ANYYY - Aena - A Low-Capex Proxy On The Spanish Tourism Sector?

Introduction

As a value investor focusing on fundamentals and free cash flows, I really like investments in infrastructure assets. Ports, airports, … Pretty much anything with a decent moat (you won’t just build a new airport next to an existing one) deserves some attention and whilst most publicly listed airport operators appear to be quite expensive, I would like to make a case for Aena (OTCPK:ANNSF) (OTCPK:ANYYY) in this article.

Whereas several other major airport operators in Europe are committing to several large expansion projects, Aena has already expanded its Madrid