Ori­gi­nal-Re­se­arch: ENAV S.p.A. – (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: ENAV S.p.A. – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to ENAV S.p.A.

Com­pa­ny Name: ENAV S.p.A.
ISIN: IT0005176406

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 5.15 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Cos­min Fil­ker, E. Geß­wein

„Se­cu­ri­ty abo­ve the clouds with high plan­ning abili­ty“ Con­ti­nuous re­co­very and so­lid growth com­bi­ned with a uni­que busi­ness mo­del of­fer fu­ture share pri­ce po­ten­ti­al, tar­get pri­ce: € 4.50 and BUY ra­ting

The Ita­li­an ENAV S.p.A., which ope­ra­tes in the air traf­fic con­trol and air na­vi­ga­ti­on ser­vices sec­tor, ge­ne­ra­tes at­trac­ti­ve mar­gins in a so­lid en­vi­ron­ment. Hit by the glo­bal COVID-19 pan­de­mic, ENAV S.p.A., the world’s only lis­ted pro­vi­der of air na­vi­ga­ti­on ser­vices, suf­fe­r­ed a se­ve­re drop in to­tal re­ve­nue of around 15% in the 2020 fi­nan­cial year. As a re­sult, the­se fell from € 902.89 mil­li­on to just € 771.30 mil­li­on. Sin­ce then, ho­we­ver, the com­pa­ny has been on a ste­ady re­co­very path and has been able to ful­ly re­co­ver the ef­fects of the pan­de­mic and re­turn to its for­mer strength wi­thin the last two fi­nan­cial ye­ars.

ENAV S.p.A. clo­sed the past 2022 fi­nan­cial year with to­tal re­ve­nues of € 944.31 mil­li­on. This con­firms the on­go­ing re­co­very trend and the com­pa­ny also pres­ents so­lid fi­gu­res for the first six months of 2023. With a to­tal re­ve­nue in­crease to € 441.61 mil­li­on (PY: € 416.40 mil­li­on), the ex­tre­me­ly so­lid EBITDA mar­gin of more than 20% was also con­firm­ed. The EBITDA of € 99.74 mil­li­on (pre­vious year: € 97.01 mil­li­on) did, ho­we­ver, show a slight de­cli­ne, as the in­cre­asing re­co­very in air traf­fic and the re­ne­wed growth in busi­ness made it ne­ces­sa­ry to re­cruit new staff. In ad­di­ti­on, a ch­an­ge in the fi­nan­cing mix (hig­her pro­por­ti­on of va­ria­ble lo­ans) and a plan­ned re­sche­du­ling of two lo­ans due to the in­crease in key in­te­rest ra­tes led to an in­crease in fi­nan­cing cos­ts in the first half of the 2023 fi­nan­cial year, which meant, that the af­ter-tax re­sult of € 18.37 mil­li­on (pre­vious year: € 27.72 mil­li­on) was si­gni­fi­cant­ly be­low the pre­vious year’s fi­gu­re. For the fur­ther cour­se of busi­ness, ho­we­ver, a con­tin­ued nor­ma­li­sa­ti­on of flight ope­ra­ti­ons is to be ex­pec­ted, wher­eby the busi­ness de­ve­lo­p­ment should seam­less­ly con­ti­nue the po­si­ti­ve trend of the past ye­ars.

Par­ti­cu­lar­ly no­te­wor­t­hy is the broad­ly di­ver­si­fied cus­to­mer struc­tu­re, which in­cludes not only in­ter­na­tio­nal play­ers such as Luft­han­sa or ea­sy­Jet, but also na­tio­nal com­pa­nies. The mix of na­tio­nal and in­ter­na­tio­nal busi­ness can be seen as the ba­sis for the sta­ble de­ve­lo­p­ment of tur­no­ver. As a re­sult, not only are at­trac­ti­ve and pre­dic­ta­ble re­sults achie­ved, but the­se are also con­ti­nuous­ly dis­tri­bu­ted to the share­hol­ders wi­thin the frame­work of the at­trac­ti­ve di­vi­dend po­li­cy. Fi­nal­ly, the busi­ness mo­del also en­joys a spe­cial re­gu­la­to­ry frame­work, which crea­tes a moat ef­fect and makes it dif­fi­cult or im­pos­si­ble for new com­pe­ti­tors to en­ter the mar­ket.

The in­cre­asing di­gi­ta­li­sa­ti­on and au­to­ma­ti­on of air traf­fic should also be na­med as a fu­ture growth dri­ver. On the one hand, the de­ve­lo­p­ment of our soft­ware so­lu­ti­ons is an es­sen­ti­al growth fac­tor. In ad­di­ti­on, the de­ve­lo­p­ment of the first glo­bal sa­tel­li­te mo­ni­to­ring sys­tem, which is ba­sed wi­thin the sub­si­dia­ry Ai­re­on Hol­dings LLC, is pro­mi­sing. The aim is to crea­te a sys­tem that will enable air traf­fic con­trol of all flight rou­tes world­wi­de, co­ve­ring in par­ti­cu­lar the po­lar, ocea­nic and re­mo­te are­as that are curr­ent­ly not co­ver­ed by ra­dar­ba­sed air traf­fic con­trol ser­vices. This makes it pos­si­ble to op­ti­mi­se flight rou­tes even in re­mo­te re­gi­ons.

For the 2023 fi­nan­cial year, the com­pa­ny ex­pects sin­gle-di­git re­ve­nue growth in the mi­dran­ge. This is in line with our esti­ma­tes, which is why we have va­lued ENAV S.p.A. on the ba­sis of the busi­ness out­look and histo­ry using our DCF mo­del. We have de­ter­mi­ned a fair va­lue of € 5.15 per share. In view of the cur­rent share pri­ce le­vel, we as­sign a Buy ra­ting and see good up­si­de po­ten­ti­al.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:

Kon­takt für Rück­fra­gen
Hal­der­stra­ße 27
86150 Augs­burg
0821241133 0
Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.



Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

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