Enav SpA (ENAV) Fair Value & Analysis
Industrials · IT · Market cap €2.8B · ISIN IT0005176406
What is Enav SpA really worth?
A solid business, but trading 38% above our fair value of €3.62.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 24 valuation models · updated yesterday
Share price −6.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€4.52). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range €2.35 – €5.33 · fair‑value band €2.71 – €4.52 · the €4.98 price screens above the €3.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Enav SpA (ENAV) currently trades at €4.98, while our model-based Fair Value estimate is €3.62, implying the stock looks roughly 37.5% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €4.73 per share, and 6 of the 24 models we run sit above the €4.98 price. Bear case: the Asset-Based group reads lowest at €1.45, and 18 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Enav SpA generated revenue of €998M at a net margin of 10.0%. Revenue grew 8.6% year over year. It earns a return on equity of 8.5%. Net debt stands at €120M. Fundamentals as of Sep 3, 2026
Our scenario range runs from €2.71 (bear case) to €4.52 (bull case); at €4.98, the current price sits above 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 11% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −27%, ENAV screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (€4.73) versus Asset-Based (€1.45). Highest evidence: FCF DCF (81).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 71
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
ENAV S.p.A. provides air traffic control and management, and other air navigation services in Italy, the rest of Europe, and internationally. It operates through three segments: Air Navigation Services, Maintenance Services, and Aeronautical Information Management (AIM) Software Solutions.
Full company description
ENAV S.p.A. provides air traffic control and management, and other air navigation services in Italy, the rest of Europe, and internationally. It operates through three segments: Air Navigation Services, Maintenance Services, and Aeronautical Information Management (AIM) Software Solutions. The company offers technical management and maintenance services for air traffic control equipment and systems, as well as for air infrastructure. It also develops software solutions for the management of aeronautical information and air traffic; and provides associated commercial and maintenance services. In addition, the company offers air traffic flow management, air traffic management and weather, communication navigation and surveillance, digital aeronautical information management, flight procedure design and validation, and unmanned aircraft system traffic management. Further, it provides consultancy for change management, aeronautical information, engineering and maintenance, education and training, meteorology, in flight control and validation, safety assessment and risk management; and evaluation of obstacle and electromagnetic interference services. It serves airport management and airlines companies, air navigation service providers, industries, civil aviation, and research and development industries. The company was founded in 2001 and is based in Rome, Italy.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Enav SpA reported revenue of €983M in FY2025 versus €800M in FY2021, a compound +5.3%/yr. Reported net income was €93.1M in FY2025, compounding +4.4%/yr from FY2021.
of which total revenue +1.4 % · buybacks/dilution +6.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
ENAV screens 38% overvalued. Compare with Aena S.M.E., S.A →
Peer Group
Airports & Air Services · 54 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.
Valuation Multiples vs Airports & Air Services median · lower = cheaper
Strength profile in five axes (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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aena S.M.E., S.A AENA | €26.42 | €26.90 | +2% |
| Airports of Thailand Public Company TATD | 2.58 SGD | 1.25 SGD | −52% |
| Grupo Aeroportuario del Pacífico, S.A. PAC | $214.87 | $253.64 | +18% |
| GMR Airports Limited GMRINFRA | ₹102.70 | ₹22.29 | −78% |
| Shanghai International Airport Co 600009 | ¥23.41 | ¥17.09 | −27% |
| Flughafen Zürich AG FHZN | CHF 208.80 | CHF 121.30 | −42% |
| Auckland International Airport Limited AIA | A$7.09 | A$2.76 | −61% |
| Fraport AG FRA | €62.40 | €49.83 | −20% |
| Københavns Lufthavne A/S KBHL | kr 5,440 | kr 1,821 | −67% |
| SATS Ltd S58 | 4.07 SGD | 4.03 SGD | −1% |
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