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STOCK COMPARISON

Aena vs Airports Of Thailand: Fair Value & Quality

Both stocks run through our valuation models. Here is how Aena (AENA) and Airports Of Thailand (TATD) 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 Airports Of Thailand trades at S$2.45 versus S$1.25 (-49%).
Aena
AENA.MC · EUR · Industrials
+4%
upside to fair value
fairly valued
Price€25.82
Fair Value€26.90
Quality69/100
Airports Of Thailand
TATD.SG · SGD · Industrials
-49%
upside to fair value
overvalued
PriceS$2.45
Fair ValueS$1.25
Quality65/100
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Head-to-head numbers

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

AenaAirports Of Thailand
Valuation
18.2×P/E (TTM)51.6×
7.08×P/S (TTM)
4.97×P/B
13.1×EV/EBITDA
3.02×PEG0.93×
+4.2%Fair value upside−49.0%
4.2%Dividend yield
€1.09Dividend per shareS$0.81
Profitability
31%Operating margin37%
24%Return on equity14%
10%Return on assets7%
Growth
12%Revenue growth (YoY)-3%
14.4%Avg. growth/yr (3Y)59.1%
23.5%Avg. growth/yr (5Y)
+12.4%Value creation/yr+27.3%
Balance & size
11.3×Interest coverage (EBIT/interest)10.1×
0.53×Debt / equity0.00×
$46BMarket cap$29B
healthyGrowth qualitymixed

Even match: 5 to 5 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 Airports Of Thailandof which business quality 62 · market factors 80
ProfitabilityMargins and returns on capital today
63
52
Quality GrowthAre margins and returns improving?
50
32
CashflowEarnings quality: real cash, not paper profit
80
82
Fin. StrengthBalance sheet, leverage, solvency risk
72
64
InvestmentDisciplined investing over empire-building
56
55
Low VolatilityCalm price path (market factor)
81
78
MomentumPrice trend over the last 3–12 months (market factor)
49
74
52W MomentumDistance to the 52-week high (market factor)
57
94
Net IssuanceBuybacks instead of dilution
82
82

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 familyAenaPrice €25.82Airports Of ThailandPrice S$2.45
DCF Models+12%close to the price€28.85+1874%above the priceS$48.36
Earnings-Based-45%below the price€14.12+1228%above the priceS$32.54
Dividend Discount-32%below the price€17.57n/a
Multiples+5%close to the price€27.07+884%above the priceS$24.11
Asset-Based-84%below the price€4.11+151%above the priceS$6.14
Growth DCF-26%below the price€19.22+1189%above the priceS$31.58
Economic Profit-43%below the price€14.75+709%above the priceS$19.83
Growth Earnings-6%close to the price€24.15+1594%above the priceS$41.51
Minimum-84%below the price€4.11+151%above the priceS$6.14
Maximum+12%close to the price€28.85+1874%above the priceS$48.36
Median-29%below the price€18.39+1189%above the priceS$31.58
Geometric mean-36%below the price€16.48+919%above the priceS$24.97

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.

Airports Of Thailand: 0 of 24 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)
Airports Of Thailand
Bear S$0.72Fair Value S$1.25Bull S$1.62
S$2.45 = 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

Airports Of Thailand · Industrials

Quality score65 · Top 25%
Fair value upside-49% · below median

Bottom line

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 Airports Of Thailand trades at S$2.45 versus S$1.25 (-49%).

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

See the full analysis →

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