Aena has the quality attributes I value: in Q3 2026, it achieved a net margin of 39.1% and free cash flow of €999m, while also beating quarterly EPS estimates by 2.1%. However, its debt-to-equity ratio of 0.84 does not fit my preference for lightly leveraged balance sheets, and the airport business is exposed to economic cycles. Estimated EPS would grow by 4.5% in 2027, a modest expansion, while the estimated 2026 P/E of 18.1x requires paying upfront for that quality. The share price is up 24.1% over 12 months and is close to its annual high; the median price target implies upside of −0.8%. I would not buy here: I am waiting for a more attractive valuation before adding it.
Translated automatically from the original in Spanish.