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机场运营

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43/100 42Buffett Hold Aena: An 8.32% Allowed Return on a RAB Rising from €9.77bn to €15.10bn Meets +0.33% Tariffs, €13bn of Capex and an 80% Payout at €25.38 Aena is the state-controlled operator of Spain's 46-airport network, pairing regulated aeronautical charges set by five-year DORA documents with a dual-till commercial business of shops, duty-free, car parks and real estate that keeps the upside from passenger growth. FY2025 revenue was €6.379bn with a 59.3% EBITDA margin and €2.137bn of net profit, and the final DORA III remunerates €9.991bn of 2027–2031 regulated investment at an 8.32% pre-tax WACC on an average RAB rising from €9.77bn to €15.10bn, yet tariffs move only +0.33% a year while regulated capex climbs to €2.5bn by 2031 and an 80% payout would push leverage from 1.73x toward the mid-2x range. Rating Hold: at €25.38, 17.8x 2025 earnings and 11.8x EV/EBITDA, the shares sit above the €23 conservative value and below the €27.5 base value, so the report waits for €18.00–18.40 before committing new money. Aena S.M.E., S.A.AENA · MC机场运营2026年9月20日