ENAV ENAV.MI
ItalyIndustrials · Airports & Air ServicesBorsa Italiana · EUR
5.19 EUR (+10.3%)
7 analysts
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ENAV is Italy's air navigation services provider: it manages civil air traffic control in Italian airspace and provides related services to airlines and airports, with revenues regulated by the state.
Listed on Borsa Italiana · Symbol ENAV.MI · BIT: ENAV · Currency EUR
Key points
from its scores- ✓Very solid balance sheet7.2
- ✕Little or no dividend4.5
- !Average business quality5.1
- !Risks to watch5.1
AI analysis
bottom line, main risk, context and newsAcceptable fundamentals and a sound balance sheet, but the quality of the moat and dividend sustainability do not justify overweighting, and Italian governance risk limits the appeal.
ENAV shows solid financial health (net debt/EBITDA of 0.87, liquidity of 2.16) and moderate growth (revenue +7.2%, earnings +18.1%), but quality is mediocre (ROIC 6.86%, FCF conversion 25.12%) and the 5.49% dividend is not covered by earnings (145% payout). The main risk is institutional: it operates under a state concession in Italy, with weak governance for minority shareholders.
The main risk is dependence on the Italian state as regulator and shareholder: tariffs and the concession may be subject to political decisions that prioritize public objectives over minority shareholder returns.
Context and risks
ENAV operates in Italy, a country with elevated governance risk according to the assigned profile. Its air traffic control business depends on concessions and tariffs regulated by the Italian state, exposing minority shareholders to political decisions that may prioritize public objectives over profitability. This institutional risk justifies a significant penalty on the base risk.
Is ENAV stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 18% below the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 23.5 | 25.4 | −8% |
| EV / EBITDA | 10.5 | 14.5 | −28% |
| Price / book | 2.5 | 4.1 | −39% |
| Price / sales | 2.5 | 2.1 | +21% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.4 out of 10 (median for Industrials: 5.0).
Average analyst target: 5.19 EUR, +10.3% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 7.2 (sector 6.4), Growth 6.6 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 23.5
- Forward P/E
- 21.0
- EV / EBITDA
- 10.5
- Price / book
- 2.5
- Price / sales
- 2.5
- PEG
- 1.16
- Market cap
- 2.5B EUR
- Enterprise value
- 2.8B EUR
Profitability
- ROE
- 10.0%
- ROA
- 4.0%
- ROIC (approx.)
- 6.9%
- Gross margin
- 99.7%
- Operating margin
- 10.2%
- Net margin
- 10.4%
- Free cash flow
- 66.6M EUR
- FCF yield
- 2.6%
- Cash conversion
- 25%
Solvency
- Total debt
- 471.0M EUR
- Net debt
- 231.1M EUR
- Cash
- 239.9M EUR
- EBITDA
- 264.9M EUR
- Net debt / EBITDA
- 0.87
- Debt / equity
- 45.51
- Current ratio
- 2.16
- Quick ratio
- 1.78
Growth
- Revenue growth
- +7.2%
- Earnings growth
- +18.1%
- EPS (TTM)
- 0.20 EUR
- EPS (forward)
- 0.22 EUR
Dividend
- Dividend yield
- 6.2%
- Payout
- 145.0%
Risk and market
- Beta
- 0.64
- Analyst consensus
- none (7)
- Target price
- 5.19 EUR
- 52-week range
- 4.29 – 5.64
Recent news
All ENAV.MI news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about ENAV
Is ENAV stock cheap or expensive?
On P/E and EV / EBITDA, it trades 18% below the Industrials median on average. Valuation score: 5.4 out of 10 (median for Industrials: 5.0). Average analyst target: 5.19 EUR, +10.3% versus the price. This is not investment advice.
What score does ENAV get on MeridIAn Screener?
It scores 5.7 out of 10, rank 1,238 of 2,130 (better than 39% of the companies analysed). Its strongest category is Financial health (7.2) and its weakest, Dividend (4.5). Analysis of 08/10/2026.
What is ENAV's P/E ratio?
Its P/E is 23.5: the share price equals 23.5 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 21.0.
How much is ENAV worth on the stock market?
Its market capitalisation is 2.5B EUR and its enterprise value, debt included, is 2.8B EUR.
How much debt does ENAV have?
Its net debt (debt minus cash) is 231.1M EUR. That is 0.87 times its EBITDA; the Industrials median is 1.58.
Does ENAV pay a dividend?
Yes: its dividend yield is 6.17% and it pays out 145% of its earnings.
How has ENAV stock performed over the last year?
It has risen 11.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 4.29 and 5.64 EUR. Past performance does not guarantee future results.
What do analysts think of ENAV?
7 analysts cover it; their average recommendation is “none” and their average target is 5.19 EUR (+10.3% versus the price). It is an estimate, not market data.