J.P.Morgan downgrades Aena, initiates Zurich Airport at 'overweight'

Flughafen Zuerich AG

26/09/2025 12:53

** J.P.Morgan downgrades Aena AENA.MC to "underweight" as it sees a "prolonged period of elevated capex"

** Also initiates Zurich Airport FHZN.S at "overweight", noting its attractive valuation and additional earnings growth expected from Noida Airport

** JPM estimates Aena's free cash flow will no longer be sufficient to finance its dividend policy in the next years, after its announced $15.2 billion investments

** "With traffic showing signs of slowing, with the need to raise debt to finance dividends and risks of operational disruption from major construction works", its dividend policy is in question, the brokerage says

** Meanwhile, it highlights "strong" near-term traffic momentum for Zurich Airport and a longer-term traffic outlook that compares favourably to peers

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))