Financials ENAV S.p.A.

Equities

ENAV

IT0005176406

Airport Services

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-05-06 am EDT			After market 03:59:47 pm
3.982 ^EUR	+0.20%		3.994	+0.30%

Apr. 18	Futures bullish; car registrations drop	AN
Apr. 17	Mib rebounds as banks boost	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,882	1,945	2,127	2,143	1,859	2,150	-	-
Enterprise Value (EV) ¹	2,756	2,182	2,611	2,551	2,182	2,409	2,306	2,258
P/E ratio	24.2 x	36 x	28.1 x	20.8 x	16.4 x	17.2 x	15.6 x	15.7 x
Yield	3.94%	-	2.75%	4.97%	6.69%	5.94%	6.5%	7.36%
Capitalization / Revenue	3.19 x	2.52 x	2.54 x	2.27 x	1.86 x	2.09 x	2.03 x	2.31 x
EV / Revenue	3.05 x	2.83 x	3.12 x	2.7 x	2.18 x	2.35 x	2.18 x	2.42 x
EV / EBITDA	9.1 x	10.3 x	11.7 x	9.37 x	7.27 x	7.67 x	6.97 x	6.44 x
EV / FCF	12.2 x	-8.25 x	-10.8 x	18.3 x	21.8 x	11.9 x	10.6 x	11.3 x
FCF Yield	8.18%	-12.1%	-9.3%	5.45%	4.59%	8.4%	9.39%	8.86%
Price to Book	2.49 x	1.8 x	1.83 x	1.78 x	1.53 x	1.75 x	1.72 x	1.8 x
Nbr of stocks (in thousands)	541,744	540,544	541,226	541,226	541,111	541,111	-	-
Reference price ²	5.320	3.598	3.930	3.960	3.436	3.974	3.974	3.974
Announcement Date	3/12/20	4/20/21	4/21/22	3/15/23	3/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	902.9	771.3	836.6	944.3	1,000	1,027	1,058	932
EBITDA ¹	302.9	210.8	222.4	272.2	300.1	314.1	330.8	350.7
EBIT ¹	170.6	71.12	98.29	148.3	172.7	188.9	207.6	230.8
Operating Margin	18.89%	9.22%	11.75%	15.71%	17.27%	18.39%	19.63%	24.77%
Earnings before Tax (EBT) ¹	166	65	102.8	147.8	161.4	180.5	209.5	196.5
Net income ¹	118.4	54.28	78.37	105	112.9	125	137	136.6
Net margin	13.12%	7.04%	9.37%	11.12%	11.29%	12.17%	12.95%	14.66%
EPS ²	0.2200	0.1000	0.1400	0.1900	0.2100	0.2307	0.2541	0.2526
Free Cash Flow ¹	225.3	-264.5	-242.8	139.1	100.1	202.3	216.5	200
FCF margin	24.96%	-34.3%	-29.02%	14.73%	10.01%	19.7%	20.47%	21.46%
FCF Conversion (EBITDA)	74.39%	-	-	51.12%	33.37%	64.4%	65.46%	57.02%
FCF Conversion (Net income)	190.25%	-	-	132.5%	88.68%	161.81%	158.04%	146.38%
Dividend per Share ²	0.2094	-	0.1081	0.1967	0.2300	0.2361	0.2584	0.2927
Announcement Date	3/12/20	4/20/21	4/21/22	3/15/23	3/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	375	212.6	249	168.1	244	412.1	302.3	229.9	176.8	259.8	436.6	303.6	259.8	184.6	271.4	318.4	231.3	191.8
EBITDA ¹	76.61	70.21	75.55	15.17	81.84	97.01	122.8	52.38	9.727	84.98	94.7	125.3	80.09	15.61	99.49	146.1	55.35	22.67
EBIT ¹	14.83	40.73	42.72	-14.22	51.9	37.69	93.52	17.13	-19.93	52.94	33.02	98.73	40.92	-15.71	69.08	116.4	25.59	-7.574
Operating Margin	3.95%	19.16%	17.16%	-8.46%	21.27%	9.14%	30.93%	7.45%	-11.27%	20.38%	7.56%	32.52%	15.75%	-8.51%	25.45%	36.55%	11.06%	-3.95%
Earnings before Tax (EBT)	16.32	40.69	45.77	-13.55	53.5	39.95	93.43	14.4	-21.42	47.84	26.42	-	37.46	-	-	-	-	-
Net income ¹	13.67	28.41	36.29	-15.21	43.21	28	64.21	12.79	-21.63	40.32	18.69	68.12	26.11	-13.88	46.08	80.09	14.67	-9.267
Net margin	3.64%	13.37%	14.57%	-9.05%	17.71%	6.79%	21.24%	5.56%	-12.23%	15.52%	4.28%	22.44%	10.05%	-7.52%	16.98%	25.16%	6.34%	-4.83%
EPS ²	-	-	0.0600	-	-	-	0.1200	-	-	-	-	-	-	-0.0278	0.0851	0.1479	0.0271	-0.0171
Dividend per Share ²	-	-	-	-	-	-	-	0.1967	-	-	-	-	0.2300	-	-	-	0.2454	-
Announcement Date	8/3/21	11/12/21	4/21/22	5/12/22	8/4/22	8/4/22	11/15/22	3/15/23	5/11/23	8/4/23	8/4/23	11/14/23	3/21/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	237	484	408	322	258	155	108
Net Cash position ¹	126	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.123 x	2.174 x	1.498 x	1.074 x	0.823 x	0.4696 x	0.3079 x
Free Cash Flow ¹	225	-265	-243	139	100	202	217	200
ROE (net income / shareholders' equity)	10.3%	4.85%	6.98%	8.87%	9.32%	10.5%	11.9%	11%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	2.130	2.000	2.150	2.230	2.250	2.270	2.310	2.210
Cash Flow per Share ²	0.4700	0.3600	0.4000	0.4300	0.3900	0.4900	-	-
Capex ¹	116	91.5	85.6	97.8	110	118	124	127
Capex / Sales	12.88%	11.86%	10.24%	10.35%	11.05%	11.48%	11.71%	13.58%
Announcement Date	3/12/20	4/20/21	4/21/22	3/15/23	3/21/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ENAV S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.974 EUR

Average target price

4.85 EUR

Spread / Average Target

+22.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Airport Operators

	1st Jan change	Capi.
ENAV S.P.A.	+16.94%	2.32B
AIRPORTS OF THAILAND	+10.04%	25.5B
KØBENHAVNS LUFTHAVNE A/S	+5.82%	5.56B
FLUGHAFEN WIEN AG	-1.77%	4.52B
GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A.B. DE C.V.	+2.86%	4.2B
JAPAN AIRPORT TERMINAL CO., LTD.	-9.93%	3.41B
GUANGZHOU BAIYUN INTERNATIONAL AIRPORT COMPANY LIMITED	+5.83%	3.38B
ATHENS INTERNATIONAL AIRPORT S.A.	0.00%	2.68B
SHENZHEN AIRPORT CO., LTD.	+8.71%	1.98B
BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED	+16.16%	1.59B

Airport Operators