Aena S.M.E., S.A.
Aena S.M.E., S.A., together with its subsidiaries, engages in the management of airports in Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company operates through Airports, Real Estate Services, Región de Murcia International Airport, and International segments. It also manages comme…
Aena S.M.E., S.A., together with its subsidiaries, engages in the management of airports in Spain, Brazil, the United Kingdom, Mexico, and Colombia. The company operates through Airports, Real Estate Services, Región de Murcia International Airport, and International segments. It also manages commercial spaces in airport terminals, and a network of car parks; and leasing or transfer use of land, office buildings, warehouses, hangars, and cargo vessels to airlines, air cargo operators, handling agents and other airport service providers. In addition, the company is involved in the operation of duty-free shops, food and beverage, and specialty shops; rental of cars; advertising; baggage wrapping machines; other vending machines; regulated services, including pharmacies, tobacconists, lottery vendors, etc.; and provision of financial services, such as currency exchange, VAT refunds, and ATMs, as well as advisory services to international airports. Aena S.M.E., S.A. was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017. The company was founded in 1991 and is headquartered in Madrid, Spain. Aena S.M.E., S.A. operates as a subsidiary of Entidad Pública Empresarial ENAIRE.Priced within the modelled range
Other models: EUR 16.66–27.71 (median 21.87). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 7.62% growth, 2.7% terminal growth, and 10% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 7.62%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 7.6% (sector default 6.2%, own revenue history 14.5%, analyst revenue consensus 4.9%).
5-year outlook: relative outlook of about 9.1% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 4.9% a year; the growth assumption used is 7.6%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 21.31 (-23.9%)
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EPS-based Gordon proxy
— EUR 21.87 (-21.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 21.31 (-23.9%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— EUR 16.66 (-40.5%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 27.71 (-1.0%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 21.14 (-24.5%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 55.45 (+98.0%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 14.91 | -87.8% |
| Base EUR 21.31 | -31.4% |
| Bull EUR 32.70 | 14.4% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 28.00 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.7%, discount 10.0%).
Compare: the market implies 13.5% a year, this model assumes 7.6%. The market expects more than this model does, which is why it reads as overvalued.
Sensitivity: base value per share
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| 3.6% | 25.45 | 20.83 | 17.47 | 14.92 | 12.92 |
| 5.6% | 28.10 | 23.01 | 19.32 | 16.52 | 14.32 |
| 7.6% | 30.93 | 25.35 | 21.31 | 18.24 | 15.83 |
| 9.6% | 33.98 | 27.87 | 23.44 | 20.07 | 17.44 |
| 11.6% | 37.25 | 30.56 | 25.72 | 22.04 | 19.16 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +12.7% a year | 20 / 20 |
| Balance sheet | net debt 1.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 58% | 20 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| AENA.MC (this company) | EUR 28.00 | -31.4% | 18.0 | 4.5 | 3.5% | 100 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.60 | 64.7% | 7.1 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.31 | 59.5% | 7.9 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.45 | 55.4% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 153.20 | 47.3% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.79 | 45.8% | 19.8 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 110.60 | 42.8% | 12.8 | 2.0 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 88.95 | 40.9% | 7.2 | 1.8 | 1.2% | 100 |
| Peer median | 9.2 | 1.9 | ||||
Dividends
Paid in the last 12 months: EUR 1.09 per share · yield 3.89% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.090 |
| 2025 | 0.976 |
| 2024 | 0.766 |
| 2023 | 0.475 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 16:09
| Revenue | EUR 6,766,877,000 |
|---|---|
| EBITDA | EUR 3,911,740,999 |
| EBIT | EUR 3,133,234,999 |
| Net income | EUR 2,332,069,000 |
| Free cash flow | EUR 2,158,650,000 |
| Capital expenditures | EUR 927,177,000 |
| Debt | EUR 7,933,873,000 |
| Cash | EUR 2,557,459,000 |
| Working capital | EUR 892,571,000 |
| Shares outstanding | 1,500,000,000 |