Bank of America raises target for Aena stock to EUR 30.70

Published on 10/01/2026 at 15:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aena stock is valued at EUR 38.2 billion on October 1, 2026. First-half 2026 revenue reached EUR 3.3 billion and net income hit EUR 1.0 billion.

Flughafen-Terminal mit Flugzeugen bei Sonnenuntergang, Aena ES0105046009 — Fotorealistisches Bild zeigt Flughafen-Terminal bei Sonnenuntergang, passend zu Aena S.M.E. S.A., ISIN ES0105046009, Luftfahrtinfrastruktur, Illustration mit AI erstellt.

Bank of America raised its Aena price target from EUR 30.50 to EUR 30.70 on September 16, 2026, according to CapitalBolsa. The revised target followed Spain's regulatory decision on airport charges and keeps the valuation debate centered on traffic growth, commercial revenue and regulated returns.

DORA III changes the earnings frame

Spain's Council of Ministers approved an annual airport-tariff increase of 0.33 percent for 2027 through 2031 under DORA III, as Investing.com reported on September 16, 2026. The program includes EUR 13.0 billion of investment, while passenger numbers are projected to increase from 321.0 million in 2025 to 346.0 million in 2031.

That framework is more supportive than the earlier regulatory assumptions, but the tariff increase remains below the 3.8 percent increase Aena had initially requested, according to CapitalBolsa.

First-half figures show strong cash generation

Aena closed the first half of 2026 with net income of EUR 1.0 billion, according to the company's investor-relations page dated July 29, 2026. The result was 12.10 percent above the prior-year period, while revenue increased 10.10 percent to EUR 3.3 billion and EBITDA rose 6.30 percent to EUR 1.8 billion, Benzinga reported on September 8, 2026.

The EBITDA margin declined from 56.50 percent to 54.50 percent in the first half of 2026, while commercial revenue reached EUR 991.0 million, up 6.70 percent year over year. This mix matters because commercial activities are less directly tied to regulated airport charges.

Market value and next results date

Aena's market capitalization stood at EUR 38.2 billion on October 1, 2026, and its 52-week range was EUR 21.96 to EUR 28.86. Bank of America expects a 5.10 percent dividend yield for 2026, while Aena's next scheduled results publication is October 28, 2026, for the third quarter, according to MarketScreener.