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STOCK COMPARISON

Aena vs Flughafen Zurich: Fair Value & Quality

Both stocks run through our valuation models. Here is how Aena (AENA) and Flughafen Zurich (FHZN) 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 Flughafen Zurich trades at CHF 207 versus CHF 121 (-41%).
Aena
AENA.MC · EUR · Industrials
+4%
upside to fair value
fairly valued
Price€25.82
Fair Value€26.90
Quality69/100
Flughafen Zurich
FHZN.SW · CHF · Industrials
-41%
upside to fair value
overvalued
PriceCHF 207
Fair ValueCHF 121
Quality60/100
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Head-to-head numbers

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

AenaFlughafen Zurich
Valuation
18.2×P/E (TTM)18.3×
7.08×P/S (TTM)6.57×
4.97×P/B2.84×
13.1×EV/EBITDA13.6×
3.02×PEG6.73×
+4.2%Fair value upside−41.5%
4.2%Dividend yield4.1%
€1.09Dividend per shareCHF 8.50
Profitability
31%Operating margin35%
24%Return on equity11%
10%Return on assets5%
Growth
12%Revenue growth (YoY)4%
14.4%Avg. growth/yr (3Y)10.0%
23.5%Avg. growth/yr (5Y)16.9%
+12.4%Value creation/yr+6.4%
Balance & size
11.3×Interest coverage (EBIT/interest)18.2×
0.53×Debt / equity0.49×
$46BMarket cap$9B
healthyGrowth qualityexpensive

Aena leads: 10 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 Flughafen Zurichof which business quality 60 · market factors 44
ProfitabilityMargins and returns on capital today
63
44
Quality GrowthAre margins and returns improving?
50
41
CashflowEarnings quality: real cash, not paper profit
80
63
Fin. StrengthBalance sheet, leverage, solvency risk
72
74
InvestmentDisciplined investing over empire-building
56
54
Low VolatilityCalm price path (market factor)
81
91
MomentumPrice trend over the last 3–12 months (market factor)
49
32
52W MomentumDistance to the 52-week high (market factor)
57
11
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 €25.82Flughafen ZurichPrice CHF 207
DCF Models+12%close to the price€28.85-48%below the priceCHF 108
Earnings-Based-45%below the price€14.12-55%below the priceCHF 93.61
Dividend Discount-32%below the price€17.57-58%below the priceCHF 87.10
Multiples+5%close to the price€27.07+1%close to the priceCHF 210
Asset-Based-84%below the price€4.11-67%below the priceCHF 68.73
Growth DCF-26%below the price€19.22-85%below the priceCHF 30.21
Economic Profit-43%below the price€14.75-53%below the priceCHF 98.11
Growth Earnings-6%close to the price€24.15-4%close to the priceCHF 199
Minimum-84%below the price€4.11-85%below the priceCHF 30.21
Maximum+12%close to the price€28.85+1%close to the priceCHF 210
Median-29%below the price€18.39-54%below the priceCHF 95.86
Geometric mean-36%below the price€16.48-53%below the priceCHF 96.38

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.

Flughafen Zurich: 20 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)
Flughafen Zurich
Bear CHF 94.45Fair Value CHF 121Bull CHF 205
CHF 207 = 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

Flughafen Zurich · Industrials

Quality score60 · above median
Fair value upside-41% · 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 Flughafen Zurich trades at CHF 207 versus CHF 121 (-41%).

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.