olivLaw · European equity research
TOSCANA AEROPORTI S.P.A. TYA.MI
Italy · Euronext Milan · ISIN IT0000214293 · Vertical: Listed companies from Italy
Toscana Aeroporti operates the Florence and Pisa airports, with consolidated operating revenues of 115.9 mln EUR in 2025, up 6.4% on higher traffic. The company remains in a period of intensive infrastructure investment, which supports growth in construction service revenues and long-term development.
At the close of 04 Nov 2026, TOSCANA AEROPORTI S.P.A. (TYA.MI) stock was 17.70 EUR (+0.57% on the day), with market capitalisation 329.4 m EUR, P/E 20.5 on diluted EPS of 0.87 EUR over the last 12 months, dividend yield 2.26%, beta -0.02, 52-week range 17.60–20.00 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)
- 43.2
- weak (30–45)
- Bollinger (20, 2)
- 17.48 – 18.63
- in the lower half of the band · %B 0.19 · band width 6.4%
- SMA 50 / 200
- 18.19 / 18.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.09
- MACD below 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 | −2.5% | +0.4% | −2.9 pp | — |
| 3 months | −4.8% | −3.3% | −1.6 pp | — |
| 6 months | −3.0% | +4.0% | −7.0 pp | — |
| Year to date | −5.3% | +8.1% | −13.4 pp | — |
| 1 year | −1.1% | +10.7% | −11.8 pp | −5.8% |
| 3 years | +58.0% | +50.1% | +7.9 pp | +6.7% |
| 5 years | +36.2% | +43.6% | −7.5 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 67 percentile of its own 3-quarter history (min 15.6, median 16.9, max 21.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 101.6 m | 108.9 m | 115.9 m |
| Revenue YoY | unavailable | +7.2% | +6.4% |
| Net income | 12.6 m | 17.1 m | 16.1 m |
| Net income YoY | unavailable | +35.4% | −5.8% |
| Diluted EPS | 0.68 | 0.92 | 0.87 |
| Diluted EPS YoY | unavailable | +35.3% | −5.9% |
| net % | 12.4% | 15.7% | 13.9% |
| Free cash flow | 33.3 m | 36.5 m | 38.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.6 m EUR
- Financial debt
- 98.3 m EUR
- Net debt
- 68.6 m EUR
- Equity
- 123.9 m EUR
- Total assets
- 325.0 m EUR
- Debt / equity
- 0.79x
- Current ratio
- 0.86x
- ROE
- 13.5%
- ROA
- 5.2%
- FCF margin
- 33.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 101.6 m | 108.9 m | 115.9 m | esef· 09 Apr 2026verified |
| Operating income | 26.2 m | 30.7 m | 32.7 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 10.8 m | 9.8 m | 10.4 m | esef· 09 Apr 2026verified |
| EBITDA | 36.9 m ≈ | 40.5 m ≈ | 43.0 m ≈ | esef· 09 Apr 2026derived |
| Interest expense | 7.2 m | 7.0 m | 8.2 m | esef· 09 Apr 2026verified |
| Pre-tax income | 19.4 m | 25.3 m | 24.5 m | esef· 09 Apr 2026verified |
| Income tax | 6.3 m | 8.2 m | 8.2 m | esef· 09 Apr 2026verified |
| Net income | 12.6 m | 17.1 m | 16.1 m | esef· 09 Apr 2026verified |
| Diluted EPS | 0.68 | 0.92 | 0.87 | esef· 09 Apr 2026verified |
| Dividend per share | 0.39 | 0.39 | 0.40 | esef· 09 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 | 26.1 m | 22.5 m | 29.6 m | esef· 09 Apr 2026verified |
| Inventories | — | 0 | 0 | esef· 09 Apr 2026verified |
| Current assets | 61.7 m | 52.0 m | 62.3 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 23.8 m | 24.1 m | 24.6 m | esef· 09 Apr 2026verified |
| Total assets | 303.9 m | 296.1 m | 325.0 m | esef· 09 Apr 2026verified |
| Short-term debt | 57.3 m | 640.0 k | 795.0 k | esef· 09 Apr 2026verified |
| Long-term debt | 43.5 m | 87.3 m | 97.5 m | esef· 09 Apr 2026verified |
| Current liabilities | 126.0 m | 63.4 m | 72.4 m | esef· 09 Apr 2026verified |
| Total liabilities | 197.4 m | 182.3 m | 201.1 m | esef· 09 Apr 2026verified |
| Equity | 106.5 m | 113.8 m | 123.9 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 18.6 m | 18.6 m | 18.6 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 34.2 m | 38.1 m | 42.2 m | esef· 09 Apr 2026verified |
| Capex | 852.0 k | 1.6 m | 3.7 m | esef· 09 Apr 2026verified |
| Free cash flow | 33.3 m ≈ | 36.5 m ≈ | 38.5 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -13.9 m | -6.8 m | -25.2 m | esef· 09 Apr 2026verified |
| Financing cash flow | -42.1 m | -21.9 m | 1.7 m | esef· 09 Apr 2026verified |
| Dividends paid | 7.3 m | 7.3 m | 7.5 m | esef· 09 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: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 329.4 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet23
- Valuation57
- Returns59
- Quality84
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: 5.45 – 64.96 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)35.98 – 64.96 (Mid 46.39)WACC 7.3% · starting FCFF 43.9 m EUR · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -26.8%
- Peers: EV/EBITDA9.28 – 18.94 (Mid 15.67)7 companies used · median multiple 8.4x · quartiles 5.6x – 9.8xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E5.49 – 19.81 (Mid 11.49)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)5.45 – 7.43 (Mid 6.29)
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
Unattractive profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.7% | 79 (vs peers) | 13% |
| Net margin · Quality | 13.9% | 77 (vs peers) | 8% |
| FCF conversion · Quality | 239.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.6x | 20 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.0x | 39 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.5x | 36 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.2x | 43 (vs peers) | 13% |
| FCF yield · Valuation | 11.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 19.4% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation57/100 · 3/3 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
TOSCANA AEROPORTI S.P.A. (TYA.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 115.9 m EUR in 2025; YoY growth 6.4%; net margin 13.9%; ROE 13.6%; net debt/EBITDA 1.6x.
The estimated value range is 7.38–19.38 EUR per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 13.58 EUR, the price of 17.70 EUR leaves a potential of -23.3% (value / price − 1) and a margin of safety of -30.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.7%
- Net margin: 13.9%
- FCF conversion: 239.0%
- FCF yield: 11.7%
- Payout ratio (FCF): 19.4%
What contradicts it
- Net debt / EBITDA: 1.6x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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. | 6.7 bn | 21.3 | 15.4% | 8.4% | +8.7% | +22% / +58% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 28.8 | 9.2% | 13.0% | +0.8% | +33% / −5% |
| CRL.MICarel Industries S.p.a. | 3.0 bn | 40.9 | 16.1% | 11.7% | +8.7% | +7% / +14% |
| AMP.MIAmplifon S.p.a. | 2.6 bn | 29.1 | 8.5% | 3.8% | −0.6% | −11% / −59% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.9 | 20.6% | 18.9% | +6.7% | +15% / +114% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.1 | 12.8% | 7.1% | −23.0% | +11% / +68% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.7 | 8.6% | 9.4% | +1.4% | −21% / −61% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 986.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 909.3 m | 89.4 | 2.1% | 1.8% | +21.5% | +22% / +302% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 799.2 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +75% |
| ASC.MIAscopiave S.p.a. | 639.9 m | 17.9 | 4.2% | 17.5% | +13.4% | −9% / +31% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 345.1 m | — | -4.9% | -3.5% | +0.4% | −31% / +4% |
| TYA.MIToscana Aeroporti S.p.a. | 329.4 m | 20.5 | 13.6% | 13.9% | +6.4% | −2% / +62% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 319.0 m | 12.8 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 290.6 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +29% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 119.8 m | 11.8 | 18.5% | 10.2% | −1.3% | −25% / −31% |
| ABT.MIAbitare In S.p.a. | 76.3 m | 277.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.0 m | — | -7.8% | -2.2% | +1.9% | −34% / −49% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 34.4 m | — | -29.2% | -3.8% | −0.7% | −11% / +102% |
| AEF.MIAeffe S.p.a. | 11.7 m | 0.6 | 21.9% | 7.7% | −21.3% | −52% / −84% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
1- and 3-year price returns: for TYA.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 | 10.66 Total return -38% · Per year -38% | 18.83 Total return 9% · Per year 9% | 28.34 Total return 63% · Per year 63% |
| 3 years | 10.74 Total return -34% · Per year -13% | 21.30 Total return 28% · Per year 9% | 35.14 Total return 108% · Per year 28% |
| 5 years | 10.81 Total return -30% · Per year -7% | 24.10 Total return 50% · Per year 8% | 43.59 Total return 164% · Per year 21% |
- Exit P/E± 5.33
- Net margin± 3.73
- Annual revenue growth± 3.01
- Annual dilution± 0.31
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
Toscana Aeroporti operates the Florence and Pisa airports, with consolidated operating revenues of 115.9 mln EUR in 2025, up 6.4% on higher traffic. The company remains in a period of intensive infrastructure investment, which supports growth in construction service revenues and long-term development.
SWOT
Strengths
- A two-airport portfolio with revenues diversified between aviation and non-aviation.
- Steady revenue growth and a high EBITDA relative to activity.
- Solid operating cash flow that supports investment.
Weaknesses
- A high level of net financial debt, which rises with investment.
- Dependence on passenger traffic in the area of operation.
- Rising costs for personnel and outsourced services.
Opportunities
- Development of commercial activities and sub-concessions at the airports.
- Infrastructure works for third parties could bring additional construction revenues.
- Expansion of handling and aviation fuel services.
Threats
- A fall in traffic due to economic conditions or regional competition.
- Rising personnel costs and collective bargaining agreements.
- The risk that higher debt limits financial flexibility.
Risks
- Higher indebtednessmedium
Net financial debt rose slightly in 2025 and could limit funding capacity if revenues fall 1.
- Dependence on traffichigh
Revenues depend largely on passenger numbers; a fall in traffic would directly affect results.
- Investment risksmedium
Large infrastructure investment carries execution and cost risks that could exceed estimates.
- Personnel costsmedium
Higher personnel costs under collective agreements could reduce operating margins.
- Litigation and rulingslow
Financial results can be influenced by legal disputes, such as the NIT case, whose ruling affected financial income 1.
Investment thesis
What would need to be true (bull case)
- If traffic keeps growing, aviation and non-aviation revenues could support further EBITDA growth.
- Infrastructure investment could generate construction revenues and improve airport capacity.
- Solid operating cash flow could allow investment to be funded without cutting shareholder distributions.
What would break the thesis
- If traffic slows, revenues could stagnate while fixed costs remain high.
- Higher financial debt could reduce flexibility in the event of economic shocks.
- Personnel and service costs could keep rising faster than revenues.
What to watch
- Passenger traffic and aviation revenue trends2026
- Level of net financial debt after new financing2026
- Personnel cost trend after the new collective agreements2026
- Progress of infrastructure investment at the Florence and Pisa airportsnext 10-K
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
The TA Group manages the airports of Florence and Pisa and runs aviation activities (airport fees, rights and tariffs, handling) and non-aviation activities (commercial and real estate). Aviation revenues reached 85.5 mln EUR in 2025, and non-aviation revenues 47.8 mln EUR 1. The group also includes subsidiaries such as TAC, which carries out construction works, and Jet Fuel, which manages aviation fuel supply 1.
Segments
Non Aviation
Non-aviation revenues rose 9.7% in 2025, supported by car parks, VIP lounges, car rental and retail 1. About 60.9% of these revenues come from sub-concessions, the rest from direct management 1.
Construction
Construction service revenues increased considerably in 2025, on higher infrastructure investment, including the new Pisa Arrivals Terminal 1.
Market context
The group's activity depends on passenger traffic in the Tuscany region, where the two airports operate. Traffic growth was the main driver of revenues in 2025 1. The report does not provide market share data or forecasts for later years.
The cost base is dominated by services and personnel; total costs rose 26.4% in 2025, mainly from construction works 1. The company closed the year with an EBITDA of 45.9 mln EUR 1.
Trends
- Growing passenger traffictailwind
Higher traffic supported both aviation and non-aviation revenues in 2025 1. If traffic growth holds, revenues could keep rising.
- Infrastructure investmentmixed
Investment in intangible assets rose sharply, lifting construction revenues but also raising the level of debt 1.
- Rising costsheadwind
Personnel and service costs increased in 2025, partly due to the new collective agreement and higher activity volumes 1.
- Operating cash flowtailwind
Cash flow from operating activities remained solid, helping to fund investment and dividends 1.
Competitive position
The annual report focuses on the group's own activity and does not describe direct competitors. Rivals or market shares cannot be established with certainty from this source.
In the context of Italian regional airports, competition may come from other airports serving the same catchment area; the source, however, offers limited information on this point 1.
- Aeroporti di Roma
Italian airport operator active in the national market; not mentioned in the source provided.
- SEA Aeroporti di Milano
Airport operator in northern Italy; not mentioned in the source provided.
- Aeroporto di Bologna
Regional airport in Italy; not mentioned in the source provided.
- Aeroporto di Napoli
Regional airport in southern Italy; not mentioned in the source provided.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202509 Apr 2026
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TOSCANA AEROPORTI 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.