STOCK COMPARISON
Flughafen Zurich vs Aena: Fair Value & Quality
Both stocks run through our valuation models. Here is how Flughafen Zurich (FHZN) and Aena (AENA) compare, as of Aug 8, 2026.
As of Aug 8, 2026, Fair Value Calculator sees Aena as the more attractively valued of the two: Flughafen Zurich trades at CHF 238 versus a fair value of CHF 121 (-49%), while Aena trades at €26.82 versus €28.41 (+6%).
Flughafen Zurich
FHZN.SW · CHF · Industrials
-49%
upside to fair value
overvalued
PriceCHF 238
Fair ValueCHF 121
Quality61/100
Aena
AENA.MC · EUR · Industrials
+6%
upside to fair value
fairly valued
Price€26.82
Fair Value€28.41
Quality69/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Flughafen ZurichAena
Valuation
20.9×P/E (TTM)18.2×
6.59×P/S (TTM)7.03×
2.85×P/B4.93×
13.6×EV/EBITDA13.1×
6.73×PEG3.02×
3.6%Dividend yield4.2%
CHF 8.50Dividend per share€1.09
Profitability
25%Net margin34%
35%Operating margin31%
11%Return on equity24%
5%Return on assets10%
Growth
4%Revenue growth (YoY)12%
10.0%Avg. growth/yr (3Y)14.4%
16.9%Avg. growth/yr (5Y)23.5%
Balance & size
0.49×Debt / equity0.53×
$9BMarket cap$45B
expensiveGrowth qualityhealthy
Aena leads: 4 to 10 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.
Flughafen Zurichof which business quality 60 · market factors 62
Aenaof which business quality 68 · market factors 64
ProfitabilityMargins and returns on capital today
44
63
Quality GrowthAre margins and returns improving?
41
50
CashflowEarnings quality: real cash, not paper profit
63
80
Fin. StrengthBalance sheet, leverage, solvency risk
74
72
InvestmentDisciplined investing over empire-building
54
56
Low VolatilityCalm price path (market factor)
93
81
MomentumPrice trend over the last 3–12 months (market factor)
50
51
52W MomentumDistance to the 52-week high (market factor)
48
66
Net IssuanceBuybacks instead of dilution
82
82
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Flughafen Zurich
DCF ModelsCHF 102
Earnings-BasedCHF 93.61
Dividend DiscountCHF 87.10
MultiplesCHF 209
Asset-BasedCHF 68.73
Growth DCFCHF 41.74
Economic ProfitCHF 98.11
Growth EarningsCHF 190
22 of 24 models see the stock below the current price.
Aena
DCF Models€28.39
Earnings-Based€14.12
Dividend Discount€17.57
Multiples€23.45
Asset-Based€4.11
Growth DCF€20.51
Economic Profit€14.75
Growth Earnings€23.47
16 of 26 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.
Flughafen Zurich
Bear CHF 94.45Fair Value CHF 121Bull CHF 205
CHF 238 = current price (white tick)
Aena
Bear €17.20Fair Value €28.41Bull €36.38
€26.82 = current price (white tick)
Compare two other stocks
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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.
Flughafen Zurich · Industrials
Quality score61 · Top 25%
Fair value upside-49% · below median
Aena · Industrials
Quality score69 · Top 25%
Fair value upside+6% · above median
Bottom line
As of Aug 8, 2026, Fair Value Calculator sees Aena as the more attractively valued of the two: Flughafen Zurich trades at CHF 238 versus a fair value of CHF 121 (-49%), while Aena trades at €26.82 versus €28.41 (+6%).
Aena has the higher quality score (69/100).
See the full analysis →
More comparisons
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
