Original-Research: Flughafen Wien AG (von NuWays AG): Hold 
Mi, 30.10.24 09:02· Quelle: dpa-AFX

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Original-Research: Flughafen Wien AG - from NuWays AG

30.10.2024 / 09:02 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:                        30.10.2024
     Target price:                EUR 61.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Q3 preview: strong growth and margins at cruising altitude

FWAG releases Q3 results on 14th November, which should mark not only new
top- and bottom-line records, but should also show an increase in net
liquidty thanks to solid cash generation despite the current CAPEX cycle.

Sales should come in strong at EUR 306m, +13% yoy, eCons: EUR 305m (9M: EUR 794m,

+14% yoy) thanks to vivid passenger volumes (Q3: +8% yoy; 9M: +9% yoy)
coupled with higher airport charges (+9.7% yoy as of Jan. 2024). Mind you,
Q3 is seasonally the most important quarter, accounting for c. 30% of FY
revenues and c. 38% of FY EBITDA (both eNuW).

EBITDA should increase by 3% yoy to EUR 160m (eCons: EUR 165m; 9M: EUR 365m) but
with an EBITDA margin of 52% below last year (-5pp yoy) due to higher
expected OPEX of EUR 146m (+23% yoy). The OPEX rise should mainly be driven by
an increase in personell expenses (eNuW: EUR 101m, +28% yoy), as an effect of
a higher headcount (eNuW: +8% yoy) and the rise in collective bargaining
agreements (+ 7% wage increase) and a higher rate of overtime hours during
the busy season. On an absolute level however, EBITDA should thus mark a new
record and it shows that the company currently operates well within a
healthy margin corridor of 40-45% on a FY basis (eNuW: 41% for FY'24e).

FCF is seen at EUR 42m (eNuW; 9Me: EUR 140m) composed of a stellar CFO of EUR 117m

(eNuW; 9Me: EUR 295m) and CAPEX of around EUR 75m (+135% yoy; 9Me: EUR 155m; eNuW)

driven by the current southern expansion of Terminal 3. Consequently, we
expect net liquidity to rise further and amount to EUR 391m by 9M'24e. To
remind you, the cash build-up should continue until a final decision on the
3rd runway has been made (see update from 9th October 2024), which we regard
as a pivotal decision for FWAG's future.

Moreover, FWAG publishes Oct'24 traffic results on 14thNovember, where we
expect a continuation of strong demand meeting rising supply. Thus, we
expect 3.8m passengers on group level (+6% yoy; 105% of 2019 levels).

Albeit the company continues to operate well, we reiterate our HOLD
recommendation, as we regard the stock as fairly valued, which only shows a
mere 16% upside to our PT of EUR 61.00 (based on DCF).

You can download the research here: http://www.more-ir.de/d/31149.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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2018633 30.10.2024 CET/CEST

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