January 15, 2021

AENA drops 5% on the stock market after presenting its strategic plan

AENA drops 5% on the stock market after presenting its strategic plan


MadridUpdated:

The uncertainty generated by the Brexit and the deceleration of tourism weighs down and the forecasts of AENA. The public company collects in its strategic plan 2018-2021, presented yesterday, that air traffic will grow at its airports by 2% next year, less than half of what it will do this year (5.5%). A deceleration that was penalized by the market: the company The stock market fell 4.74%.

This moderation of traffic will impact the company's benefits. According to the forecasts issued yesterday, the profits will be 1,272 million euros this year and 1,311 million next year. Figures considerably lower than the 1,318 million for 2018 and the 1,311 million for 2019 that the analysts estimated. EBITDA, meanwhile, will be 2,584 million euros this year and 2,588 million euros the next, with an annual increase of 1.4%.

Regarding the dividend, the document sent yesterday by the company to the National Securities Market Commission (CNMV) shows that the airport manager maintains plans to offer 80% "pay out" this year and the next, which means that the shareholder remuneration will exceed 1,000 million this year. 51% of this amount will go to the State, shareholder of reference.

Beyond the financial situation, the strategic plan includes AENA's intention to grow in the international arena, promote new lines of business and consolidate the real estate development of airports such as Adolfo Suárez-Madrid Barajas and Barcelona-El Prat. Some macro projects that, according to acknowledged yesterday the president of the company, Maurici Lucena, will be "the most important of the Spanish real estate sector during the next 20 years".

Lucena pointed out that at the beginning of 2019 the company will choose the industrial partners with whom it will develop these projects. In addition, he recalled that these real estate plans also include the development of logistics centers, hotels and offices in the vicinity of the two aerodrome, an approach that has encouraged several companies to convey to the airport manager their intention to move their headquarters to these locations in the future .

Regarding the international expansion of the company, AENA includes in its strategic plan the possibility of make acquisitions in Europe, Asia and Latin America. From the company recognize that they watch carefully the new round of privatizations in Brazil, the option to extend the proposals in Cartagena and Cali and the purchase of Sofia airport.

Also, the manager plans to redesign the commercial spaces of the airports, which will result in a boost to the areas of "duty-free" and a relaunching of restaurants and stores. Between 2018 and 2019, the company expects its consolidated commercial revenues to grow by 6.5%, international business to increase its turnover by 5.9% and real estate revenues to increase by 5.7%.

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