Original-Research: Flughafen Wien AG (von NuWays AG): Hold

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Original-Research: Flughafen Wien AG - from NuWays AG

16.10.2024 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of NuWays AG to Flughafen Wien AG

Company Name: Flughafen Wien AG

ISIN: AT00000VIE62

Reason for the research: Update

Recommendation: Hold

from: 16.10.2024

Target price: EUR 61.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

September traffic results round up a strong Q3; chg. est & PT

Topic: Yesterday, FWAG reported traffic results for September 2024, which

finished off the company's third and seasonaly most important quarter. In

detail:

For the September month, group passenger numbers rose by 7% yoy to 4.06m

(eNuW: 4.03m) , driven by a solid development at the group's main airport

(Vienna: .4% yoy to 3.08m) but also by strong growth at Malta (0.90m, %

yoy) and Kosice (0.08m, 22% yoy).

This led to a Q3 passenger volume of 12.9m, which is not only 8% above the

old record of Q3'19, but also up 8% yoy and 16% qoq. Seasonally, Q3 is the

most busy quarter as it comprises the main travel season during the summer

holidays. Therefore, we regard the strong passenger growth, especially in

comparison to last year's strong Q3, as outstanding and it highlights the

current balance of high demand meeting the capacity increases of the

airlines during the summer season.

For the first nine months, group passenger numbers stand a solid 9% above

9M'23, showing that FWAG could benefit from much better passengers

development than previously anticipated at the start of '24.

FWAG is due to report Q3'24e results on 14th November '24, but we already

expect a new top line record. Thanks to the statutory increase of airport

charges at Vienna (c. 40% of group sales) by 9.7% per 1st January '24

coupled with Q3' passenger growth of 8%, group sales look set to grow 12%

yoy to EUR 306m in Q3'24e (eNuW).

Next to passenger numbers, which is the main earnings driver, FWAG has

presented some strong cargo figures. Here, cargo volume in Vienna is up 26%

yoy (% yoy in Q3; % yoy per 9M), driven by a shift from shipping to

air cargo due the current situation in the Red Sea. While cargo is not a

major revenue driven (c. 5% of sales), it nevertheless shows a positive

contribution for FWAG.

Furthermore, we precised our FY'24e and '25e passengers estimates and also

now include the statutory price increase of airport charges by 4.5% for

FY'25e (prev. eNuW: 4%), effective as of 1st January '25, in our model.

Consequently, our DCF-based PT increases to EUR 61.00 (old: EUR 59.00), however,

the shares remain a HOLD with only 13% upside.

You can download the research here: http://www.more-ir.de/d/31057.pdf

For additional information visit our website: www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

ﯯ뻻

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2009159 16.10.2024 CET/CEST

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