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Aeroporto Guglielmo Marconi di Bologna S.p.A (ADB) Fair Value & Analysis

Industrials · IT · Market cap €339M

AG Aeroporto Guglielmo Marconi di Bologna S.p.A ADB · MI
Price€9.98
Fair Value€12.29
Upside+23.2%
Quality51/100
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Expensive Growth
Solidly profitable · 13.2% net margin
Low debt · negative free cash flow
3.79% dividend yield
Ranks above peers (8/13)
Moderate moat 51/100
Evidence: High Range €8.60 – €15.98 Share as image

Fair value as of: Jul 14, 2026

From 16 valuation models · updated 26 days ago

Share price +1.0% over the past month.

A solid business, screening 23% undervalued on our models.

What matters now

  • Solid quality (51/100) 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.
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Price vs Fair Value (5 years)

€11.50 €6.17 Fair Value €12.29 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range €6.17 – €11.50 · fair‑value band €8.60 – €15.98 · the €9.98 price screens below the €12.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Aeroporto Guglielmo Marconi di Bologna S.p.A (ADB) currently trades at €9.98, while our model-based Fair Value estimate is €12.29, implying the stock looks roughly 23.2% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Aeroporto Guglielmo Marconi di Bologna S.p.A generated revenue of €185M at a net margin of 13.2%. Revenue grew 15.9% year over year. It earns a return on equity of 10.7%. Net debt stands at €20.3M. Fundamentals as of Jul 14, 2026

Our scenario range runs from €8.60 (bear case) to €15.98 (bull case); at €9.98, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -29% fair-value upside, at 23%, ADB screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income €5.40 €5.94 €7.56 76
ROIC Compounder €6.07 €7.45 €9.41 72
Gordon GGM €3.66 €6.59 €9.08 70
All 16 models by family
Earnings-Based
Graham-Dodd €4.68 €20.06 €27.41 54
Lynch FV €5.14 €7.34 €9.54 50
PEG = 1.0 €5.14 €7.34 €9.54 46
EPV €6.07 €6.95 €7.69 59
Dividend Discount
Gordon GGM €3.66 €6.59 €9.08 70
DDM Multi-Stage €3.66 €6.02 €7.04 61
Multiples
P/E Multiple €10.83 €14.44 €18.05 63
P/S Multiple €7.44 €9.92 €12.40 58
P/B Multiple €8.77 €11.69 €14.61 55
EV/EBIT €11.60 €15.60 €19.60 53
EV/EBITDA €12.75 €17.12 €21.50 54
EV/Revenue €5.87 €8.54 €11.22 43
Asset-Based
NCAV (Graham) €3.17 €4.24 €6.33 50
Economic Profit
Residual Income €5.40 €5.94 €7.56 76
ROIC Compounder €6.07 €7.45 €9.41 72
Growth Earnings
Growth-Adj P/E €8.60 €12.29 €15.98 68

Widest divergence: Growth Earnings (€12.29) versus Asset-Based (€4.24). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) €185M
Revenue growth (YoY) +15.9%
Net margin 13.2%
Return on equity 10.7%
Free cash flow −€12.7M FY2025
P/E ratio 14.0
More key figures
Operating margin 12.0%
EPS (TTM) €0.6700
Dividend yield 3.8%
EPS growth (YoY) -18.9%
Net debt €20.3M FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 62

Profitability 43
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aeroporto Guglielmo Marconi di Bologna S.p.A reported revenue of €179M in FY2025 versus €57.8M in FY2021, a compound +32.7%/yr. Reported net income was €24.8M in FY2025.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€179M
Latest YoY
+8.7%
Avg. growth/yr (3Y)
+17.0%
Avg. growth/yr (5Y)
+22.0%
Avg. growth/yr (14Y)
+4.5%
Revenue +32.7%/yr
FY21 €57.8M
FY22 €112M
FY23 €144M
FY24 €165M
FY25 €179M
Net income
FY21 −€6.7M
FY22 €31.1M
FY23 €16.7M
FY24 €24.4M
FY25 €24.8M

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Cite: Fair Value Calculator (2026). "Aeroporto Guglielmo Marconi di Bologna S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/ADB

Peer Group

Airports & Air Services · 55 stocks

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.

Quality Score 51 · Below median
Fair Value upside +23% · Above median
Return on equity (TTM) 11% · Below median
Return on assets 5% · Above median
Net margin (TTM) 13% · Above median
Operating margin (TTM) 12% · Below median
Revenue growth 16% · Top 25%
Dividend yield (TTM) 3.8% · Top 25%
Debt / equity 0.42× · Higher than median

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 14.0× · Cheaper than median
P/B 1.71× · Cheaper than median
P/S (TTM) 2.12× · Pricier than median
EV/EBITDA 8.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 64 · sector 36
FUTURE 80 · sector 31
PAST 43 · sector 45
HEALTH 79 · sector 90
DIVIDEND 76 · sector 46

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.24 €28.41 +8%
Airports of Thailand Public Company TATD 2.44 SGD 1.25 SGD -49%
Grupo Aeroportuario del Pacífico, S.A. PAC $220.91 $246.06 +11%
GMR Airports Limited GMRINFRA ₹112.80 ₹22.29 -80%
Flughafen Zürich AG FHZN CHF 237.20 CHF 121.30 -49%
Shanghai International Airport Co 600009 ¥24.08 ¥17.09 -29%
Auckland International Airport Limited AIA A$7.11 A$2.80 -61%
Fraport AG FRA €69.35 €49.83 -28%
Københavns Lufthavne A/S KBHL kr 5,660 kr 1,821 -68%
SATS Ltd S58 4.82 SGD 4.03 SGD -16%

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Frequently asked questions

Is Aeroporto Guglielmo Marconi di Bologna S.p.A (ADB) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of €12.29 versus a price of €9.98, about +23% (undervalued).
What is the fair value of ADB?
Our model-based fair value for Aeroporto Guglielmo Marconi di Bologna S.p.A is €12.29 (as of Jul 14, 2026), built from audited fundamentals. The current price is €9.98.
What is the quality score of ADB?
Aeroporto Guglielmo Marconi di Bologna S.p.A has a Quality Score of 51/100. 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 revenue of Aeroporto Guglielmo Marconi di Bologna S.p.A (ADB)?
Aeroporto Guglielmo Marconi di Bologna S.p.A reported trailing-twelve-month revenue of about €185M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of ADB?
The net profit margin of Aeroporto Guglielmo Marconi di Bologna S.p.A is about 13.2%, meaning it keeps roughly 13.2% of revenue as net income. Based on the latest reported figures.
Does Aeroporto Guglielmo Marconi di Bologna S.p.A pay a dividend?
Aeroporto Guglielmo Marconi di Bologna S.p.A currently shows a dividend yield of about 3.79% relative to its recent price (as of Jul 14, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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