aena

Aena

Aena’s November traffic up 8% compared to pre-pandemic; company could achieve 2023 Ebitda of €2,800m

Intermoney| Aena (AENA) (Hold, €150/share) announced on Tuesday, with the market open, the passenger and freight traffic figures for the month of November. Over the entire month, the number of passengers, 19.7 million, represented an increase of almost 8% compared to the same period in 2019. On this occasion, both Barajas and El Prat returned to growth compared to pre-pandemic, with increases of 1% and 4%, respectively. Malaga, Spain’s third…


Luton

Aena gets go-ahead to expand Luton’s capacity to 19M passengers

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…


aena airport

Aena passenger traffic to September remains above pre-pandemic levels

Intermoney | Aena (AENA) (Hold, Target Price €150/share) released last Friday, with the market open, the Spanish passenger traffic data for September. Some 27.5 million passengers transited through Aena’s airports last month, +1.5% above 2019 levels. The dichotomy was again observed between Madrid and Barcelona on the one hand, which remain below pre-pandemic levels, -3% and -10%, respectively, and the rest, which exceed this threshold, highlighting Valencia (+20%) and Malaga…


Luton

Operations temporarily suspended at AENA-run London Luton after massive car park blaze

Banco Sabadell: Luton Airport (about 4% of AENA’s EBITDA) suffered a fire early on Thursday morning in the Terminal 2 car park, which forced it to suspend all flights until the situation is under control. Assessment: Negative news, but with a very limited impact insofar as Luton’s weight in AENA is not significant, moreover, at a time of year when activity is lower. It would be normal for flights to…


aena airport

Aena debuts in debt market with €500m seven-year bond issue

Link Securities | Aena (AENA) made its debut in the debt market on Friday with a seven-year issue of €500 million on 9 October 2023. The bond issuance programme (EMTN) will help Aena to amortise its debt, as part of its strategy to reduce the cost of its liabilities, especially after the increase in the average rate it has paid in half a year, from 1.04% to 1.99%. It will…


Aena nuevita

Aena traffic grows 1.4% in August compared to pre-pandemic levels

Intermoney | Aena (Hold, Target Price €150/share) released traffic figures for August 2023 on Tuesday, which showed a +1.4% increase over pre-pandemic (2019) levels. Recent trends continued last month, with both Barajas and El Prat still below 2019, specifically -4% and -8%, respectively. These declines were more than offset by significant growth at tourist airports, such as Malaga (+10%) or Lanzarote (+10%). Other relevant increases were in Valencia (+17%) and…


Aena

Aena figures again exceed 2019 figures in July: 29.76 million passengers

Renta 4| Traffic figures for July exceed the figures recorded in 2019, after a month of June which for the first time in 2023 were below pre-pandemic levels, although these levels are below our forecasts, thus complicating the possibility of reaching the forecasts of 3% above 2019 for the year as a whole. Specifically, 29.76 million passengers were reached, equivalent to 101.2% compared to the same month in 2019, thanks…


Aena nuevita

Aena’s good results suggest up to 3% improvement in Ebitda in 2023

Morgan Stanley| Aena presented its 2Q23 results on Wednesday with good news for investors including (1) strength in the commercial sector (+19% in Duty Free spend per passenger), (2) lower dilution in the aviation sector and greater OpEx control, (3) the proposed 2024 tariff increase to 4.1% year-on-year and (4) EBITDA of €802m, 5% above consensus and 9% above MS expectations. These aspects should drive the company to achieve +2-3%…


aena1

Aena could be negotiating with banks to refinance two credit lines of €1,450 M

Link Securities | Aena (AENA) is in negotiations with banks to refinance two credit lines for an aggregate amount of €1,450 million, with the possibility of extending the principal of the same to around €2,000 million, as reported on Monday by the newspaper Expansión, according to various market sources. The refinancing follows the appointment of Ignacio Castejón as Aena’s new chief financial officer last November. According to the sources consulted,…


aena duty free

Aena awaits bids for duty-frees at Barajas and El Prat; contracts representing +40% of minimum revenue in Spain

Intermoney| Aena expects to receive during the final days of June new bids for the operation of the duty free shops in Madrid Barajas and Barcelona El Prat airports, according to Cinco Días newspaper. This is a repetition of the process that was abandoned months ago, when duty free shops throughout Spain were put out to tender, and several lots were awarded, but not those located in the airports of…