Original-Research: Flughafen Wien AG (von NuWays AG): Hold 
Mi, 16.10.24 09:01· Quelle: dpa-AFX

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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: +5.4% yoy to 3.08m) but also by strong growth at Malta (0.90m, +10%
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 (+24% yoy in Q3; +20% 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
++++++++++
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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