Stock ENAV ENAV S.P.A.
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Financials ENAV S.p.A.

Equities

ENAV

IT0005176406

Airport Services

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-04-26 am EDT 		5-day change 1st Jan Change
3.892 EUR +1.78% Intraday chart for ENAV S.p.A. +3.18% +13.27%
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 2,106 - -
Enterprise Value (EV) 1 2,756 2,182 2,611 2,551 2,182 2,371 2,271 2,196
P/E ratio 24.2 x 36 x 28.1 x 20.8 x 16.4 x 16.9 x 15.3 x 15.5 x
Yield 3.94% - 2.75% 4.97% 6.69% 6.09% 6.59% 7.49%
Capitalization / Revenue 3.19 x 2.52 x 2.54 x 2.27 x 1.86 x 2.06 x 1.98 x 2.26 x
EV / Revenue 3.05 x 2.83 x 3.12 x 2.7 x 2.18 x 2.32 x 2.14 x 2.36 x
EV / EBITDA 9.1 x 10.3 x 11.7 x 9.37 x 7.27 x 7.54 x 6.86 x 6.26 x
EV / FCF 12.2 x -8.25 x -10.8 x 18.3 x 21.8 x 11.7 x 10.5 x 11 x
FCF Yield 8.18% -12.1% -9.3% 5.45% 4.59% 8.53% 9.54% 9.11%
Price to Book 2.49 x 1.8 x 1.83 x 1.78 x 1.53 x 1.71 x 1.69 x 1.76 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 3.892 3.892 3.892
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 1,021 1,061 930.6
EBITDA 1 302.9 210.8 222.4 272.2 300.1 314.4 331 350.9
EBIT 1 170.6 71.12 98.29 148.3 172.7 188.7 207.2 230.2
Operating Margin 18.89% 9.22% 11.75% 15.71% 17.27% 18.47% 19.52% 24.73%
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 78.37 105 112.9 124.9 136.8 136.1
Net margin 13.12% 7.04% 9.37% 11.12% 11.29% 12.23% 12.89% 14.63%
EPS 2 0.2200 0.1000 0.1400 0.1900 0.2100 0.2305 0.2536 0.2516
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% 19.8% 20.4% 21.49%
FCF Conversion (EBITDA) 74.39% - - 51.12% 33.37% 64.33% 65.43% 57%
FCF Conversion (Net income) 190.25% - - 132.5% 88.68% 161.97% 158.32% 146.92%
Dividend per Share 2 0.2094 - 0.1081 0.1967 0.2300 0.2370 0.2564 0.2914
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 1 375 212.6 249 168.1 244 412.1 302.3 229.9 176.8 259.8 436.6 303.6 259.8 177.4 269.6 316.2 230 194
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 8.263 91.84 137.8 79.47 13.15
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 -22.58 61.44 106.7 48.31 -17.13
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% -12.73% 22.79% 33.74% 21% -8.83%
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 -19.75 40.68 73.22 31.13 -16.05
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% -11.13% 15.09% 23.15% 13.54% -8.27%
EPS 2 - - 0.0600 - - - 0.1200 - - - - - - -0.0365 0.0752 0.1352 0.0575 -0.0296
Dividend per Share 2 - - - - - - - 0.1967 - - - - 0.2300 - - - 0.2500 -
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 - 237 484 408 322 265 165 90
Net Cash position 1 126 - - - - - - -
Leverage (Debt/EBITDA) - 1.123 x 2.174 x 1.498 x 1.074 x 0.8441 x 0.4979 x 0.2565 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% 11.8% 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 97.8 110 118 124 126
Capex / Sales 12.88% 11.86% 10.24% 10.35% 11.05% 11.52% 11.72% 13.57%
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
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
3.892 EUR
Average target price
4.85 EUR
Spread / Average Target
+24.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Airport Operators
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