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1. Company Snapshot

1.a. Company Description

Toscana Aeroporti S.p.A. operates and manages Florence and Pisa airports in Italy.The company operates through Aviation Business and Non-Aviation Business segments.It manages handling activities include passenger and aircraft ground handling, landing, aircraft departure and stopover, security and safety activities, passenger boarding and disembarkation, and cargo loading and unloading; and provides engineering services.


The company also engages in the retail activities; and provides catering, car parking, car rental, advertising, air ticket office, VIP lounge, and cargo agency services.In addition, it engages in commercial and real estate activities; build airports, roads, railways; performs river and maritime works; and develops noise mitigation systems and prefabricate concrete elements for road, airport, and railway facilities.The company was formerly known as Società Aeroporto Toscano (S.A.T.) Galileo Galilei S.p.A. and changed its name to Toscana Aeroporti S.p.A. in June 2015.


Toscana Aeroporti S.p.A. was founded in 1978 and is headquartered in Florence, Italy.Toscana Aeroporti S.p.A. is a subsidiary of Corporacion America Italia S.p.A.

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1.b. Last Insights on TYA

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.36%)

6. Segments

Aviation

Expected Growth: 10%

Toscana Aeroporti S.p.A.'s 10% growth in aviation is driven by increasing tourism in Tuscany, improved airport infrastructure, and strategic route expansions. Additionally, the rise of low-cost carriers, growing business travel, and a strong economy contribute to the segment's growth.

Non-Aviation

Expected Growth: 11%

Toscana Aeroporti S.p.A.'s Non-Aviation segment growth of 11% is driven by increasing retail and food & beverage sales, boosted by rising passenger traffic and tourism in Tuscany. Additionally, the company's focus on enhancing the passenger experience through investments in infrastructure and services has contributed to the growth.

Unallocated (Corporate)

Expected Growth: 13%

Toscana Aeroporti S.p.A.'s unallocated corporate segment growth of 13% is driven by effective cost management, increased operational efficiency, and strategic investments in digital transformation, leading to improved productivity and enhanced customer experience.

7. Detailed Products

Airport Management Services

Toscana Aeroporti S.p.A. provides comprehensive airport management services, including airport operations, security, and safety management.

Aeronautical Services

The company offers a range of aeronautical services, including air traffic control, aeronautical information, and flight planning.

Non-Aeronautical Services

Toscana Aeroporti S.p.A. provides non-aeronautical services, including retail, food and beverage, and advertising opportunities.

Airport Infrastructure Development

The company offers airport infrastructure development services, including design, construction, and management of airport facilities.

Airport Security Services

Toscana Aeroporti S.p.A. provides airport security services, including passenger screening, baggage handling, and access control.

Ground Handling Services

The company offers ground handling services, including passenger handling, baggage handling, and cargo handling.

8. Toscana Aeroporti S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Toscana Aeroporti S.p.A. is medium due to the presence of alternative modes of transportation such as trains and buses, but the convenience and speed of air travel make it a preferred choice for many passengers.

Bargaining Power Of Customers

The bargaining power of customers for Toscana Aeroporti S.p.A. is low due to the lack of alternative airports in the region, making it a necessity for passengers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Toscana Aeroporti S.p.A. is medium due to the presence of multiple suppliers for goods and services, but the airport's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Toscana Aeroporti S.p.A. is low due to the high barriers to entry in the airport industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Toscana Aeroporti S.p.A. is high due to the presence of other airports in the region, such as Bologna and Rome, which compete for passengers and airlines.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.09%
Debt Cost 6.76%
Equity Weight 50.91%
Equity Cost 6.76%
WACC 6.76%
Leverage 96.44%

11. Quality Control: Toscana Aeroporti S.p.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NCC

A-Score: 6.3/10

Value: 6.5

Growth: 5.4

Quality: 4.6

Yield: 7.5

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
Enter Air

A-Score: 5.9/10

Value: 8.2

Growth: 7.6

Quality: 4.2

Yield: 4.4

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

Stock-Card
Toscana Aeroporti

A-Score: 5.3/10

Value: 4.1

Growth: 5.2

Quality: 6.1

Yield: 3.1

Momentum: 7.5

Volatility: 5.7

1-Year Total Return ->

Stock-Card
DO & CO

A-Score: 5.2/10

Value: 4.0

Growth: 8.3

Quality: 5.5

Yield: 0.6

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

Stock-Card
Norwegian Air

A-Score: 5.2/10

Value: 7.9

Growth: 3.9

Quality: 4.2

Yield: 4.4

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

Stock-Card
Finnair

A-Score: 4.0/10

Value: 7.2

Growth: 4.7

Quality: 1.5

Yield: 1.9

Momentum: 7.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.5$

Current Price

18.5$

Potential

-0.00%

Expected Cash-Flows