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Investing.com - UBS upgraded AENA SME SA (BME:AENA) (OTC:ANNSF) from Neutral to Buy on Wednesday, raising its price target to EUR26.80 from EUR22.00.
The upgrade follows UBS’s analysis of recent developments in Spanish utilities regulatory framework details and incremental capital expenditure announcements, which the firm believes support a moderate tariff decline during DORA III.
UBS now models an average decline of approximately 1% in IMAJ per year, an improvement from its previous estimate of -3% and more favorable than the consensus expectation of -1.7%.
The investment bank has upgraded its FY26-29 EBITDA estimates for AENA by 5-10%, reflecting the more optimistic regulatory outlook.
UBS views AENA as a core holding in the EU Transport space offering growth and yield, noting that the company’s retail business, which represents approximately 70% of fair value, currently trades at around 14x EV/EBITDA, below its 15.6x average and pre-COVID valuation peak in the high teens.
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