| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 4.90 | -52 |
| Graham Formula | 13.30 | 30 |
Aeroporto Guglielmo Marconi di Bologna S.p.A. (0R9D.L) is a key player in Italy's aviation sector, operating Bologna's primary airport, Guglielmo Marconi Airport. The company manages a comprehensive range of aviation and non-aviation services, including terminal operations, cargo handling, security, retail concessions, parking, and real estate management. Serving as a vital transportation hub in Northern Italy, the airport connects regional business and tourism with domestic and international destinations. The company's diversified revenue streams—spanning aviation fees, retail, parking, and commercial services—enhance its resilience in the cyclical transportation industry. With a strategic location in the economically vibrant Emilia-Romagna region, the airport benefits from strong passenger demand and cargo traffic. The company's focus on infrastructure development and passenger experience positions it for sustainable growth in Europe's competitive aviation market.
Aeroporto Guglielmo Marconi di Bologna presents a mixed investment profile. Strengths include its monopoly position as Bologna's sole airport, diversified revenue streams, and a recovering post-pandemic travel demand (evidenced by €143.6M revenue and €16.7M net income in FY2023). The company's manageable debt (€40.5M) and solid liquidity (€44.3M cash) provide financial stability, while a dividend yield (~3.2%) adds income appeal. However, risks include high beta (1.039), reflecting sensitivity to economic cycles, and reliance on regional economic health. Capital expenditures remain modest (€2.3M), suggesting limited near-term growth initiatives. Investors should weigh Italy's macroeconomic conditions and competitive pressures from nearby airports like Milan Linate and Verona.
Aeroporto Guglielmo Marconi di Bologna holds a regional monopoly in Bologna but operates in a competitive Northern Italian airport landscape. Its primary advantage lies in its strategic location serving Emilia-Romagna—a wealthy industrial and tourist region. The airport's mid-size scale allows for operational efficiency, with a focus on point-to-point traffic rather than competing directly with Milan's intercontinental hubs. Competitive strengths include strong non-aviation revenue (retail, parking), accounting for ~40% of total revenue, which provides stability against aviation volatility. However, the airport faces indirect competition from high-speed rail and nearby airports (e.g., Milan Linate, Verona) for short-haul routes. Its cargo segment is smaller compared to dedicated freight hubs but benefits from proximity to manufacturing districts. The company's competitive moat is its infrastructure ownership, but growth is constrained by Italy's fragmented airport market and the dominance of Rome/Milan hubs for long-haul flights.