VCISF - Aena: An Airport Operator With A 5% Dividend Yield Trading At A 60% Discount To London Gatwick Airport
Introduction
In 2018, I argued Aena (ANNSF) (ANYYY), the publicly listed company managing and operating the airports in Spain, would be an interesting vehicle to gain exposure to the Spanish tourism sector. After all, even when certain tour operators and hotel chains are competing against each other, the tourists flying into Spain will use the same airport anyway. Additionally, the trend of Airbnbs is also undermining the traditional hotel sector, but doesn’t have an impact on the travel numbers as people will still be flying into Spain (sure, there