The analysis firm Jefferies has once again backed Aena by reiterating its "buy" recommendation on the shares of the airport manager, keeping its target price unchanged at 29.50 euros per share.
According to the entity, the company's investment thesis remains fully valid thanks to its strong position to face international macroeconomic uncertainty and to take advantage of the demand for capacity in the network of Spanish airports.
Despite the market's bearish reaction following the publication of the second-quarter accounts, experts attribute this movement to the prior positioning of investors and not to the group's fundamentals, emphasizing that cost inflation is behaving in line with expectations.
For the second half of the year, Jefferies identifies relevant catalysts as the confirmation of DORA III, the revision of the strategic plan, and the definition of regulated tariffs with a horizon of 2027.
Regarding the regulatory framework, the report details that the DORA proposal has already been sent to the Directorate General of Civil Aviation (DGAC), so Aena has no room to introduce new modifications.
Likewise, it is expected that operating costs will adjust to 2026 prices within the new regulatory scheme, which will partially absorb the pressure arising from inflation.
In the commercial business, Jefferies highlights the good performance of activity in the terminals and notes that the batch of duty-free shops in the Canary Islands continues to be the only one operating above the guaranteed minimum annual rents (MAG).
On the other hand, the caution shown by the operator in its traffic projections is explained by capacity limitations during the summer campaign and by the uncertainty surrounding the winter season.
With a long-term view, analysts positively assess Aena's exposure to the growth of the Spanish economy and to traffic linked to family visits, driven by the increase in the immigrant population.
In this line, they maintain their estimates practically unchanged and remind that the company is now trading at a multiple of 16.3 times the estimated earnings per share for 2027, with a dividend yield close to 4.9%.
At the close of the last session, the shares of the airport manager have stood at 26.82 euros, which implies an increase of 0.52% (0.14 euros) compared to the reference price of 26.68 euros.