Toscana Aeroporti SpA (TYA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Toscana Aeroporti SpA stock €17.06, price €17.75, that is 3.9% below the price, quality 57 out of 100. Rating: fairly valued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
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.
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The Aviation Business segment includes activities that take place in the airside area with security checkpoints and airport activity; offers ground assistance activities for passengers and aircraft, such as handling, landing, departure, and parking of aircraft, security, and safety activities; passenger embarkation and disembarkation; and cargo embarkation and disembarkation services.
The Non-Aviation Business segments provides landside area for security checkpoints; retail activities, catering, parking, car rentals, advertising, ticketing, and VIP lounge; royalties on sub-concession activities; and direct management of activities, such as parking, ticketing, and advertising; and leases payments of sub-concessionaires.
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. operates as a subsidiary of Corporaciòn America Italia S.p.A.
Stock analysis
Toscana Aeroporti SpA (TYA) currently trades at €17.75, while our model-based Fair Value estimate is €17.06, so the stock looks roughly fairly valued today (gap 4.0%).
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Valuation
Bull case: the Multiples group reads highest at a median of €18.16 per share, and 8 of the 23 models we run sit above the €17.75 price.
Bear case: the Dividend Discount group reads lowest at €4.78, and 15 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: €10.57 (bear) to €22.71 (bull), the price of €17.75 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 57/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Toscana Aeroporti SpA reported revenue of €150M in FY2025 versus €66.6M in FY2021, a compound +22.5%/yr. Reported net income was €16.1M in FY2025.
Key figures
Market cap €330M Small · P/E ratio 20.4 · P/S ratio 2.24 · EPS (TTM) €0.8700 · Dividend yield 2.1% · Net margin 10.9% · Return on equity 13.7% · Return on assets (EBIT) 6.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at −4%, TYA screens cheaper than that median.
Fair Value models
Bear€10.57Fair Value €17.06Bull€22.71
Price €17.75 · Downside -3.9%
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 (€0.4236 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+16.9%
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.
+18.4%
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.
+18.0%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 21 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.
+7.6%
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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.
+4.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.6%
Dividend (yield on the price)2.1%
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.2.6% vs 5.1%, steady
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.−22% → 22%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.7% a year for the price.
Price, fair value, quality and upside side by side.
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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 · 48 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Below median
Fair Value upside−3.9% · Below median
Profitability
Return on equity (12 months)13.7% · Above median
Return on assets5.0% · Below median
Net margin (12 months)10.9% · Below median
Operating margin (12 months)13.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)16.8% · Top 25%
Dividend yield (12 months)2.1% · Below median
Balance sheet
Debt / equity0.79× · Highest 25%
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
P/E (12 months)20.4× · Pricier than median
P/B2.68× · 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.
P/S (12 months)2.24× · Pricier than median
Price / free cash flow (fiscal year)12.3× · Cheaper than median
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Is Toscana Aeroporti SpA (TYA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €17.06 versus a price of €17.75, about 4% lower (fairly valued).
What is the fair value of TYA?
Our model-based fair value for Toscana Aeroporti SpA is €17.06 (as of Nov 4, 2026), built from audited fundamentals. The current price: €17.75.
What is the quality score of TYA?
Toscana Aeroporti SpA has a Quality Score of 57/100. 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 Toscana Aeroporti SpA (TYA)?
Our model-based price target is the fair value of €17.06 (as of Nov 4, 2026) from 23 valuation models. Cautious scenario €10.57, optimistic scenario €22.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Toscana Aeroporti SpA stock forecast for 2026?
Our models put fair value at €17.06, about 4% lower versus a price of €17.75 (fairly valued). Cautious scenario €10.57, optimistic scenario €22.71. The calculation is refreshed regularly with new filings.
What is the revenue of Toscana Aeroporti SpA (TYA)?
Toscana Aeroporti SpA reported trailing-twelve-month revenue of about €148M (latest available figure, as of Nov 4, 2026).
Does Toscana Aeroporti SpA pay a dividend?
Toscana Aeroporti SpA currently shows a dividend yield of 2.12% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Toscana Aeroporti SpA (TYA) and when is the ex-dividend date?
Toscana Aeroporti SpA pays a dividend of €0.376 per share a year, a dividend yield of 2.1%. The last ex-dividend date was Jul 20, 2026. A dividend has been paid every year since 2022. The payout ratio is 43.2% of earnings. Free cash flow covers the dividend 3.85 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Toscana Aeroporti SpA (TYA)?
For today's price to be fair in a discounted-cash-flow model, Toscana Aeroporti SpA would have to grow free cash flow by +9.1 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.0 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of TYA use?
Our models discount Toscana Aeroporti SpA at 12.0 %: a base by market capitalisation (small), damped by beta 0.25, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Toscana Aeroporti SpA that is +9.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Toscana Aeroporti SpA (TYA) delivered so far?
Over the past 5 years revenue at Toscana Aeroporti SpA grew +18.0 % a year. The price currently implies free-cash-flow growth of +9.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Toscana Aeroporti SpA (TYA) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Toscana Aeroporti SpA (+9.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Toscana Aeroporti SpA (TYA)?
The free-cash-flow yield on the price is 8.15 %: that much free cash flow Toscana Aeroporti SpA produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Toscana Aeroporti SpA (TYA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Toscana Aeroporti SpA it is €17.06 per share (as of Nov 4, 2026), against a price of €17.75. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Toscana Aeroporti SpA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, TYA trades above its calculated fair value: price €17.75, fair value €17.06, a gap of about −4% (fairly valued). 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 TYA?
No. The price is what the market pays today (€17.75); the fair value is what the company's own numbers justify (€17.06). For Toscana Aeroporti SpA the two are €0.6900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Toscana Aeroporti SpA worth?
The market values Toscana Aeroporti SpA at about €330M (market capitalisation, as of Nov 4, 2026). Per share that is €17.75; our models calculate a fair value of €17.06 per share.
What do the bullish and bearish scenarios say about TYA?
Our models span a range for Toscana Aeroporti SpA: cautious scenario €10.57, base €17.06, optimistic €22.71 per share (as of Nov 4, 2026, price €17.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TYA?
Toscana Aeroporti SpA trades at a price-to-earnings ratio of 20.4 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €17.06 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 22.3. Other multiples: P/B 2.7, P/S 2.2, EV/EBITDA 9.5.
How solid is the balance sheet of Toscana Aeroporti SpA (TYA)?
Balance-sheet figures for Toscana Aeroporti SpA (as of Nov 4, 2026): return on equity 13.7%, debt of 0.79 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is TYA from its 52-week high?
Toscana Aeroporti SpA trades at €17.75, about 11% below its 52-week high of €20.00 and 1% above the low of €17.60 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €17.06 is for.
Which stocks are comparable to Toscana Aeroporti 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 Toscana Aeroporti SpA stock attractive at the current price?
The data as of Nov 4, 2026: price €17.75, calculated fair value €17.06 (−4%), Quality Score 57/100, from 23 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 TYA calculated?
We run Toscana Aeroporti SpA through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €17.06 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Toscana Aeroporti SpA itself currently trades above fair value. 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 Toscana Aeroporti SpA (TYA)?
The closing price on Nov 6, 2026 was €17.75. Our model-based fair value is €17.06, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Toscana Aeroporti SpA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€10.57 to €22.71) leaves room in how you read the outcome.
Where does the earnings growth of Toscana Aeroporti SpA (TYA) come from?
Earnings per share at Toscana Aeroporti SpA grew +5.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.0 %, EBIT margin +8.6 %, tax rate +0.2 %, residual (interest, one-offs) −2.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Toscana Aeroporti SpA
How large is the market capitalisation of Toscana Aeroporti SpA (TYA)?
The market capitalisation of Toscana Aeroporti SpA is €330M. 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 Toscana Aeroporti SpA (TYA)?
The price-to-sales ratio of Toscana Aeroporti SpA is 2.24 (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 Toscana Aeroporti SpA (TYA)?
Earnings per share at Toscana Aeroporti SpA are €0.8700 (price ÷ EPS = P/E 20.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Toscana Aeroporti SpA (TYA)?
The dividend yield of Toscana Aeroporti SpA is 2.1% (payout 43.2%). 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 Toscana Aeroporti SpA (TYA)?
The net margin of Toscana Aeroporti SpA is 10.9% (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 Toscana Aeroporti SpA (TYA)?
The return on equity (ROE) of Toscana Aeroporti SpA is 13.7% (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 Toscana Aeroporti SpA (TYA)?
On an EBIT basis the return on assets of Toscana Aeroporti SpA is 6.8% (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 Toscana Aeroporti SpA (TYA)?
The operating margin of Toscana Aeroporti SpA is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Toscana Aeroporti SpA (TYA)?
Revenue at Toscana Aeroporti SpA is growing +16.8% versus a year earlier (3y avg +18.4%). 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 Toscana Aeroporti SpA (TYA)?
Earnings per share at Toscana Aeroporti SpA are growing −47.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Toscana Aeroporti SpA (TYA) carry?
The net debt of Toscana Aeroporti SpA is €67.8M (fiscal year 2025, ≈ 2.5 yrs of FCF). 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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Broad data
Nov 4, 2026