Original-Research: Flughafen Wien AG (von NuWays AG): Hold 
Fr, 15.11.24 09:02· Quelle: dpa-AFX

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Original-Research: Flughafen Wien AG - from NuWays AG

15.11.2024 / 09:01 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:                        15.11.2024
     Target price:                EUR 61.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Q3 review: strong FCF despite CAPEX cycle

Topic: FWAG released solid Q3 results, in line with our estimates. Moreover,
FCF remained upbeat despite the current CAPEX cycle kicked-off at the end of
last year, highlighting the company's strong operative cash generation. In
detail:

Q3 sales arrived at EUR 304m, +12% yoy (eNuW: EUR 306m; eCons: EUR 305m),
particularly on the back of risen passenger numbers (+6% yoy) leading to an
increase in airport charges by 11% yoy to EUR 130m (+43% of sales). Moreover,
the Retail and Properties segment benefited disproportionately to passenger
growth and expanded sales by 13% yoy to EUR 58m (19% of sales), followed also
by a 13% increase to EUR 49m in Handling & Security (16% of sales). Elsewhere,
the segment Malta also showed a strong passenger growth of 12% yoy which
materialized in sales growth of 14% yoy to EUR 43m (14% of sales).

Q3 EBITDA came in 5% higher than last year at EUR 163m (eNuW: EUR 160m; eCons: EUR

165m), however at a slightly lower, but still very comfortable margin of
53.7%, -3.4pp yoy (9M: 46.5% margin, -1.0pp). In particular, the risen
personnel expenses (+ 17% yoy to EUR 92m), but also other OPEX of EUR 46m (+43%
yoy) contributed to the EBITDA expansion below sales growth.

The key highlight was a strong FCF. It increased by 77% yoy to EUR 99m (eNuW:
EUR 42m; 9M: EUR 198m, -12% yoy), despite substantially higher CAPEX of EUR 45m,
up 40% yoy (eNuW: EUR 75m). This stems from a superb CFO expansion by 63% yoy
to EUR 144m (eNuW: EUR 117m; 9M: EUR 322m, up 13% yoy), which in turn was
positively affected by EUR 40m reversals of provisions.

Consequently, net cash expanded by 46% yoy to EUR 435m (eNuW: EUR 390m) and
should keep on building into FY'25e. Mind you, the company keeps on storing
cash until a final decision on the 3rd runway is reached (eNuW: end of '25
until mid '26).

Moreover, October passenger numbers of 3.8m (+8% yoy) arrived in line with
our expectation of 3.8m and show a solid start into Q4.

In sum, FWAG remains fully on track to deliver another record year. We
regard the company as a highly stable dividend payer, but on the other hand,
the shares seem to be valued accordingly, which is why we reiterate our HOLD
recommendation with unchangend PT of EUR 61.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/31327.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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2030715 15.11.2024 CET/CEST

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