Is Aena or Copenhagen Airports AS more undervalued?

As of Sep 5, 2026, Aena is at +4% to fair value and Copenhagen Airports AS at -67%. Aena is the more undervalued of the two. Model-based estimate, not financial advice.

Which has higher quality, Aena or Copenhagen Airports AS?

Aena has a quality score of 69/100 and Copenhagen Airports AS 51/100. Aena leads on quality.

STOCK COMPARISON

Aena vs Copenhagen Airports AS: Fair Value & Quality

Both stocks run through our valuation models. Here is how Aena (AENA) and Copenhagen Airports AS (KBHL) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Aena as the more attractively valued of the two: Aena trades at €25.82 versus a fair value of €26.90 (+4%), while Copenhagen Airports AS trades at DKK 5,540 versus DKK 1,821 (-67%).

Aena

AENA.MC · EUR · Industrials

+4%

upside to fair value

fairly valued

Price€25.82

Fair Value€26.90

Quality69/100

Copenhagen Airports AS

KBHL.CO · DKK · Industrials

-67%

upside to fair value

overvalued

PriceDKK 5,540

Fair ValueDKK 1,821

Quality51/100

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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

AenaCopenhagen Airports AS

Valuation

18.2×P/E (TTM)33.1×

7.08×P/S (TTM)7.87×

4.97×P/B8.96×

13.1×EV/EBITDA18.2×

3.02×PEG1.33×

+4.2%Fair value upside−67.1%

4.2%Dividend yield0.4%

€1.09Dividend per share—

Profitability

31%Operating margin20%

24%Return on equity26%

10%Return on assets7%

Growth

12%Revenue growth (YoY)12%

14.4%Avg. growth/yr (3Y)16.1%

23.5%Avg. growth/yr (5Y)28.5%

+12.4%Value creation/yr+4.0%

Balance & size

11.3×Interest coverage (EBIT/interest)9.0×

0.53×Debt / equity1.19×

$46BMarket cap$7B

healthyGrowth qualityexpensive

Aena leads: 12 to 3 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Aenaof which business quality 68 · market factors 60 Copenhagen Airports ASof which business quality 50 · market factors 45

ProfitabilityMargins and returns on capital today

Quality GrowthAre margins and returns improving?

CashflowEarnings quality: real cash, not paper profit

Fin. StrengthBalance sheet, leverage, solvency risk

InvestmentDisciplined investing over empire-building

Low VolatilityCalm price path (market factor)

MomentumPrice trend over the last 3–12 months (market factor)

52W MomentumDistance to the 52-week high (market factor)

Net IssuanceBuybacks instead of dilution

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model family	AenaPrice €25.82	Copenhagen Airports ASPrice DKK 5,540
DCF Models	+12%close to the price€28.85	-71%below the priceDKK 1,593
Earnings-Based	-45%below the price€14.12	-79%below the priceDKK 1,176
Dividend Discount	-32%below the price€17.57	-92%below the priceDKK 438
Multiples	+5%close to the price€27.07	-47%below the priceDKK 2,933
Asset-Based	-84%below the price€4.11	-92%below the priceDKK 423
Growth DCF	-26%below the price€19.22	-92%below the priceDKK 469
Economic Profit	-43%below the price€14.75	-72%below the priceDKK 1,551
Growth Earnings	-6%close to the price€24.15	-48%below the priceDKK 2,892
Minimum	-84%below the price€4.11	-92%below the priceDKK 423
Maximum	+12%close to the price€28.85	-47%below the priceDKK 2,933
Median	-29%below the price€18.39	-75%below the priceDKK 1,363
Geometric mean	-36%below the price€16.48	-80%below the priceDKK 1,100

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Aena: 15 of 26 models see the stock below the current price.

Copenhagen Airports AS: 25 of 25 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Aena

Bear €15.45Fair Value €26.90Bull €36.38

€25.82 = current price (white tick)

Copenhagen Airports AS

Bear DKK 1,172Fair Value DKK 1,821Bull DKK 3,759

DKK 5,540 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Aena · Industrials

Quality score69 · Top 25%

Fair value upside+4% · above median

Copenhagen Airports AS · Industrials

Quality score51 · below median

Fair value upside-67% · bottom 25%

Bottom line

Aena has the higher quality score (69/100).

See the full analysis →

Aena · Copenhagen Airports AS

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.