Aena is planning on going public this fall in a deal that is likely to be the biggest of the year. The Ministry of Public Works is going to buy 49% of the company stock. The Ministry of Competitiveness has criticized this decision, because it would prefer to see the airport be completely private-owned.
Market interest for Aena is still high, and it will be a clear candidate for the Ibex. Further, the company going public will be the only IPO for private investors this year. What interests potential investors most? The potential yield on this stock. The company?s fundamentals are strong. It has low financing cost on its debt (2.1%) compared to other companies in this sector, good earnings forecasts at 597 million euros for next year, and is poised to pay a competitive 2.3% dividend in its first year. This is less than the 4.5% average for Ibex stocks, but not something that will slow down investors that understand Aena's goals.
Aena has the biggest network of airports, wants to keep growing by purchasing new airports while reducing its debt load. If it can do these things, it will be able to pay a modest dividend, which will make the stock look even more attractive to investors.