Added to YB: 2024-05-28
Pitch date: 2024-05-24
ENAV.MI [bullish]
ENAV S.p.A.
+36.15%
current return
Author Info
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Company Info
ENAV S.p.A. provides air traffic control and management, and other air navigation services in Italy, the rest of Europe, and internationally.
Market Cap
EUR 2.0B
Pitch Price
EUR 3.46
Price Target
5.21 (+11%)
Dividend
N/A
EV/EBITDA
5.08
P/E
N/A
EV/Sales
2.15
Sector
Transportation Infrastructure
Category
value
New Portfolio Name — $ENAV.MI
ENAV.MI: Italian air traffic control monopoly at 7x 2024 EBITDA despite 25%+ EBITDA margins. Cash flow set to inflect from €585M in COVID-related accruals + inflation escalators driving €295M 2025 EBITDA (6x) & €287M FCF. Peers trade at 8-10x EBITDA, 22-32x EBITDA-Capex. €5.21 PT for 33% upside.
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