Athens International Airport S. (AIA.AT) 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

+299.4%

€49.29

vs €12.34 price

Levered DCF

€37.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.95

Grey 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	12.49×	10.13×	11.9×	16.36×	17.28×	-65.43×	15.79×	16.07×
P/B	3.76×	3.87×	5.6×	2.84×	2.77×	3.33×	3.17×	3.62×
P/S	3.84×	4.26×	5.68×	6.91×	11.68×	18.2×	6.75×	6.77×
EV / EBITDA	7×	6.52×	7.93×	9.29×	11.01×	46.68×	9.8×	9.11×
Gross margin	64.3%	59.3%	73.4%	69.6%	53.7%	26.9%	69.1%	88.8%
Operating margin	43.4%	45.4%	67.0%	43.0%	62.6%	-27.3%	42.4%	61.1%
Net margin	30.7%	41.9%	47.8%	42.2%	67.5%	-27.8%	42.8%	42.2%
Current ratio	1.46×	1.52×	0.9×	2.78×	2.65×	1.36×	1.02×	3.28×
Debt / equity	1.34×	1.46×	1.95×	0.98×	0.82×	1.12×	0.89×	0.29×
Interest coverage	4.6×	3.4×	4.78×	3.68×	3.27×	-0.94×	4.14×	0×
Dividend yield	5.8%	9.5%	20.2%	7.3%	0.0%	0.0%	2.4%	0.0%
Payout ratio	72.9%	97.1%	239.7%	119.6%	0.0%	-0.8%	37.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.0%	38.0%	47.2%	17.4%	16.0%	-5.1%	20.1%	22.5%
Return on invested capital	11.2%	10.2%	14.1%	5.8%	6.4%	-1.5%	6.4%	15.0%
Return on assets	9.4%	11.2%	11.1%	6.7%	6.9%	-1.8%	8.0%	13.0%
Free cash flow yield	6.1%	10.4%	10.6%	8.9%	5.0%	3.0%	-37.4%	9.7%
Earnings yield	8.0%	9.8%	8.4%	6.1%	5.8%	-1.5%	6.3%	6.2%
Enterprise value	€3.2B	€3B	€3.4B	€3.1B	€3.2B	€3.3B	€3.4B	€2.3B
Net debt / EBITDA	1.34×	1.32×	1.52×	1.15×	1.5×	8.03×	1.87×	-1.73×
Cash conversion cycle (days)	-14	-0	-13	6	103	107	-28	-94