Aeroporto Guglielmo Marconi di Bologna SpA (ADB) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Aeroporto Guglielmo Marconi di Bologna SpA stock €12.29, price €9.02, upside +36.3%, quality 50 out of 100. Rating: undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €6.17 – €11.50 · fair‑value band €8.60 – €15.98 · the €9.02 price screens below the €12.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Aeroporto Guglielmo Marconi di Bologna S.p.A., together with its subsidiaries, develops, manages, and maintains an airport in Italy and internationally. The company operates through Aviation, Non-Aviation, and Other segments.
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It manages and develops the airport infrastructure, including terminal, baggage sorting, car parking, traffic, and cargo storage, as well as aircraft runways and aprons.
The company also provides security services and services to passengers with reduced mobility; information to the public and airport users; operates in the general aviation business that handles and manages related infrastructure; develops, revamps, and expands airport infrastructure, such as installations and equipment; and handles cargo and mail at the airport.
In addition, it offers self-hire and parking management services; retail sub-concessions; advertising space; and services for passengers, as well as manages real estate properties. Aeroporto Guglielmo Marconi di Bologna S.p.A. was incorporated in 1981 and is headquartered in Bologna, Italy.
Stock analysis
Aeroporto Guglielmo Marconi di Bologna SpA (ADB) currently trades at €9.02, while our model-based Fair Value estimate is €12.29, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €14.44 per share, and 6 of the 14 models we run sit above the €9.02 price.
Bear case: the Dividend Discount group reads lowest at €5.31, and 8 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €8.60 (bear) to €15.98 (bull), the price of €9.02 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Aeroporto Guglielmo Marconi di Bologna SpA reported revenue of €179M in FY2025 versus €57.8M in FY2021, a compound +32.7%/yr. Reported net income was €24.8M in FY2025.
Key figures
Market cap €326M Small · P/E ratio 13.7 · P/S ratio 1.71 · EPS (TTM) €0.6600 · Dividend yield 3.9% · Net margin 12.5% · Return on equity 10.8% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −41% fair-value upside, at 36%, ADB screens cheaper than that median.
Fair Value models
Bear€8.60Fair Value €12.29Bull€15.98
Price €9.02 · Upside +36.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.2633 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.0%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.6%
Dividend (yield on the price)3.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.6% vs 8.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−24% → 19%
Compare Aeroporto Guglielmo Marconi di Bologna SpA with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airports & Air Services · 49 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+36.3% · Above median
Profitability
Return on equity (12 months)10.8% · Below median
Return on assets5.5% · Above median
Net margin (12 months)12.5% · Above median
Operating margin (12 months)22.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.3% · Above median
Dividend yield (12 months)3.9% · Above median
Balance sheet
Debt / equity0.42× · Above median
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
P/E (12 months)13.7× · Cheaper than median
P/B1.42× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Aeroporto Guglielmo Marconi di Bologna SpA Fair Value". https://www.fairvalue-calculator.com/stock/ADB
Frequently asked questions
Is Aeroporto Guglielmo Marconi di Bologna SpA (ADB) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €12.29 versus a price of €9.02, about +36% upside (undervalued).
What is the fair value of ADB?
Our model-based fair value for Aeroporto Guglielmo Marconi di Bologna SpA is €12.29 (as of Nov 5, 2026), built from audited fundamentals. The current price: €9.02.
What is the quality score of ADB?
Aeroporto Guglielmo Marconi di Bologna SpA has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Our model-based price target is the fair value of €12.29 (as of Nov 5, 2026) from 14 valuation models. Cautious scenario €8.60, optimistic scenario €15.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Aeroporto Guglielmo Marconi di Bologna SpA stock forecast for 2026?
Our models put fair value at €12.29, about +36% upside versus a price of €9.02 (undervalued). Cautious scenario €8.60, optimistic scenario €15.98. The calculation is refreshed regularly with new filings.
What is the revenue of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Aeroporto Guglielmo Marconi di Bologna SpA reported trailing-twelve-month revenue of about €190M (latest available figure, as of Nov 5, 2026).
Does Aeroporto Guglielmo Marconi di Bologna SpA pay a dividend?
Aeroporto Guglielmo Marconi di Bologna SpA currently shows a dividend yield of 3.88% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aeroporto Guglielmo Marconi di Bologna SpA it is €12.29 per share (as of Nov 5, 2026), against a price of €9.02. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Aeroporto Guglielmo Marconi di Bologna SpA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ADB trades below its calculated fair value: price €9.02, fair value €12.29, a gap of about +36% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADB?
No. The price is what the market pays today (€9.02); the fair value is what the company's own numbers justify (€12.29). For Aeroporto Guglielmo Marconi di Bologna SpA the two are €3.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aeroporto Guglielmo Marconi di Bologna SpA worth?
The market values Aeroporto Guglielmo Marconi di Bologna SpA at about €326M (market capitalisation, as of Nov 5, 2026). Per share that is €9.02; our models calculate a fair value of €12.29 per share.
What do the bullish and bearish scenarios say about ADB?
Our models span a range for Aeroporto Guglielmo Marconi di Bologna SpA: cautious scenario €8.60, base €12.29, optimistic €15.98 per share (as of Nov 5, 2026, price €9.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ADB?
Aeroporto Guglielmo Marconi di Bologna SpA trades at a price-to-earnings ratio of 13.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €12.29 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 19.5. Other multiples: P/B 1.4, P/S 1.7, EV/EBITDA 6.9.
How solid is the balance sheet of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Balance-sheet figures for Aeroporto Guglielmo Marconi di Bologna SpA (as of Nov 5, 2026): return on equity 10.8%, debt of 0.42 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is ADB from its 52-week high?
Aeroporto Guglielmo Marconi di Bologna SpA trades at €9.02, about 22% below its 52-week high of €11.50 and 6% above the low of €8.55 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €12.29 is for.
Which stocks are comparable to Aeroporto Guglielmo Marconi di Bologna SpA?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, GMR Airports Limited, Shanghai International Airport Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aeroporto Guglielmo Marconi di Bologna SpA stock attractive at the current price?
The data as of Nov 5, 2026: price €9.02, calculated fair value €12.29 (+36%), Quality Score 50/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADB calculated?
We run Aeroporto Guglielmo Marconi di Bologna SpA through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €12.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Aeroporto Guglielmo Marconi di Bologna SpA currently trades 27% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The closing price on Nov 5, 2026 was €9.02. Our model-based fair value is €12.29, about +36% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aeroporto Guglielmo Marconi di Bologna SpA right now?
Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€8.60 to €15.98) leaves room in how you read the outcome.
Key figures of Aeroporto Guglielmo Marconi di Bologna SpA
How large is the market capitalisation of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The market capitalisation of Aeroporto Guglielmo Marconi di Bologna SpA is €326M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The price-to-sales ratio of Aeroporto Guglielmo Marconi di Bologna SpA is 1.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Earnings per share at Aeroporto Guglielmo Marconi di Bologna SpA are €0.6600 (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The dividend yield of Aeroporto Guglielmo Marconi di Bologna SpA is 3.9% (payout 53.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The net margin of Aeroporto Guglielmo Marconi di Bologna SpA is 12.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The return on equity (ROE) of Aeroporto Guglielmo Marconi di Bologna SpA is 10.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
On an EBIT basis the return on assets of Aeroporto Guglielmo Marconi di Bologna SpA is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
The operating margin of Aeroporto Guglielmo Marconi di Bologna SpA is 22.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Revenue at Aeroporto Guglielmo Marconi di Bologna SpA is growing +11.3% versus a year earlier (3y avg +17.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Aeroporto Guglielmo Marconi di Bologna SpA (ADB)?
Earnings per share at Aeroporto Guglielmo Marconi di Bologna SpA are growing −5.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Aeroporto Guglielmo Marconi di Bologna SpA (ADB) generate?
The free cash flow of Aeroporto Guglielmo Marconi di Bologna SpA is −€12.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Aeroporto Guglielmo Marconi di Bologna SpA (ADB) carry?
The net debt of Aeroporto Guglielmo Marconi di Bologna SpA is €20.3M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026