Aena S.M.E., S.A. (AENA.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-57.5%

€11.72

vs €27.56 price

Levered DCF

€25.43

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.89

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.77×	15.3×	15.06×	19.55×	-43.38×	-168.28×	17.76×	15.26×
P/B	3.88×	3.58×	3.23×	2.62×	3.41×	3.47×	3.99×	3.38×
P/S	5.69×	5.12×	4.88×	4.2×	8.55×	9.69×	5.74×	4.84×
EV / EBITDA	10.47×	9.44×	9.48×	11.5×	192.9×	41.4×	11.61×	10.18×
Gross margin	73.9%	68.2%	65.9%	61.1%	37.5%	31.4%	64.4%	62.6%
Operating margin	45.9%	46.0%	43.6%	30.6%	-6.2%	-4.2%	44.4%	43.9%
Net margin	34.0%	33.4%	32.3%	21.5%	-19.5%	-5.8%	32.4%	31.5%
Current ratio	1.89×	1.26×	1.27×	1.48×	0.99×	1.2×	0.36×	0.74×
Debt / equity	0.79×	0.84×	1.09×	1.14×	1.43×	1.33×	1.05×	1.19×
Interest coverage	11.29×	9.39×	9.05×	13.6×	-2.1×	-1.07×	21.55×	18.92×
Dividend yield	4.2%	4.0%	2.9%	0.0%	0.0%	0.0%	4.1%	4.8%
Payout ratio	70.1%	61.2%	44.4%	0.0%	0.0%	0.0%	72.1%	73.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.2%	23.4%	21.4%	13.4%	-7.8%	-2.1%	22.5%	22.0%
Return on invested capital	12.8%	12.9%	10.0%	6.6%	-0.7%	-0.5%	10.8%	10.0%
Return on assets	11.7%	11.4%	9.3%	5.7%	-2.9%	-0.8%	9.7%	8.9%
Free cash flow yield	5.9%	6.5%	6.8%	6.5%	-1.9%	-1.7%	4.3%	7.0%
Earnings yield	6.0%	6.5%	6.6%	5.1%	-2.3%	-0.6%	5.6%	6.5%
Enterprise value	€41B	€34.8B	€30.6B	€23.7B	€28.1B	€28.1B	€32.1B	€26.9B
Net debt / EBITDA	1.34×	1.4×	1.85×	2.95×	49.86×	10.14×	2.36×	2.47×
Cash conversion cycle (days)	-15	2	-7	-6	43	111	-6	-11