ENAV S.p.A. (ENAV.MI) | Investment Case

1. Company Snapshot

1.a. Company Description

ENAV S.p.A. provides air traffic control and management, and other air navigation services in Italy, the rest of Europe, and internationally.It operates through three segments: Air Navigation Services, Maintenance Services, and AIM Software Solutions.The company also offers technical management and maintenance services for air traffic control equipment and systems, as well as for air infrastructure; and develops software solutions for the management of aeronautical information and air traffic, as well as provides related commercial and maintenance services.

In addition, it offers air traffic flow management, communication navigation and surveillance, digital aeronautical management, and flight procedure design and validation solutions.Further, the company provides flight inspection, aeronautical consulting, technical and engineering services, meteorology, and training and other services, as well as maintenance services for software solutions, as well as sells software licenses.It serves air navigation service providers, airport authorities, aeronautical agencies, and government and private entities.

ENAV S.p.A. was founded in 2001 and is based in Rome, Italy.

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1.b. Last Insights on ENAV

ENAV S.p.A.'s recent performance has been driven by strong traffic growth, upgraded 2025 guidance, and improved cash flow. The company's Q2 2025 earnings call highlighted significant growth in air traffic, which has bolstered its financials. A recent deal related to air traffic is expected to further enhance ENAV's growth prospects. With a strategic role in air traffic management, ENAV is well-positioned to capitalize on increasing demand. The company's upgraded guidance suggests a positive outlook, driven by favorable business conditions.

1.c. Company Highlights

Last Price	4.55
Change Percentage	-0.48%
Open	4.57
Previous Close	4.58
Market Cap ( Millions)	2465
Volume	576662
Year High	4.71
Year Low	3.3
M A 50	4.49
M A 200	4.09

FCF Yield	10.50%
Dividend Yield	5.93%
ROE	9.37%
Debt / Equity	54.16%
Net Debt / EBIDTA	188.79%
Price To Book	2.27
Price Earnings Ratio	22.44
Price To FCF	9.53
Price To sales	2.5
EV / EBITDA	15.8

2. Transcript Summary

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3. NewsRoom

Can ENAV’s Growth Continue After Solid Returns and Air Traffic Deal in 2025?

Sep -24

Source:

ENAV SpA (STU:ENV) Q2 2025 Earnings Call Highlights: Strong Traffic Growth and Upgraded ...

Aug -01

Source:

ENAV SpA (FRA:ENV) Q1 2025 Earnings Call Highlights: Navigating Growth Amidst Seasonal Challenges

May -15

Source:

ENAV SpA (FRA:ENV) Q3 2024 Earnings Call Highlights: Strong Traffic Growth and Solid Cash Flow ...

Nov -15

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.51%)

6. Segments

Flight Assistance Services

Expected Growth: 2.5%

ENAV S.p.A.'s Flight Assistance Services growth is driven by increasing air traffic, adoption of digital technologies, and rising demand for efficient air navigation systems. Additionally, growing focus on safety, security, and environmental sustainability in the aviation industry contributes to the 2.5% growth rate.

Aeronautical Information Management Software Solutions

Expected Growth: 3.5%

ENAV S.p.A.'s Aeronautical Information Management Software Solutions growth is driven by increasing air traffic, need for efficient air traffic management, and adoption of digital technologies. Growing demand for automation, data analytics, and cybersecurity in aviation also contribute to the 3.5% growth rate.

Maintenance Services

Expected Growth: 2.0%

ENAV S.p.A.'s Maintenance Services segment growth of 2.0% is driven by increasing air traffic, modernization of air traffic management systems, and outsourcing of maintenance activities by airports and airlines. Additionally, the company's focus on innovation, digitalization, and cost optimization also contribute to the growth.

Other

Expected Growth: 1.5%

ENAV S.p.A.'s 1.5% growth in 'Other' segment is driven by increasing demand for aeronautical information and air traffic management services, expansion into new markets, and investments in digitalization and innovation, leading to improved operational efficiency and cost savings.

7. Detailed Products

Air Traffic Management (ATM) Systems

ENAV S.p.A. provides air traffic management systems that enable safe, efficient, and sustainable air traffic management. These systems include air traffic control, air traffic flow management, and aeronautical information management.

Aeronautical Information Management (AIM) Systems

ENAV's AIM systems provide aeronautical data and information management solutions that enable the creation, management, and distribution of aeronautical data.

Air Traffic Control (ATC) Systems

ENAV's ATC systems provide air traffic control solutions that enable air traffic controllers to manage air traffic safely and efficiently.

Unmanned Aerial Vehicle (UAV) Traffic Management (UTM) Systems

ENAV's UTM systems provide solutions for the safe integration of drones into airspace, enabling the management of UAV traffic.

Aeronautical Communications, Navigation, and Surveillance (CNS) Systems

ENAV's CNS systems provide communication, navigation, and surveillance solutions that enable safe and efficient air traffic management.

Air Traffic Flow Management (ATFM) Systems

ENAV's ATFM systems provide solutions for managing air traffic flow, reducing delays, and improving air traffic efficiency.

Consulting and Training Services

ENAV provides consulting and training services to support air navigation service providers, airports, and airlines in the implementation of air traffic management systems.

8. ENAV S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ENAV S.p.A. operates in a niche market, providing air navigation services, which reduces the threat of substitutes. However, the increasing adoption of unmanned aerial vehicles (UAVs) and the development of autonomous systems could potentially substitute some of ENAV's services.

Bargaining Power Of Customers

ENAV S.p.A. has a strong market position, and its customers, such as airlines and airports, have limited bargaining power. The company's services are essential for the safe and efficient operation of air traffic, giving ENAV a strong negotiating position.

Bargaining Power Of Suppliers

ENAV S.p.A. relies on a few suppliers for its technology and infrastructure, which gives them some bargaining power. However, the company's strong market position and the specialized nature of its services limit the suppliers' negotiating power.

Threat Of New Entrants

The air navigation services market has high barriers to entry, including significant capital investments and regulatory hurdles. This limits the threat of new entrants and gives ENAV S.p.A. a competitive advantage.

Intensity Of Rivalry

ENAV S.p.A. operates in a competitive market, with several players providing air navigation services. However, the company's strong market position, specialized services, and high barriers to entry limit the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.25%
Debt Cost	6.33%
Equity Weight	69.75%
Equity Cost	8.33%
WACC	7.72%
Leverage	43.37%

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

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Flughafen Wien

A-Score: 6.3/10

Value: 4.4

Growth: 6.7

Quality: 7.9

Yield: 4.4

Momentum: 5.0

Volatility: 9.3

1-Year Total Return ->

ENAV

A-Score: 6.3/10

Value: 4.1

Growth: 5.8

Quality: 4.9

Yield: 8.1

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

Zurich Airport

A-Score: 5.9/10

Value: 2.6

Growth: 5.8

Quality: 6.2

Yield: 3.8

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

IAG

A-Score: 5.4/10

Value: 7.3

Growth: 4.8

Quality: 5.0

Yield: 1.2

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

Aeroports de Paris

A-Score: 4.4/10

Value: 3.2

Growth: 5.9

Quality: 2.6

Yield: 2.5

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

Corporación América Airports

A-Score: 4.1/10

Value: 4.9

Growth: 6.9

Quality: 6.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-2.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.72%

ENAV S.p.A. - IT0005176406

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ENAV

1.c. Company Highlights

Higher Yield

Less Volatile

Fairly Valued

Earnings Miss

Medium Volatility

Stable Momentum

Revenues Beats

Better Quality

Strong Momentum

Average Quality

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.51%)

6. Segments

Flight Assistance Services

Expected Growth: 2.5%

Aeronautical Information Management Software Solutions

Expected Growth: 3.5%

Maintenance Services

Expected Growth: 2.0%

Other

Expected Growth: 1.5%

7. Detailed Products

Air Traffic Management (ATM) Systems

Aeronautical Information Management (AIM) Systems

Air Traffic Control (ATC) Systems

Unmanned Aerial Vehicle (UAV) Traffic Management (UTM) Systems

Aeronautical Communications, Navigation, and Surveillance (CNS) Systems

Air Traffic Flow Management (ATFM) Systems

Consulting and Training Services

8. ENAV S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: ENAV 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.55$

Current Price

4.55$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA