Aena is the world’s largest listed airport operator. It has a natural monopoly managing Spain’s entire airport network. Established in 1991, it is majority-owned by the Spanish government through Enaire (51%), with the remaining 49% publicly listed since 2015. It plays a critical role in the national economy, acting as the primary gateway for Spain’s massive tourism sector.
Aena’s Spanish airport network boasts one of the strongest efficient scale moats in our coverage, and its dual-till framework allows it to earn economic profits from its passenger flow.
Aena could be free cash flow negative for a few years during the DORA III period, making it vulnerable to macroeconomic shocks.
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Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Price/Earnings (Normalized) | 17.45 | 16.85 | 14.80 |
Price/Book Value | 4.35 | 1.98 | 1.09 |
Price/Sales | 4.51 | 4.32 | 1.25 |
Price/Cash Flow | 12.59 | 8.89 | 4.78 |
|
Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Quick Ratio | 1.12 | 1.48 | 1.49 |
Current Ratio | 1.13 | 1.52 | 1.50 |
Interest Coverage | 13.08 | 16.44 | 2.16 |
|
Metric
|
AENA
|
FHZN
|
FRA
|
|---|---|---|---|
Return on Assets (Normalized) | 16.41% | 6.43% | 1.99% |
Return on Equity (Normalized) | 33.51% | 11.60% | 7.93% |
Return on Invested Capital (Normalized) | 19.40% | 7.70% | 3.60% |
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1-Day Chart
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Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| Aena SME SA
ANNSF
| — | LOCK|D% | $43B | |||
| Aena SME SA ADR
ANYYY
| — | LOCK|#H | $43B | |||
| Airports Of Thailand PLC ADR
AIPUY
| — | LOCK|G>& | $25B | |||
| Grupo Aeroportuario del Pacifico SAB de CV Class B
GPAEF
| — | LOCK|qq>q | $12B | |||
| Grupo Aeroportuario del Pacifico SAB de CV ADR
PAC
| LOCK|!$<D># | LOCK|CvJHw | $12B | |||
| Aeroports de Paris SA ADR
ARRPY
| — | LOCK|&b$n | $12B | |||
| Aeroports de Paris SA
AEOXF
| — | LOCK|Ld#&# | $12B | |||
| Auckland International Airport Ltd ADR
AUKNY
| — | LOCK|vx | $8B | |||
| Auckland International Airport Ltd
ACKDF
| — | LOCK|@v | $8B | |||
| Grupo Aeroportuario del Sureste SAB de CV ADR
ASR
| LOCK|P@t&Y&C | LOCK|B&m>> | $8B |
United States