ANYYY - Aena: Growing Demand As Passenger Traffic Recovery Continues
2024-02-19 09:20:04 ET
Summary
- Aena has largely bounced back from the pandemic as passenger traffic in its Spanish network in 2023 is expected to be around 102% of its largely pre-pandemic 2019 levels.
- Aena's valuation could potentially benefit from the beginning of interest rate normalization as it makes the company's dividend more attractive to some investors.
- I rate Aena a 'buy' given the company's fairly attractive forward P/E ratio of 14.61 for 2024.
Aena S.M.E., S.A. ( ANYYY ), which is 51% owned by the Spanish government, is the largest airport operator by passenger volume .
In terms of assets, Aena has 46 airports and 2 heliports in its Spanish network, and the company also has a significant presence outside of Spain, including ownership of 51% equity of London Luton airport and 100% of Northeastern Group of airports in Brazil....
Aena: Growing Demand As Passenger Traffic Recovery Continues