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

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Original-Research: Flughafen Wien AG - from NuWays AG

17.04.2025 / 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: 17.04.2025

Target price: EUR 60.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Sound Q1 traffic results in the books

Yesterday, FWAG released Mar'25 traffic figures marked by mid-single-digit

growth, rounding up a sound Q1. In detail:

In March, group passenger numbers rose by 4.1% yoy to 2.99m (eNuW: 2.99m).

At VIE, passengers grew only by 0.9% yoy, mainly due the later Easter

holiday in April 2025 (vs. end of March in 2024). Consequently, we expect a

disproportionately stronger Apr'25, due to the Easter holiday catch up

effect. MLA and KSC continued its strong development with 14% yoy and 18%

yoy respectively. This amounts to again expanded Q1 group passenger numbers

of 7.93m (.6% yoy), despite geopolitical uncertainties and higher ticket

prices, showing resilient demand for air travel.

VIE passenger mix reverted back to a higher transfer share. The trend of

passenger mix moving towards a higher local passenger share in expense of a

lower transfer passenger share has reverted back, as expected (see update

from 14.02.2025). In Jan'25 (Feb'25), the share of VIE's local passengers

has risen by 1.9pp yoy to 85.7% (2.5pp yoy to 86.6%). In Mar'25 this has

fallen to 84.8% in Mar'25 (flat yoy), showing that the seasonal switch ahead

of summer has reverted towards a higher transfer passenger share. Mind you,

transfer passengers are important for connecting hubs like VIE, as they

usually spend more on retail and restaurants than local passengers and

contribute twice in terms of passenger fees.

Limited impacts from new US presidency. Following Trump's remarks about a

more restrictive visa policy and entry controls, travel to the US from

Europe could be burdened. However, North America's market share at VIE stood

at only 3%, thus limiting a potential impact on the group. On the other

hand, the ongoing uncertainty regarding tariffs and potential trade wars

could further burden the economic situation and thus the consumer sentiment.

However, as visible in yesterday's traffic figures, air travel remains a

high priority of consumers and thus sees robust demand.

Sound Q1 ahead. Following the statutory price increase for airport charges

(.6% as of Jan'25; c. 40% of sales) coupled with the 4.6% yoy Q1 passenger

growth, we expect Q1 sales to expand by 7% yoy to EUR 224m with a

proportionate rise in EBITDA by % yoy to EUR 85m.

All in all, FWAG remains fairly priced at the moment. Therefore, we

reiterate our HOLD recommendation with an unchanged PT of EUR 60.00, based on

DCF.

You can download the research here: http://www.more-ir.de/d/32278.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

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

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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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2119722 17.04.2025 CET/CEST

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