Aena SME, S.A. (ANNSF)
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Aena: Europe's Gateway To Long-Term Air Travel Growth
Aena remains a compelling investment, benefiting from Spain's booming tourism and near-monopoly on airport infrastructure, driving strong organic growth and steady dividends. Solid H1 2025 results highlight 9.1% revenue growth with attractive operating margins and robust passenger/cargo traffic, while commercial operations are delivering high-margin upside. A major €7 billion CAPEX cycle will expand the airport capacity by up to 18% by 2031, supporting long-term passenger and earnings growth, especially after fee hikes just got approved.
Aena Stock: A Spanish And Brazilian Airport Operator To Buy
Aena's 2024 revenues grew 13.3% to €5.83 billion, driven by 8.5% passenger traffic growth and double-digit growth in all business segments. EBITDA margins expanded to 60.2%, with total EBITDA growing 16.1% to €3.5 billion, indicating strong operational efficiency. Despite macroeconomic and geopolitical risks, Aena's geographical diversification and continued air travel demand present significant growth opportunities.
Can Aena Stock Continue To Outperform?
I'm maintaining a buy rating for Aena with an increased FY2024 price target of $256.76, representing 15% upside. Aena's strong first half results and expected third quarter growth are driven by higher passenger volumes and increased revenue per passenger. Risks include macroeconomic changes, airline bankruptcies, and regional pressures, while opportunities lie in continued air travel demand and improved commercial revenues.
