2025-05-15-Jefferies-艾那公司（AENA）_4月交通流量_Aena_2025年第一季度小季度的小惊喜_8页_264kb

Aena Equity Research Summary - May 15, 2025

Key Metrics

• April Traffic: 34mPAX, +6.3% YoY growth (vs. +4.2% in March), supported by late Easter timing.
• Seat Capacity: Trending +4.7% for Q2 2025 (below FY25 +3.4% guidance).
• Current Price: €228.80 (+)
• Price Target: €211.00 (down -8%)
• Current Rating: Hold

Valuation

• Market Cap: €34.3B
• EV/EBITDA: 10.9x (2025e)
• FCF Yield: 5.7%
• High-Low: €233.80 - €163.10

Analyst Opinion

• Rating: Hold (limited absolute upside potential)
• Defensive Earnings Profile
• Q1 2025: A small beat in a challenging quarter

Risks

• Compliance
• Regulatory changes (aviation fees)
• Spanish air passenger recovery uncertainty
• Capital deployment performance in new markets

Analyst Certification

• Graham Hunt, CFA, et al. certify views reflect personal opinions and no compensation tied directly to recommendations.

Exhibits (Summary)

• Exhibit 1: April traffic compared to pre-pandemic levels.
• Exhibit 3: Spanish network passenger trends vs. 2019.