment: The increase in traffic…

Banc Sabadell: According to the press, IATA is claiming in the Supreme Court that the Covid expenses be subtracted from the basis for calculating fares and that the increase approved this year (4%) by the Council of Ministers be annulled. The amount would be €1,000 million for the period 2023-2025 (6% capitalisation of Aena), given that the airlines estimate that fares should be 12% lower than they are now. Aena…

Intermoney | Aena released the traffic data for May on Wednesday, with the market open. Both the cumulative and the rolling month figures were up +11% year-on-year to almost 115m passengers so far in 2024, implying a +14% growth compared to pre-pandemic levels. All the relevant airports reported increases, although the difference between, on the one hand, Madrid Barajas and Barcelona El Prat, with increases in May of 7-9%, and,…

Intermoney | The Justice ministry has ordered the Directorate General of Civil Aviation (DGAV) to re-examine the claim that Aena (Maintain, PO €170) presented at the time on account of the costs caused by the pandemic in 2020 and 2021, according to Cinco Días. In December 2021, the DGAV denied any compensation to the operator, although now the Supreme Court has ruled that the administration should hear its arguments again,…

Link Securities| The president of Aena, Maurici Lucena, has defended the increase in airport taxes by 4.09% from 1 March despite obtaining record profits in 2023, which he has justified, in part, by the “efficiency” in its operations, the newspaper Expansión published yesterday. He argued his position because it complies with the law that regulates Aena and, secondly, out of respect for Aena’s shareholders. In addition, Lucena has expressed his…