Aena leads the falls in the Ibex 35 stock market due to the risk of freezing airport taxes

Aena leads the falls of the Ibex 35 with a decline of more than 4.6%, to 22.7 euros per share after this Wednesday he warned that the amendments incorporated by the PP in the Senate to the Sustainable Mobility law would force the airport manager to rethink its strategic plan, valued at 9,991 million between 2027 and 2031. Specifically, Aena has reported that the amendments presented “would disfigure the consistency” economic of the companies, given that the popular initiative Freezing airport taxes between 2027 and 2031 would have “harmful effects on the airport system” in Spain.

The plenary session of the Senate gave the green light this Wednesday to the Sustainable Mobility Law with a total of 86 PP amendmentsamong them, the freezing of said airport taxes and another amendment to launch a new incentive plan with the aim of promoting regional airports. The Renta4 analyst Angel Perez Llamazares has pointed out that they do not consider the company as an opportunity due to the estimated reduction in cash flows as a consequence of the proposed increase in investments in the period 2027-2031.

Regarding the outlook, the analyst has indicated that if they rely on the expected growth in traffic, they estimate that revenue will grow in the mid-single digits. simple the next three yearswith a slight improvement in margins compared to the levels seen in 2024, while they expect net debt to continue reducing, despite higher dividends due to better expected results and higher capital spending. Renta4 chooses to underweight the value and places the target price of the share at 20.50 euros compared to the 21.03 that they previously estimated.

From Bankinter, the analyst Juan Moreno has considered “bad news” the approval by the Senate, which must now go to Congress, of an amendment to the Sustainable Mobility bill that introduces two efficiency conditions for Aena. The first of them, according to Moreno, would imply a freeze of airport taxes during the fiscal years 2027 to 2031 and the secondthe implementation of a new incentive plan agreed upon with the sector, so that Spain’s regional airports are efficiently promoted.

If the measure is approved by Congress, it would mean, as Moreno explained, extending the freeze on airport fees until 2031, which ends in 2026. This would probably lead Aena to reduce the investment plan by not receiving adequate remuneration. Therefore, since Bankinter maintains the “sell” recommendation the value. On October 29, Aena presented its results for the first nine months of the year, a period in which it earned 1,579.4 million, 8.9% more.