olivLaw · European equity research
ENAV S.p.A. ENAV.MI
Italy · Euronext Milan · ISIN IT0005176406 · Vertical: Listed companies from Italy
ENAV is the Italian air navigation service provider that manages air traffic on en-route routes and in the terminal area near airports. In 2025 en-route traffic volume in Italy grew by +5.9% versus 2024, while the company continues modernization projects for air traffic control systems, keeping its activity in focus.
At the close of 05 Nov 2026, ENAV S.p.A. (ENAV.MI) stock was 5.28 EUR (+0.57% on the day), with market capitalisation 2.9 bn EUR, P/E 31.1 on diluted EPS of 0.17 EUR over the last 12 months, dividend yield 5.06%, beta 0.41, 52-week range 4.43–5.61 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 4.55 – 5.39
- in the upper half of the band · %B 0.87 · band width 16.8%
- SMA 50 / 200
- 4.94 / 5.09
- mixed trend
- MACD (12, 26, 9)
- 0.10 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −0.6% | +7.7 pp | — |
| 3 months | −0.2% | −4.2% | +4.0 pp | — |
| 6 months | +4.2% | +4.3% | −0.1 pp | — |
| Year to date | +12.0% | +7.5% | +4.5 pp | — |
| 1 year | +15.5% | +9.9% | +5.6 pp | −6.1% |
| 3 years | +63.6% | +49.8% | +13.7 pp | +7.7% |
| 5 years | +23.7% | +42.8% | −19.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 16.4, median 17.7, max 27.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 962.8 m | 999.8 m | 982.7 m |
| Revenue YoY | unavailable | +3.8% | −1.7% |
| Net income | 112.9 m | 125.8 m | 93.1 m |
| Net income YoY | unavailable | +11.4% | −26.0% |
| Diluted EPS | 0.21 | 0.23 | 0.17 |
| Diluted EPS YoY | unavailable | +9.5% | −26.1% |
| net % | 11.7% | 12.6% | 9.5% |
| Free cash flow | 126.8 m | 173.9 m | 255.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 447.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.36x
- ROE
- 7.8%
- ROA
- 4.0%
- FCF margin
- 26.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 962.8 m | 999.8 m | 982.7 m | esef· 15 Apr 2026verified |
| Operating income | 172.7 m | 187.2 m | 140.7 m | esef· 15 Apr 2026verified |
| Depreciation & amortisation | 128.5 m | 131.8 m | 125.7 m | esef· 15 Apr 2026verified |
| EBITDA | 301.1 m ≈ | 319.0 m ≈ | 266.3 m ≈ | esef· 15 Apr 2026derived |
| Interest expense | 23.3 m | 25.5 m | 22.2 m | esef· 15 Apr 2026verified |
| Pre-tax income | 161.4 m | 178.9 m | 132.6 m | esef· 15 Apr 2026verified |
| Income tax | 48.7 m | 53.2 m | 39.5 m | esef· 15 Apr 2026verified |
| Net income | 112.9 m | 125.8 m | 93.1 m | esef· 15 Apr 2026verified |
| Diluted EPS | 0.21 | 0.23 | 0.17 | esef· 15 Apr 2026verified |
| Dividend per share | 0.20 | 0.23 | 0.27 | esef· 15 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 224.9 m | 356.8 m | 447.7 m | esef· 15 Apr 2026verified |
| Inventories | 62.8 m | 60.5 m | 59.8 m | esef· 15 Apr 2026verified |
| Current assets | 714.8 m | 894.3 m | 1.0 bn | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 822.8 m | 810.4 m | 805.7 m | esef· 15 Apr 2026verified |
| Total assets | 2.3 bn | 2.4 bn | 2.3 bn | esef· 15 Apr 2026verified |
| Current liabilities | 405.7 m | 363.6 m | 768.3 m | esef· 15 Apr 2026verified |
| Total liabilities | 1.1 bn | 1.1 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 537.7 m | 547.1 m | 547.4 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 210.6 m | 277.9 m | 340.6 m | esef· 15 Apr 2026verified |
| Capex | 83.8 m | 104.0 m | 85.0 m | esef· 15 Apr 2026verified |
| Free cash flow | 126.8 m ≈ | 173.9 m ≈ | 255.6 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -71.6 m | -78.8 m | -77.0 m | esef· 15 Apr 2026verified |
| Financing cash flow | -181.8 m | -62.8 m | -172.8 m | esef· 15 Apr 2026verified |
| Dividends paid | 106.4 m | 124.5 m | 146.2 m | esef· 15 Apr 2026verified |
| Share repurchases | 2.2 m | 0 | 6.5 m | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.07 – 4.95 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.07 – 3.88 (Mid 2.25)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)3.63 – 4.95 (Mid 4.19)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.5% | 67 (vs peers) | 12% |
| FCF conversion · Quality | 274.7% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.3x | 74 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 31.1x | 14 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 5.3% | 75 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 57.2% | 90 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENAV S.P.A. (ENAV.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 982.7 m EUR in 2025; YoY growth -1.7%; net margin 9.5%; ROE 7.8%.
The estimated value range is 2.35–4.42 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.22 EUR, the price of 5.28 EUR leaves a potential of -39.0% (value / price − 1) and a margin of safety of -63.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 274.7%
- Interest coverage: 6.3x
- FCF yield: 8.8%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 57.2%
What contradicts it
- P/E (TTM): 31.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| ENAV.MIEnav S.p.a. | 2.9 bn | 31.1 | 7.8% | 9.5% | −1.7% | +15% / +61% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for ENAV.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.93 Total return -42% · Per year -42% | 5.19 Total return 1% · Per year 1% | 7.84 Total return 52% · Per year 52% |
| 3 years | 2.50 Total return -46% · Per year -19% | 5.01 Total return 4% · Per year 1% | 8.37 Total return 70% · Per year 19% |
| 5 years | 2.13 Total return -49% · Per year -13% | 4.85 Total return 7% · Per year 1% | 8.93 Total return 89% · Per year 14% |
- Exit P/E± 1.25
- Net margin± 0.88
- Annual revenue growth± 0.77
- Annual dilution± 0.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ENAV is the Italian air navigation service provider that manages air traffic on en-route routes and in the terminal area near airports. In 2025 en-route traffic volume in Italy grew by +5.9% versus 2024 1, while the company continues modernization projects for air traffic control systems, keeping its activity in focus.
SWOT
Strengths
- Regulated monopoly position on air navigation services in Italian airspace, with revenues tied to traffic volume.
- En-route traffic has exceeded pre-pandemic levels and posted the strongest growth among the compared countries.
- Certified management systems for safety, information security and anti-corruption.
Weaknesses
- High dependence on air traffic volume, which can fluctuate due to external factors.
- National traffic declined in 2025, showing exposure to certain market segments.
- Operation within a strict regulatory framework, where rule changes can affect results.
Opportunities
- Continued growth in international and overflight traffic, if European routes keep shifting towards the south-east.
- Modernization projects such as ACC 4-Flight and remote towers could reduce costs over the long term.
- Unregulated activities developed alongside core services could diversify revenue sources.
Threats
- Geopolitical conflicts can change air routes and reduce volumes on certain corridors.
- Rising cyber risks can affect operations and critical infrastructure.
- Changes in regulation or tariffs can directly influence financial results.
Risks
- Operational safetyhigh
Any safety incident in service provision could have serious consequences for reputation, regulation and operations.
- Cyber riskhigh
Growing cyber attacks on critical infrastructure can affect business continuity and sensitive data.
- Traffic evolutionmedium
Deviations of air traffic from forecasts can affect group revenues, especially in the national segment that has declined.
- Regulation and compliancemedium
Changes in rules and compliance requirements may alter costs and the way the group operates.
- Technology projectsmedium
Implementing new ATM systems and remote towers may face delays or cost overruns.
Investment thesis
What would need to be true (bull case)
- En-route traffic has fully recovered to pre-pandemic levels and grew faster than in the compared countries, supporting regulated revenues.
- The sole-provider position in Italian airspace offers stability, while international and overflight traffic keeps growing.
- Technology and remote tower projects could reduce costs and improve efficiency over the long term.
What would break the thesis
- National traffic fell in 2025 and some domestic routes are less used, which may limit growth.
- Geopolitical and cyber risks can disrupt operations and raise security costs.
- The activity remains strictly regulated, and tariff or rule changes could compress profit margins.
What to watch
- Evolution of en-route and national traffic in Italy2026
- Progress of the ACC 4-Flight project and remote tower roll-out2026
- Market share of low-cost carriers and ITA Airways2026
- Financial results in the next annual reportnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ENAV S.p.A. and its group provide air navigation services in Italian airspace, meaning guiding aircraft on en-route flights, near airports and in the terminal area. The core activity is regulated, and revenues depend on traffic volume measured in service units, a unit used by Eurocontrol that combines aircraft take-off weight with distance flown 1. The company also handles unregulated activities, operational safety and technology projects, such as integrating the Florence airport into the Rome control centre and developing the ACC 4-Flight system 1.
The group operates in a heavily regulated environment, with safety, compliance and reporting obligations supervised by aviation authorities. Changes in regulation and tariffs can directly affect financial performance, while operational and cyber risks are managed through certified management systems.
Segments
En-route services
En-route traffic, meaning flights crossing Italian airspace, grew by +5.9% in 2025 versus 2024, the best performance among the main compared European countries 1. By category, international traffic accounts for about 40% of service units reported to Eurocontrol and overflight traffic for about 44% 1.
Market context
Trends
- Recovery of air traffictailwind
Italian en-route traffic is now above pre-pandemic levels, with growth of +23.7% versus 2019, supporting billable service volumes 1. If this trend holds, flight-related revenues could keep growing.
- Redirection of European flowsmixed
The conflicts in Ukraine and the Middle East are shifting European air routes, moving part of traffic towards the south-east, where Italy is located. Overflight traffic has grown strongly in this context 1. The long-term effect depends on geopolitical developments.
- Decline in national trafficheadwind
Domestic traffic in Italy fell in 2025, and long-distance routes between North and South were used less 1. If the decline continues, domestic flight revenues could be affected.
- Systems modernization and remote towersmixed
The company is working on the new ACC 4-Flight ATM system and on remote tower projects, which require significant investment but may reduce operating costs over the long term 1.
Competitive position
ENAV operates as a de facto monopoly for air navigation services in Italian airspace, because provision of these services is assigned under a regulated framework. Competition comes rather from other air navigation providers in Europe operating in different national systems, and from cooperation models between authorities; the sources give no further detail.
The comparison with other European countries uses a reference group of Spain, the United Kingdom, Germany and France, whose en-route traffic growth in 2025 was lower than Italy's 1. This comparison shows ENAV's relative position within this group, not direct competition in the same market.
News & filings
In the press
- Probleme grave în sudul Italiei, unde protestele împotriva „carovita” golesc magazinele și benzinăriileHotNews.ro · 21 Oct 2026 · RO
- Italia a redus a jumătate traficul aerian din cauza unei probleme legate de transmisia datelorDigi24 · 17 Oct 2026 · RO
- Italy cuts air traffic in half amid data transmission issueDW (Deutsche Welle) — Europe · 16 Oct 2026 · EN
- В Италии возникли проблемы в авиасообщении из-за технического сбояInterfax Russia (RU) · 16 Oct 2026 · RU
- Probleme tehnice în controlul traficului aerian din Italia. Zboruri întârziate și anulate pe aeroporturile din țarăMediafax · 16 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ENAV S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.