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…
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…
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…
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%…
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,…
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…
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…