The Gemini Report – Investment Deep Dives

Comprehensive Investment Analysis: Aena S.M.E., S.A. (AENA.MC)

All investment deep dives on this site have been written by Google Gemini with light human editing. Nothing on this site constitutes investment advise. All materials on this site are for informational purposes only.

The Gemini Report - Investment Deep Dives
The Gemini Report – Investment Deep Dives
Comprehensive Investment Analysis: Aena S.M.E., S.A. (AENA.MC)
Loading
/

I. Executive Summary: Investment Thesis for Aena S.M.E., S.A.

Aena S.M.E., S.A. (“Aena”) represents a distinct hybrid infrastructure asset, combining the predictable, regulated cash flows of a utility with the high-margin growth potential of a consumer retail and real estate enterprise. This dual-engine business model is anchored by a quasi-monopolistic position in Spain, a premier global tourism destination, and is augmented by a strategic international expansion into high-growth markets. The company’s investment profile is characterized by a unique combination of stability, growth, and shareholder returns, making it a benchmark operator in the global airport sector.

Key Strengths Synopsis

The core strengths of Aena’s business model provide a resilient foundation for value creation. Its dominant market position, managing all 46 airports of general interest in Spain, creates a formidable competitive moat underpinned by the nation’s structural importance to global tourism.1 This domestic dominance is governed by the Airport Regulation Document (DORA), a five-year framework that provides exceptional long-term visibility and stability for its regulated aeronautical revenues.3 Complementing this regulated stability is a proven and accelerating capability to drive high-margin commercial revenue growth, which consistently outpaces passenger traffic increases, thereby enhancing overall profitability.5 This operational strength is managed through a disciplined capital allocation strategy, highlighted by a formal policy to return 80% of net profit to shareholders via dividends, balanced with strategic investments in both domestic capacity and international expansion.7 The company’s financial health has demonstrated a robust recovery post-pandemic, with a strengthening balance sheet and leverage ratios returning to, and improving upon, pre-crisis levels.9

Primary Opportunities and Catalysts

Aena is positioned to capitalize on several significant growth catalysts. The primary driver remains the sustained tailwind from the structural growth of Spanish tourism, which is forecast to continue its expansion and reach new records in the coming years.10 Domestically, there is significant untapped potential in optimizing commercial revenues through new retail tenders that lock in higher guaranteed rents and the strategic development of its extensive real estate holdings under the “Airport Cities” concept.5 Internationally, the maturing portfolio of 17 airports in Brazil, including the key hub of São Paulo-Congonhas, is expected to become a material contributor to long-term growth as it scales.13 The upcoming DORA III regulatory period (2027-2031) is anticipated to usher in a major investment cycle, significantly expanding the company’s Regulated Asset Base (RAB) and setting the stage for future regulated earnings growth.8

Principal Risks and Headwinds

Despite its strengths, Aena faces a series of material risks. The company exhibits a high dependency on the cyclical nature of the European tourism sector and the broader macroeconomic environment; any significant downturn would directly impact passenger volumes and financial performance.12 Regulatory risk is a primary concern, centered on the tariff-setting process for future DORA periods. Pressure from airlines and political considerations could result in less favorable regulated returns than proposed.16 The business is also exposed to persistent cost inflation, particularly in energy and labor, and will require substantial capital expenditure to meet its ambitious decarbonization targets.18 Finally, geopolitical instability, changes in airline strategies, and the long-term impact of post-Brexit travel frictions for UK passengers—Aena’s largest international market—present ongoing uncertainties.20

II. Company Analysis: A Resilient Infrastructure Titan

Business Model & Operational Structure

Aena operates a sophisticated dual-revenue stream model that effectively balances stability with growth. The business is divided into two primary segments:

  1. Aeronautical Business: This segment forms the regulated core of Aena’s operations and encompasses all services essential for aircraft and passenger processing. Revenues are generated from charges levied on airlines for landing, aircraft parking, passenger transit (per-passenger fees), and security.5 In the pre-pandemic environment of 2019, this segment accounted for approximately 64% of total revenue.22 While its share of the revenue mix has moderated to around 54% in 2024 due to the faster growth of other segments, it remains the foundational cash flow generator for the group.5 The regulated nature of these revenues provides a utility-like profile with high visibility and predictability.
  2. Commercial Business: This segment is unregulated and captures a diverse range of high-margin activities within the airport terminals. Key revenue streams include duty-free shops, food and beverage outlets, specialty retail stores, car parking facilities, car rentals, advertising, and premium offerings like VIP lounges.5 This business line has been a powerful engine of growth, increasing its share of total revenue from 29% in 2019 to over 30% in 2024.5 Its performance is directly linked to passenger traffic and, more importantly, to management’s ability to optimize the retail mix, enhance the passenger experience, and increase spend per passenger.

Beyond these core segments, Aena generates income from Real Estate Services, which involves leasing land and buildings for logistics, cargo, and other ancillary activities, and an increasingly important International segment, which includes revenues from its airport concessions outside of Spain.5 This multifaceted structure allows Aena to mitigate the risks associated with a single revenue source. The stable, regulated aeronautical income provides a floor during periods of economic stress, while the dynamic, unregulated commercial and international businesses offer significant upside potential.

Operationally, Aena’s footprint is dominant. In Spain, it manages a network of 46 airports and 2 heliports, establishing a natural monopoly over the country’s critical air transport infrastructure.1 This network includes the major international gateways of Madrid-Barajas (MAD) and Barcelona-El Prat (BCN), as well as key tourist hubs in the Balearic and Canary Islands. Internationally, Aena has built a substantial and strategic presence. It holds a 51% controlling stake in London Luton Airport (LTN), a key airport for low-cost carriers in the London market. Its most significant international venture is in Brazil, where it operates 17 airports, including the recent acquisition of the major domestic hub at São Paulo-Congonhas (CGH), making Aena Brasil the country’s largest private airport operator by number of passengers.1 The company also holds minority interests in a portfolio of airports in Mexico (via Grupo Aeroportuario del Pacífico), Jamaica, and Colombia, further diversifying its geographical exposure.2

The Regulatory Moat: The DORA Framework

The cornerstone of Aena’s domestic business model and its primary competitive advantage is the Airport Regulation Document (DORA). This national framework, established by Law 18/2014, provides a stable and predictable regulatory environment for a five-year period, insulating the company from short-term volatility and providing clear visibility for long-term investment planning.3 The current regulatory period, DORA II, covers the years 2022 through 2026, with the subsequent DORA III set to govern the 2027-2031 period.8

The DORA framework’s central mechanism is the establishment of a Maximum Annual Revenue per Passenger (IMAAJ), which acts as a cap on the total aeronautical revenue Aena can earn from airlines. For 2024, the IMAAJ was set at €10.35 per passenger.25 This cap is calculated based on forecasts of traffic, operating costs, and a regulated return on the company’s asset base. The structure of the DORA framework is a critical element for investors. While it constrains the pricing power and revenue upside of the regulated aeronautical business, it simultaneously provides an exceptionally clear and predictable revenue path. This mechanism forces management to pursue growth and efficiency in its unregulated commercial activities to drive shareholder value, effectively transforming a regulatory constraint into a strategic catalyst for innovation in retail and real estate.

Furthermore, the DORA framework dictates service quality standards that Aena must meet across its network and sets a ceiling on annual regulated investments. For DORA II, this investment cap is €450 million per year, ensuring a disciplined approach to capital deployment.4 The forthcoming DORA III period is widely expected to feature a significantly larger investment program to fund major capacity expansions at key airports like Madrid and Barcelona, which will substantially grow Aena’s Regulated Asset Base (RAB) and form the foundation for future aeronautical earnings.8

The relationship with the Spanish government is intrinsic to Aena’s identity. The state, through its public air navigation entity ENAIRE, maintains a 51% majority shareholding.27 This ownership structure provides a degree of stability and aligns the company with national interests in tourism and economic development. However, it also introduces political risk, as government objectives can influence strategic decisions. This is most apparent during the tariff-setting process, where Aena must negotiate with the national regulator, the Comisión Nacional de los Mercados y la Competencia (CNMC), and face intense lobbying from airlines, creating a complex dynamic between commercial objectives and political pressures.16

Financial Performance Deep Dive (2019-2024)

Aena’s financial performance over the past six years tells a story of profound disruption, resilient recovery, and ultimately, record-breaking success. The period encapsulates the pre-pandemic peak, the severe impact of the COVID-19 crisis, and a powerful rebound that has propelled the company beyond its prior highs.

  • 2019 (Pre-Pandemic Benchmark): The year 2019 serves as the critical benchmark for Aena’s performance. The company reported total revenues of €4.50 billion, driven by strong passenger traffic of 275.2 million in Spain.7 Profitability was robust, with a reported EBITDA of €2.77 billion, reflecting a strong margin of 61.4%, and a net profit of €1.44 billion.7 The balance sheet was healthy, with a Net Debt/EBITDA ratio of 2.3x.
  • 2020-2021 (COVID-19 Impact and Response): The pandemic had a devastating and immediate impact. In 2020, passenger traffic collapsed, causing total revenue to fall by nearly 50% to €2.52 billion.31 The company recorded a net loss and took the prudent step of suspending its dividend for fiscal years 2019, 2020, and 2021 to preserve capital.32 Management’s response was swift and decisive, implementing an aggressive cost-cutting plan that saved over €280 million in 2020 alone by reducing operating expenses and halting non-essential investments.33 These measures were crucial in maintaining liquidity, which was further bolstered by securing additional credit facilities.33 The year 2021 remained challenging, with continued travel restrictions limiting the recovery, though revenues began to rebound to €2.69 billion.31
  • 2022-2024 (Accelerated Recovery and Record Performance): The lifting of travel restrictions unleashed pent-up demand, leading to a dramatic financial turnaround. In 2022, Aena returned to strong profitability, posting a net profit of €901.5 million and reinstating its dividend at €4.75 per share.35 The recovery momentum accelerated significantly in 2023, with the company surpassing its pre-pandemic EBITDA a full year ahead of the schedule outlined in its strategic plan.37 Full-year 2023 net profit reached €1.63 billion, exceeding the 2019 level.37 The year 2024 marked a new historic peak for the company. Total Group passenger traffic reached 369.5 million.5 This operational strength translated into record financial results: total revenue surged to €5.83 billion, EBITDA climbed to €3.51 billion, expanding the EBITDA margin to an impressive 60.2%, and net profit reached an all-time high of €1.93 billion.5

The company’s capital structure has shown similar resilience. Net financial debt, which increased during the crisis to support liquidity, has been effectively managed down. The key leverage metric, Net Debt/EBITDA, improved from 3.00x at the end of 2022 to 2.06x at year-end 2023, and further strengthened to 1.60x by the third quarter of 2024, demonstrating rapid deleveraging and a return to a very solid financial position.9 This financial strength is recognized by credit rating agencies, with Moody’s assigning an ‘A3’ rating with a positive outlook and Fitch upgrading Aena to ‘A’ with a stable outlook in 2024.5

Capital Allocation & Shareholder Returns

Aena adheres to a clear and disciplined capital allocation framework that prioritizes a balance between shareholder returns and strategic investments for future growth.

  • Capital Expenditures (Capex): During the COVID-19 crisis, Aena drastically curtailed its investment program to preserve cash, with savings of €175 million in the second quarter of 2020 alone.33 As operations have normalized and cash flows have recovered, capex has resumed a more normalized trajectory. Paid investment in 2024 amounted to €825.2 million, primarily directed towards improving airport facilities and enhancing operational security.5 This level of investment is considered relatively light in a historical context and is expected to increase significantly with the commencement of the DORA III regulatory period in 2027, which will involve a major cycle of capacity-enhancing projects.40
  • Dividend Policy and Shareholder Remuneration: Aena’s commitment to shareholder returns is a cornerstone of its investment proposition. The company has a formal policy of distributing 80% of its annual net profit as a dividend.7 This high payout ratio positions Aena as one of the most attractive dividend-paying stocks in the European infrastructure and transport sectors. Following the suspension during the pandemic, the dividend was reinstated for the 2022 fiscal year and has grown robustly since. For the record-breaking 2024 fiscal year, the Board proposed a gross dividend of €9.76 per share, representing a 27.4% increase over the prior year and the highest shareholder remuneration in the company’s history.5
  • Growth Investments vs. Shareholder Returns: The company’s strategy effectively balances these two priorities. The predictable, high-payout dividend provides a consistent return to shareholders, while retained earnings and debt capacity are deployed for growth initiatives. The primary avenues for growth investment are international acquisitions, such as the strategic entry into the Brazilian market, and the funding of domestic infrastructure expansion as defined and remunerated under the DORA framework. To further enhance shareholder value and market accessibility, Aena’s shareholders approved a 10-for-1 stock split in 2025. This action is designed to reduce the high nominal share price, thereby improving liquidity and making the stock more accessible to retail investors.5

Table 1: Aena Key Financial & Operational Metrics (2019-2024)

Metric201920202021202220232024
Total Passengers (Group, millions)293.289.3140.2271.3314.1369.5
Total Revenue (€m)4,5032,5202,6904,4705,1425,828
Aeronautical Revenue (€m)2,9011,0611,2132,2042,7683,148
Commercial Revenue (€m)1,2528328961,2441,5501,760
EBITDA (€m)2,7664366452,0793,0233,510
EBITDA Margin (%)61.4%17.3%24.0%46.5%58.8%60.2%
Net Profit (€m)1,442-127-4759021,6311,934
Net Financial Debt (€m)6,6737,0487,4466,2436,2225,790
Net Debt/EBITDA (x)2.4x16.2x11.5x3.0x2.1x1.6x
Dividend per Share (€)0.00¹0.00¹0.00¹4.757.669.76

Note: Data compiled from Aena’s annual and quarterly reports. Some figures are derived or estimated based on available data. Net Debt/EBITDA ratios are calculated based on year-end figures. (1) Dividend for FY2019, FY2020, and FY2021 was suspended due to the COVID-19 pandemic.

Sources: 5

III. Industry Dynamics and Competitive Positioning

European Airport Landscape

The European airport industry is defined by significant structural advantages for established operators. Barriers to entry are exceptionally high, stemming from the immense capital required to build or expand airport infrastructure, the complex and lengthy regulatory approval processes, and the scarcity of available land near major population centers.45 These factors create a powerful competitive moat, effectively granting incumbent operators like Aena a natural monopoly or duopoly in their respective catchment areas.

Despite these high barriers, competition is intense on several fronts. Airports vie aggressively to attract and retain airline services, as airlines can shift capacity between different airports with relative ease. This is particularly true for point-to-point carriers.48 There is also fierce competition for transfer passengers between major European hubs (e.g., London Heathrow, Paris CDG, Frankfurt, Amsterdam) and for origin-and-destination passengers in regions where airport catchment areas overlap.50 A critical dynamic shaping the industry is the increasing consolidation and market power of large airline groups. Conglomerates such as International Airlines Group (IAG), Ryanair Holdings, Lufthansa Group, and Air France-KLM now control a substantial portion of European air traffic.51 This concentration of “buyer power” allows airlines to exert significant pressure on airports during negotiations over charges and incentives, a factor that has fundamentally altered the airport-airline relationship.48

Aena’s Competitive Position

Within this competitive landscape, Aena stands as a global leader. By market capitalization, it is the world’s largest publicly listed airport operator, valued at approximately $45.05 billion, significantly larger than its main European peers, Groupe ADP of France ($14.09 billion) and Fraport of Germany ($8.47 billion).54 This scale provides substantial advantages in terms of access to capital, operational expertise, and negotiating power with suppliers.

Aena’s financial performance further solidifies its top-tier position. The company’s consolidated EBITDA margin of 60.2% in 2024 is exceptionally high and stands as a testament to its operational efficiency and the lucrative nature of its diversified business model, particularly the high-margin commercial segment.5 This level of profitability is superior to that of many of its European counterparts, who often operate with lower margins and higher leverage.

Airline Mix and its Impact

A defining characteristic of Aena’s Spanish network is its significant exposure to Low-Cost Carriers (LCCs). Airlines such as Ryanair, Vueling (part of IAG), and easyJet collectively command a 62% market share across Aena’s Spanish airports.6 This heavy reliance on the LCC segment has proven to be a profound strategic advantage, particularly in the post-pandemic recovery.

The LCC model, focused on high-volume, point-to-point leisure travel, aligns perfectly with Spain’s status as a top global tourist destination. LCC traffic has demonstrated greater resilience during economic downturns, as budget-conscious consumers gravitate towards lower fares, and it recovered more rapidly from the pandemic than traffic from legacy, full-service carriers.6 This symbiotic relationship—where LCCs drive passenger volume that fuels Aena’s high-margin commercial revenues, and Aena provides the efficient infrastructure needed for LCCs’ quick turnaround times—has been a core driver of the company’s outperformance relative to hub-focused peers more dependent on the slower-recovering business and long-haul transfer segments.

The Spanish Tourism Engine

Aena’s domestic operations are inextricably linked to the health and growth of Spain’s tourism industry, which acts as a powerful and structural tailwind. Spain is a global tourism superpower, with the sector contributing a massive €248.7 billion, or 15.6% of the national GDP, in 2024.10 The outlook remains robust, with forecasts from the World Travel & Tourism Council projecting the sector’s contribution to exceed €260 billion in 2025.10

International arrivals are the lifeblood of this industry and, by extension, Aena’s passenger traffic. The United Kingdom remains the most significant source market, accounting for 20% of arrivals, followed by France (14%) and Germany (13%).10 Projections from industry analysts suggest continued growth, with total international arrivals to Spain potentially reaching 98.1 million in 2025, surpassing pre-pandemic records.59 This sustained and growing demand for travel to Spain provides a solid foundation for Aena’s future passenger volume and revenue growth.

IV. Growth Drivers and Strategic Opportunities

Aena’s growth strategy is multi-pronged, focusing on maximizing the value of its existing assets while expanding its footprint into new, high-potential markets. The primary levers for future value creation are the optimization of commercial revenues, strategic international expansion, and ongoing improvements in operational efficiency through technology and sustainability investments.

Maximizing Commercial Revenue

The most significant organic growth opportunity for Aena lies within its unregulated commercial and real estate businesses. The company’s strategy is centered on increasing commercial revenue per passenger, a key metric of monetization efficiency. This figure grew by a healthy 4.6% year-over-year in 2024 to reach €6.10.60 This growth is being driven by several targeted initiatives:

  • Retail and Food & Beverage Tenders: Aena is systematically renewing its commercial contracts for retail and F&B spaces across its network. This process allows the company to introduce new brands, improve the passenger experience, and, most importantly, secure higher Minimum Annual Guarantees (MAGs) from tenants. For example, F&B contracts awarded in 2024 secured MAGs for 2025 that are 150% higher than the 2023 levels for the same spaces.5 Similarly, specialty shop tenders are yielding MAGs for 2025 that are 145% of 2023 levels.5 This active management of its commercial portfolio locks in significant, predictable revenue growth for future years.
  • Expansion of Premium Services: Aena is successfully tapping into the demand for premium travel experiences. High-growth areas like VIP services have seen remarkable expansion, with revenues surging by 31.3% in 2024.60 This demonstrates a successful strategy of diversifying offerings to capture a wider spectrum of passenger spending.
  • Real Estate Development (“Airport Cities”): Aena is strategically leveraging its vast and valuable land banks surrounding major airports to create new, long-term revenue streams. The “Airport Cities” concept involves developing logistics parks, cargo facilities, hotels, and office buildings on airport-owned land. A major milestone in this strategy was the awarding of the first 32 hectares for logistics development at Madrid-Barajas, a project valued at €170 million.12 Similar plans are underway for airports in Barcelona, Málaga, Valencia, and Seville, representing a substantial, multi-decade opportunity to monetize underutilized assets.12

International Expansion as a Growth Frontier

To complement the mature Spanish market, Aena is pursuing a deliberate strategy of international expansion to diversify its revenue base and access higher-growth regions. The company has set a non-binding target for its international activities to contribute 15% of consolidated EBITDA by 2026, a significant increase from approximately 6.7% in 2023.13 This expansion is focused on markets where Aena can apply its operational expertise and achieve meaningful scale.

  • Brazil: The acquisitions of two large blocks of airports have established Aena as the leading private operator in Brazil, a key emerging market with substantial long-term air traffic growth potential.13 The portfolio includes 17 airports, most notably the prized domestic hub of São Paulo-Congonhas. The integration and development of these assets represent a cornerstone of Aena’s long-term growth narrative. In 2024, the consolidation of the second block of airports (BOAB) alone contributed €196.3 million to revenue and €102.9 million to EBITDA, highlighting the immediate financial impact of this expansion.5
  • United Kingdom (Luton Airport): Through its 51% controlling stake, Aena has a strategic foothold in the competitive London aviation market. London Luton is a vital base for major LCCs and serves as a key gateway to the UK. A significant future growth catalyst was recently unlocked with regulatory approval to expand the airport’s capacity from 19 million to 32 million passengers per annum, a project that will drive substantial long-term value.13

This international strategy represents a calculated shift up the risk-reward curve. While markets like Brazil offer higher growth potential than Spain, they also introduce greater exposure to currency fluctuations, political instability, and different regulatory regimes. Success in these markets will depend on Aena’s ability to execute large-scale capital projects and navigate complex local environments.

Operational Efficiency and Technology

Aena is actively investing in technology and innovation to enhance operational efficiency, improve the passenger journey, and advance its sustainability goals. These initiatives are crucial for managing costs and maintaining a competitive edge.

  • Digitalization and Automation: The company is deploying a range of digital tools, including biometric technology for seamless passenger processing at security and boarding, which streamlines operations and enhances security.62 It is also focused on automating internal processes to improve agility and reduce costs.63
  • Sustainability and Energy Efficiency: Aena has accelerated its environmental targets, bringing forward its goal for Net Zero carbon emissions to 2030.8 A key component of this strategy is a massive investment in a photovoltaic plan to install solar farms at its airports, aiming to self-generate a significant portion of its electricity needs. This initiative not only supports decarbonization but also serves as a crucial long-term hedge against volatile energy prices, a key operational cost.19 The company is also implementing advanced AI systems, such as the RESPIRA® platform, to dynamically manage heating, ventilation, and air conditioning (HVAC) systems, which is expected to yield significant energy savings and improve air quality.64

V. Risk Assessment and Scenario Analysis

While Aena’s strategic position is strong, it is exposed to a range of operational, macroeconomic, regulatory, and financial risks that require careful monitoring.

Operational and Macroeconomic Risks

  • Dependency on Tourism and Economic Cycles: Aena’s primary revenue driver, passenger traffic, is highly correlated with the economic health of Spain and key European source markets. A significant economic recession, a resurgence of a global health crisis, or a major geopolitical event that curtails travel would have a direct and material negative impact on the company’s revenues and profitability.12
  • Cost Inflation: The company faces pressure from rising operational costs. Energy prices, although partially hedged, remain a significant variable expense.19 Labor costs are also a key factor, with the potential for wage inflation and operational disruptions from strikes. Recent industrial action by baggage handlers at major Spanish airports, for instance, highlights the potential for labor disputes to impact service quality and efficiency, even when the striking workers are not direct Aena employees.65
  • Competition from Alternative Transportation: On domestic routes, particularly between major cities like Madrid and Barcelona, Spain’s expanding high-speed rail network (AVE) presents a formidable and growing competitive threat. This modal shift is often encouraged by environmental policies aimed at reducing short-haul flights, which could erode a portion of Aena’s domestic traffic over the long term.12

Regulatory and Political Risks

  • DORA Tariff Setting: The most significant regulatory risk revolves around the outcome of the DORA tariff-setting process. The upcoming negotiations for DORA III (2027-2031) will be a critical event. Aena faces intense and public pressure from major airlines, particularly LCCs like Ryanair, which advocate for lower airport charges and have threatened to reduce capacity in response to tariff increases.16 A decision by the regulator (CNMC) to approve tariffs significantly below Aena’s proposals would negatively impact the company’s ability to fund its investment plan and would compress future regulated earnings.14
  • Government Influence and Political Risk: With the Spanish government holding a 51% stake via ENAIRE, Aena is subject to a degree of political influence. Government priorities concerning employment, regional development, or airline relations could potentially override purely commercial considerations, affecting strategic decisions, dividend policies, or the composition of the board and senior management.27
  • Aviation Taxation: There is a growing political movement across Europe to increase taxes on aviation as a means to address the industry’s environmental impact. Spain is part of an international coalition advocating for new taxes on air travel.67 The implementation of significant new passenger duties or environmental levies could increase the cost of flying, potentially dampening travel demand and negatively affecting Aena’s passenger volumes.

Financial and Strategic Risks

  • Debt and Interest Rate Sensitivity: Aena’s business is capital-intensive. While its current leverage is at a comfortable level, the substantial investment cycle planned under DORA III will require significant financing. A sustained period of elevated interest rates would increase the cost of debt needed to fund these large-scale expansion projects, potentially impacting profitability and cash flows.
  • International Execution Risk: The ambitious expansion projects in Brazil and the UK carry considerable execution risk. Potential challenges include construction delays, cost overruns, navigating unfamiliar regulatory environments, and managing political risk in emerging markets. The success of these projects is crucial for validating the company’s international growth strategy.
  • Post-Brexit Travel Friction: The United Kingdom is Aena’s single largest international source market for passengers. The implementation of the new EU Entry/Exit System (EES), which will require biometric data collection (fingerprints and facial scans) from UK travelers, has the potential to create significant delays and friction at border controls, particularly during the initial rollout phase from late 2025 into 2026.20 While the long-term impact is uncertain, any substantial disruption to the travel experience could negatively affect travel patterns between the UK and Spain.21

Table 2: Summary of Key Risks and Mitigating Factors

Risk CategorySpecific RiskPotential ImpactMitigating Factors & Management Actions
RegulatoryUnfavorable DORA III tariff outcomeLower regulated revenue growth; reduced ability to fund capex; pressure on profitability.Transparent and formulaic tariff proposal process based on regulated asset base; history of constructive dialogue with regulator; strong legal framework of DORA.4
MacroeconomicSevere downturn in European tourism and travel demandSignificant reduction in passenger traffic, leading to lower aeronautical and commercial revenues.High exposure to resilient LCC and leisure travel segments; geographical diversification through international assets; flexible operational model to adjust capacity.6
OperationalSustained high energy and labor cost inflationErosion of EBITDA margins; potential for service disruptions due to labor disputes.Energy cost hedging (50% for 2025); long-term PPA and investment in solar self-generation; ongoing operational efficiency programs.18
PoliticalAdverse government intervention or new aviation taxesChanges in dividend policy; pressure to lower tariffs; reduced travel demand due to higher ticket prices.Majority state ownership provides some alignment with national interests; active industry lobbying against punitive taxes through associations like ACI Europe.27
StrategicExecution risk in Brazilian expansion projectsDelays, cost overruns, and lower-than-expected returns on investment; currency risk.Phased investment approach; leveraging extensive operational expertise; local management teams; long-term concession agreements provide stability.9

VI. Valuation Discussion

Assessing the valuation of Aena requires consideration of its unique position as a regulated infrastructure asset with significant commercial growth drivers. A multi-faceted approach, incorporating relative valuation against European peers and an analysis of its dividend yield, provides a comprehensive framework for evaluation.

Relative Valuation Analysis

A comparison with its closest publicly listed European airport operator peers reveals Aena’s premium operational characteristics and how they are reflected in its valuation multiples.

  • Price-to-Earnings (P/E) Ratio: Aena’s trailing P/E ratio typically trades in the range of 15x to 18x.69 This valuation is generally in line with or at a slight premium to the broader Spanish market and is comparable to peers such as Fraport, which also trades in a similar P/E range.73 However, it often appears more attractive than the multiples of Groupe ADP, whose P/E can be more volatile and has traded at significantly higher levels.75
  • Enterprise Value to EBITDA (EV/EBITDA) Multiple: This metric is often preferred for comparing capital-intensive infrastructure companies as it is independent of capital structure and depreciation policies. Aena’s EV/EBITDA multiple stands at approximately 12.0x to 12.2x.70 This is broadly consistent with its main competitors, including Fraport (EV/EBITDA of ~12.1x to 13.5x) and Groupe ADP (EV/EBITDA of ~12.7x).74

While the multiples are comparable, a case can be made that Aena merits a premium valuation. Its industry-leading EBITDA margin of over 60% is substantially higher than that of Fraport (~27%) and Groupe ADP (~33%), indicating superior profitability and operational efficiency.5 Furthermore, Aena’s stronger balance sheet, evidenced by a lower Net Debt/EBITDA ratio, and its clearer growth trajectory, fueled by both commercial optimization and international expansion, provide a more robust investment profile than many of its peers.

Dividend Yield Perspective

For income-oriented investors, Aena’s dividend policy is a central pillar of its valuation. The company’s commitment to an 80% payout ratio provides a clear and predictable framework for shareholder returns.8 Based on the approved dividend of €9.76 per share for the 2024 fiscal year, the stock’s dividend yield is highly competitive, often fluctuating between 3.5% and 4.5% depending on the share price.69 This yield is attractive when compared not only to its airport peers but also to the broader universe of utility and infrastructure companies, which are often sought after for their stable income streams. The strong, visible dividend provides a tangible return to investors and a degree of valuation support.

Key Valuation Drivers

The long-term valuation of Aena will be influenced by four primary factors:

  1. Sustainability of Passenger Growth: The valuation is highly sensitive to long-term forecasts for passenger traffic. The continued strength and resilience of Spain’s tourism sector and the broader European travel market are fundamental to the company’s earnings power.
  2. Commercial Revenue per Passenger: Management’s ability to continue growing this high-margin metric through strategic retail tenders, new service offerings, and real estate development is the most critical driver of organic earnings growth and has the potential to justify a higher valuation multiple over time.
  3. DORA III Outcome: The regulatory settlement for the 2027-2031 period will be a major valuation catalyst. The size of the approved investment plan and the allowed tariffs will define the baseline for regulated earnings and cash flows for the medium term.
  4. Success of International Strategy: The market’s perception of the risk-reward balance of Aena’s international ventures will heavily influence its valuation. Successful execution of the expansion projects at London Luton and the profitable growth of the Brazilian airport portfolio could lead to a re-rating as the company proves its ability to create value outside of its core Spanish market.

Table 3: European Airport Operator Peer Comparison (Valuation & Margins)

CompanyTickerCountryMarket Cap (€B)EV/EBITDA (LTM)P/E Ratio (LTM)EBITDA Margin (LTM)Net Debt/EBITDA (LTM)Dividend Yield (%)
Aena S.M.E., S.A.AENA.MCSpain~45.1~12.2x~18.7x~60.2%~1.6x~4.0%
Fraport AGFRA.DEGermany~8.5~12.1x~15.4x~26.8%~9.9x0.0%
Groupe ADPADP.PAFrance~14.1~12.7x~128.7x~31.9%~5.1x~2.5%
Zurich AirportFHZN.SWSwitzerland~9.3~11.1xN/AN/AN/AN/A
Copenhagen AirportsKBHL.CODenmark~8.2~24.8xN/AN/AN/AN/A

Note: Data as of mid-2025, compiled from various financial data providers. Market caps are approximate. P/E and EV/EBITDA ratios can be volatile and subject to different calculation methodologies. N/A indicates data not readily available in the provided sources.

Sources: 44

VII. Key Monitoring Metrics and Catalysts

To effectively track the performance and evolving investment case for Aena, investors should focus on a specific set of key performance indicators and be aware of potential near- to medium-term catalysts.

Key Performance Indicators to Monitor

  • Monthly Traffic Statistics: Aena provides detailed monthly reports on passenger traffic across its network. This is the most frequent and important high-level indicator of operational health. Particular attention should be paid to the breakdown between domestic, EU, and non-EU international traffic to gauge the strength of different market segments.
  • Quarterly Earnings Reports: Beyond the headline revenue and profit figures, the most critical metric to analyze is the growth rate of commercial revenue per passenger relative to aeronautical revenue per passenger. Sustained outperformance of the former is a key tenet of the growth thesis.
  • EBITDA Margin Evolution: Tracking the consolidated EBITDA margin on a quarterly basis is essential to identify any early signs of cost pressures from energy, labor, or other operational expenses that could impact profitability.
  • Regulatory Filings and Announcements: Any official communications from Aena, the CNMC, or the Spanish government regarding the annual tariff proposal (typically with Q2 results) and, more importantly, the development of the DORA III framework, should be scrutinized as they will directly shape future earnings.

Potential Positive Catalysts

  • Stronger-than-Expected Traffic: Passenger volumes during the peak summer season that exceed current forecasts would signal robust underlying demand and likely lead to upward revisions of full-year financial guidance.
  • New Commercial and Real Estate Ventures: The announcement of new, lucrative commercial tender results with high MAG uplifts or the successful awarding of another major land parcel under the “Airport Cities” initiative would provide tangible evidence of growth in the high-margin unregulated businesses.
  • Favorable DORA III Proposal: A preliminary proposal for the DORA III (2027-2031) framework that includes a substantial increase in the regulated asset base and a tariff structure that allows for fair returns would be a significant positive catalyst, providing long-term earnings visibility.
  • Accelerated International Profitability: Quarterly results showing faster-than-expected growth in traffic and profitability from the Brazilian airport portfolio or the expanded London Luton airport would validate the international expansion strategy and could lead to a positive re-rating of the stock.

Potential Negative Catalysts

  • Macroeconomic Slowdown: A sharp deterioration in European economic conditions or consumer confidence that leads to a slowdown in travel bookings would be a primary negative catalyst.
  • Unfavorable Regulatory Decisions: A decision by the CNMC to impose a lower-than-expected tariff increase for 2026 or indications of a more restrictive DORA III framework would negatively impact the outlook for regulated revenues.
  • Significant Operational Disruptions: An escalation of labor disputes leading to prolonged strikes, or other major operational failures, could damage the company’s reputation and have a direct financial impact.
  • Adverse Tax or Policy Changes: The imposition of new, punitive aviation taxes by the Spanish government or at the EU level could increase the cost of travel, dampen demand, and negatively affect Aena’s growth prospects.

Works cited

  1. AENA – The World’s Leading Airport Management Company – Airport Suppliers, accessed August 15, 2025, https://www.airport-suppliers.com/supplier/aena/
  2. Company profile | Corporative – Aena, accessed August 15, 2025, https://www.aena.es/en/corporative/about-aena/company-profile.html
  3. Airport Regulation Document (DORA) – Ineco, accessed August 15, 2025, https://www.ineco.com/ineco/en/projects/airport-regulation-document-dora
  4. I. CNMC COMPETENCE TO ISSUE THE REPORT ON THE DORA The regulatory framework for the charges that Aena is entitled to levy for the provision of basic airport services1F, accessed August 15, 2025, https://www.cnmc.es/file/306572/download
  5. Results Presentation – Aena, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576871297263&ssbinary=true
  6. AENA’s Commercial Business Outstripped Traffic Growth at Spanish Airports Last Year, accessed August 15, 2025, https://airportir.com/ir-pulse/aenas-commercial-business-outstripped-traffic-growth-at-spanish-airports-last-year
  7. 2019 Results Presentation – Aena, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576857504258&ssbinary=true
  8. Updated Strategic Plan 2022-2026 – Aena, accessed August 15, 2025, https://www.aena.es/doc/pressdetail/updated-sp-2022-2026.pdf
  9. Consolidated Interim Management Report – for the nine-month period ended 30 September 2024 – Aena, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576869949102&ssbinary=true
  10. Spain’s tourism sector could exceed €260 billion by 2025, according to WTTC, accessed August 15, 2025, https://wttc.org/news/spain-tourism-sector-could-exceed-260-billion-euros-by-2025
  11. Spain’s Travel & Tourism Sector Set to Surpass €260 Billion by 2025 – WTFI Live, accessed August 15, 2025, https://live.worldtourismforum.net/news/Catch-up-the-latest-news-in-tourism-industry/Spains-Travel-Tourism-Sector-Set-to-Surpass-260-Billion-by-2025
  12. Strategic Plan 2022-2026 – Aena, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576861455766&ssbinary=true
  13. The big six – Airport World, accessed August 15, 2025, https://airport-world.com/the-big-six/
  14. How much more expensive will flights in Spain be in 2026? | Sur in English, accessed August 15, 2025, https://www.surinenglish.com/spain/flying-cents-more-expensive-next-year-20250710073059-nt.html
  15. Europe Tourism Holds Strong Amid Rising Demand – ETIAS.com, accessed August 15, 2025, https://etias.com/articles/europe-tourism-holds-strong-amid-rising-demand
  16. Ryanair threatens to reduce flights in Spain due to airport ‘excessive’ taxes – Catalan News, accessed August 15, 2025, https://www.catalannews.com/business/item/ryanair-threatens-to-reduce-flights-in-spain-due-to-airport-excessive-taxes
  17. Aena raises airport taxes after airline opposition: How does this affect ticket prices?, accessed August 15, 2025, https://en.ara.cat/economy/aena-raises-airport-taxes-after-airline-opposition-how-does-this-affect-ticket-prices_1_5459608.html
  18. Consolidated Interim Management Report Q1 2025 l Aena SME, SA and Subsidiaries, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576871296912&ssbinary=true
  19. Aena’s Strong H1 2025 Performance and Strategic Expansion Signal Long-Term Value for Investors – AInvest, accessed August 15, 2025, https://www.ainvest.com/news/aena-strong-h1-2025-performance-strategic-expansion-signal-long-term-investors-2507/
  20. What will the EU’s new entry-exit system mean for British travellers? | The Independent, accessed August 15, 2025, https://www.independent.co.uk/travel/news-and-advice/eu-entry-exit-system-british-tourists-travel-rules-b2792818.html
  21. How is Brexit affecting tourism in Spain? – CaixaBank Research, accessed August 15, 2025, https://www.caixabankresearch.com/en/sectoral-analysis/tourism/how-brexit-affecting-tourism-spain
  22. Stock story: Aena – Magellan Financial Group, accessed August 15, 2025, https://www.magellangroup.com.au/index.cfm/_api/render/file/?method=inline&fileID=6563E283-5AB9-4560-87101CA8ACF019BA
  23. Aena S.M.E (BME:AENA) – Stock Analysis – Simply Wall St, accessed August 15, 2025, https://simplywall.st/stocks/es/transportation/bme-aena/aena-sme-shares
  24. Financial and operational publications | Shareholders | Aena, accessed August 15, 2025, https://www.aena.es/en/shareholders-and-investors/financial-and-economical-information/financial-and-operational-publications.html?anio=2023
  25. Aena earns €607.7 million through June and recovers pre-pandemic figures thanks to the commercial business, accessed August 15, 2025, https://www.aena.es/en/press/aena-earns-607.7-million-through-june-and-recovers-pre-pandemic-figures—thanks-to-the-commercial-business.html
  26. Results Report – January – December 2014 – Aena, accessed August 15, 2025, https://www.aena.es/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576856933432&ssbinary=true
  27. ENAIRE – Wikipedia, accessed August 15, 2025, https://en.wikipedia.org/wiki/ENAIRE
  28. Spain – Privatizes 49 per cent of its national airport operator Aena | Investment Policy Monitor, accessed August 15, 2025, https://investmentpolicy.unctad.org/investment-policy-monitor/measures/2491/spain-privatizes-49-per-cent-of-its-national-airport-operator-aena
  29. History of Aena | Corporative, accessed August 15, 2025, https://www.aena.es/en/corporative/about-aena/our-history.html
  30. 2019 Results Presentation – Aena, accessed August 15, 2025, https://www.aenabrasil.com.br/sites/Satellite?blobcol=urldata&blobkey=id&blobtable=MungoBlobs&blobwhere=1576857593136&ssbinary=true
  31. Aena (AENA.MC) – Revenue – Companies Market Cap, accessed August 15, 2025, https://companiesmarketcap.com/aena/revenue/
  32. Aena S.M.E. S.A. (AENA) Dividends – DividendMax, accessed August 15, 2025, https://www.dividendmax.com/spain/madrid-stock-exchange/travel-and-leisure/aena-sme-sa/dividends
  33. Aena posts negative net results coming to 170.7 million euros between January and June due to the impact of the COVID-19 crisis, accessed August 15, 2025, https://www.aena.es/en/press/aena-posts-negative-net-results-coming-to-170.7-million-euros-between—january-and-june-due-to-the-impact-of-the-covid-19-crisis.html
  34. Aena posts negative net results coming to 107.6 million euros in the first nine months of the year due to the COVID-19 crisis, accessed August 15, 2025, https://www.aena.es/en/press/aena-posts-negative-net-results-coming-to-107.6-million-euros-in-the-first—nine-months-of-the-year-due-to-the-covid-19-crisis.html
  35. Aena closes fiscal year 2022 with a profit, accessed August 15, 2025, https://www.gtrmag.com/assets/pdf/business-news/airlines-and-airports/aena-closes-fiscal-year-2022-with-a-profit.pdf
  36. 1AENA Stock Dividend History – Aena S.M.E., S.A. (BIT) Stock – Fintel, accessed August 15, 2025, https://fintel.io/sd/it/1aena
  37. Annual results 2023 – Aena, accessed August 15, 2025, https://www.aena.es/doc/pressdetail/240228-aena-resultados-2023-eng.pdf
  38. Shareholders and investors – Aena, accessed August 15, 2025, https://www.aena.es/en/shareholders-and-investors.html
  39. Aena profit rises 19% in 2024 to €1,934 million, above pre-pandemic figures | The Corner, accessed August 15, 2025, https://thecorner.eu/54/__trashed-9/119130/
  40. Aena S.M.E., S.A. (ANYYY) Q4 2024 Earnings Call Transcript | Seeking Alpha, accessed August 15, 2025, https://seekingalpha.com/article/4762399-aena-s-m-e-s-a-anyyy-q4-2024-earnings-call-transcript
  41. Press release – Aena, accessed August 15, 2025, https://www.aena.es/doc/pressdetail/250409-aena-junta-de-accionistas-eng.pdf
  42. Shareholder remuneration | Shareholders and investors – Aena, accessed August 15, 2025, https://www.aena.es/en/shareholders-and-investors/aena-share/dividends.html
  43. Total Debt Growth For Aena SME SA (AENA) – Finbox, accessed August 15, 2025, https://finbox.com/BMEX:AENA/explorer/total_debt_growth
  44. Debt / Equity, Adjusted For Aena SME SA (AENA) – Finbox, accessed August 15, 2025, https://finbox.com/BME:AENA/explorer/debt_to_equity_adj/
  45. Aviation Antitrust Law: Entry Barriers Explained – Number Analytics, accessed August 15, 2025, https://www.numberanalytics.com/blog/aviation-antitrust-law-entry-barriers-explained
  46. Airport Business Practices and their Impact on Airline Competition, October 1999 – FAA, accessed August 15, 2025, https://www.faa.gov/sites/faa.gov/files/airports/aip/airport-business-practices-and-their-impact-on-airline-competition.pdf
  47. Exploiting Opportunities for Airline Entry and Competition – Transportation Research Board, accessed August 15, 2025, https://www.trb.org/publications/sr/sr255/chap3.pdf
  48. Competition between Europe’s airports: new analysis highlights shifting dynamics as airline power tightens grip, accessed August 15, 2025, https://www.aci-europe.org/media-room/440-competition-between-europe-s-airports-new-analysis-highlights-shifting-dynamics-as-airline-power-tightens-grip.html
  49. Airport competition in Europe – more prevalent than often realised | Frontier Economics, accessed August 15, 2025, https://www.frontier-economics.com/uk/en/news-and-insights/news/news-article-i10138-airport-competition-in-europe-more-prevalent-than-often-realised/
  50. The competitive landscape of air transport in Europe – Aisberg, accessed August 15, 2025, https://aisberg.unibg.it/retrieve/e40f7b8a-0f97-afca-e053-6605fe0aeaf2/Redondi_2.pdf
  51. Airline Monopolies: Who Rules Europe’s 10 Busiest Airports – Aviation A2Z, accessed August 15, 2025, https://aviationa2z.com/index.php/2025/03/24/airline-monopolies-who-rules-europes-10-busiest-airports/
  52. How European Airline Consolidation Will Impact Both Sides of the Atlantic, accessed August 15, 2025, https://mackinstitute.wharton.upenn.edu/2017/european-airline-consolidation/
  53. Airline Mergers: A Deeper Dive – Number Analytics, accessed August 15, 2025, https://www.numberanalytics.com/blog/airline-mergers-deeper-dive-regulatory-implications
  54. Largest airport companies by market cap, accessed August 15, 2025, https://companiesmarketcap.com/airports/largest-airport-operating-companies-by-market-cap/
  55. Discover the Giants of Global Aviation: Top 20 Airport Operators Worldwide – WTFI Live, accessed August 15, 2025, https://live.worldtourismforum.net/news/Catch-up-the-latest-news-in-tourism-industry/Discover-the-Giants-of-Global-Aviation-Top-20-Airport-Operators-Worldwide
  56. Key data – Page R10 | VINCI – 2021 UNIVERSAL REGISTRATION, accessed August 15, 2025, https://www.vinci.com/publi/vinci/a11y/2021/vinci-urd/article/R10/
  57. Overview of Aviation Sector – EASA – European Union, accessed August 15, 2025, https://www.easa.europa.eu/en/domains/environment/eaer/overview-aviation-sector
  58. european aviation overview – 2024 – Eurocontrol, accessed August 15, 2025, https://www.eurocontrol.int/sites/default/files/2025-01/eurocontrol-european-aviation-overview-20250123-2024-review.pdf
  59. Spain Tourism Report – Fitch Solutions Store, accessed August 15, 2025, https://store.fitchsolutions.com/tourism/spain-tourism-report
  60. Aena commercial revenue climbs by double digits in 2024 as F&B tender programme accelerates – Moodie Davitt Report, accessed August 15, 2025, https://moodiedavittreport.com/aena-commercial-revenue-climbs-by-double-digits-in-2024-as-fb-tender-programme-accelerates/
  61. Luton airport allowed to double capacity after UK government overrules planners | Airline industry | The Guardian, accessed August 15, 2025, https://www.theguardian.com/business/2025/apr/03/luton-airport-allowed-to-double-capacity-after-uk-government-overrules-planners
  62. Innovation and new technologies are essential for Aena’s development, accessed August 15, 2025, https://www.internationalairportreview.com/article/114628/innovation-aena-airport-development-technologies/
  63. Innovation Strategy | Corporative – Aena, accessed August 15, 2025, https://www.aena.es/en/corporative/innovation/strategy.html
  64. SENER and Aena will work together to improve air quality and energy efficiency at airports, accessed August 15, 2025, https://www.group.sener/en/noticias/sener-aena-improve-air-quality-energy-efficiency-airports/
  65. Strikes at Barcelona, Alicante, Ibiza, Mallorca and Malaga airports from 15 August – EUclaim, accessed August 15, 2025, https://www.euclaim.com/news/summer-strikes-in-spain
  66. Travel Chaos Looms for Spain-Bound Tourists as Baggage Handlers Prepare for New Strikes, accessed August 15, 2025, https://www.travelandtourworld.com/news/article/travel-chaos-looms-for-spain-bound-tourists-as-baggage-handlers-prepare-for-new-strikes/
  67. France Unify With Kenya, Spain, and Other Nations In Push For New Air Travel Tax Ahead of COP30: What You Need To Know, accessed August 15, 2025, https://www.travelandtourworld.com/news/article/france-unify-with-kenya-spain-and-other-nations-in-push-for-new-air-travel-tax-ahead-of-cop30-what-you-need-to-know/
  68. ESG News Recap: Spain and France to Introduce Private Jet Tax – Impakter, accessed August 15, 2025, https://impakter.com/esg-news-spain-france-private-jet-taxation-offset-carbon-emissions/
  69. PE Ratio – Aena S.M.E., S.A. – Wisesheets, accessed August 15, 2025, https://www.wisesheets.io/pe-ratio/ANNSF
  70. Aena S.M.E. (BME:AENA) Statistics & Valuation Metrics – Stock Analysis, accessed August 15, 2025, https://stockanalysis.com/quote/bme/AENA/statistics/
  71. Aena (AENA.MC) – P/E ratio – Companies Market Cap, accessed August 15, 2025, https://companiesmarketcap.com/aena/pe-ratio/
  72. Aena S.M.E., S.A.’s (BME:AENA) Price Is Out Of Tune With Earnings – Simply Wall St, accessed August 15, 2025, https://simplywall.st/stocks/es/transportation/bme-aena/aena-sme-shares/news/aena-sme-sas-bmeaena-price-is-out-of-tune-with-earnings
  73. Fraport AG – PE Ratio – Wisesheets, accessed August 15, 2025, https://www.wisesheets.io/pe-ratio/FRA.DE
  74. Fraport (XTRA:FRA) Stock Valuation, Peer Comparison & Price Targets – Simply Wall St, accessed August 15, 2025, https://simplywall.st/stocks/de/transportation/etr-fra/fraport-shares/valuation
  75. Aeroports de Paris (EPA:ADP) Statistics & Valuation Metrics – Stock Analysis, accessed August 15, 2025, https://stockanalysis.com/quote/epa/ADP/statistics/
  76. Aeroports De Paris Stock Price Today | EPA: ADP Live – Investing.com, accessed August 15, 2025, https://www.investing.com/equities/aeroports-paris
  77. EV / EBITDA For Fraport AG (FRAS) – Finbox, accessed August 15, 2025, https://finbox.com/DB:FRAS/explorer/ev_to_ebitda_ltm/
  78. Fraport AG (FPRUY) Statistics & Valuation Metrics – Stock Analysis, accessed August 15, 2025, https://stockanalysis.com/quote/otc/FPRUY/statistics/
  79. AENA – Dividend Yield – Trading Economics, accessed August 15, 2025, https://tradingeconomics.com/aena:sm:dy
  80. What Is Considered a Healthy EV/EBITDA? – Investopedia, accessed August 15, 2025, https://www.investopedia.com/ask/answers/072715/what-considered-healthy-evebitda.asp
  81. Fraport AG (FPRUF) Stock Price, Quote, News & Analysis – Seeking Alpha, accessed August 15, 2025, https://seekingalpha.com/symbol/FPRUF
  82. Aeroports de Paris ADP AI Stock Analysis – TipRanks, accessed August 15, 2025, https://www.tipranks.com/stocks/fr:adp/stock-analysis
  83. Fraport (FRA.DE) – P/E ratio – Companies Market Cap, accessed August 15, 2025, https://companiesmarketcap.com/fraport/pe-ratio/
  84. Vinci S.A. – PE Ratio – Wisesheets, accessed August 15, 2025, https://www.wisesheets.io/pe-ratio/VCISY
  85. Vinci SA Stock Price Today | EPA: SGEF Live – Investing.com, accessed August 15, 2025, https://www.investing.com/equities/vinci
  86. Vinci (ETR:SQU) Financial Ratios and Metrics – Stock Analysis, accessed August 15, 2025, https://stockanalysis.com/quote/etr/SQU/financials/ratios/
  87. Vinci tops 4Q estimate as airport traffic recovers – VP Bank, accessed August 15, 2025, https://www.vpbank.com/research/en/publication/3475/vinci-tops-4q-estimate-as-airport-traffic-recovers