Aena partially fits my strategy: it offers a 3.9% yield, an estimated dividend of €1.09 and a 70% payout, backed by €999m in free cash flow and a 39.1% net margin. In addition, EPS has grown from €0.601 in 2022 to €1.420 in 2025, although projected growth moderates to +4.5% in 2027. I am concerned about its track record: the dividend was €0.00 from 2020 to 2022, so I do not consider its defensive credentials fully proven. The share price is up 24.1% over 12 months and is just 1.8% below the yearly high. With an estimated P/E of 18.1x and a Hold consensus, whose target implies −0.8% downside, I would rather not chase the price. I am staying on the sidelines and would wait for a more demanding entry point.
Translated automatically from the original in Spanish.