Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

13.09.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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:                        13.09.2024
     Target price:                EUR 59.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Record main travel season in the books

Yesterday, FWAG finished off the main travel season with solid August '24
traffic results, slightly better than expected. In detail:

In August, group passenger numbers rose by 9% yoy to 4.4m passengers (eNuW:
4.3m) driven by the busy travel season, particularly in Malta (+12% yoy) and
Kosice (+23% yoy). The maincontributor, Vienna (75% of group passengers),
grew its passengers numbers by 7% yoy to 3.3m, also showing a solid
improvement. - see p. 2 for details

Historic record in main travel season: While July '24 marked the strongest
month in Vienna airport's history, August '24 has even beaten that young
record. This concludes the most successful summer travel season with a
combined passenger volume of 6.7m passengers (July & August) at Vienna
airport in the two most busy months of the year.

YTD growth in line with peer group: FWAG's YTD passenger growth (10% yoy)
compares well to its European peers (see p. 2). While Munich is showing
catch up effects with YTD growth rates of 13.6% yoy it still lags behind its
pre-crisis levels by 15%, whereas FWAG is 5% above 2019 levels. Athens on
the other side seems to benefit from seasonally strong summer but also from
an overall tourism boom over the last years, explaining both the strong YTD
growth rate of 14% and its exceedance of 2019 levels by 23%.

Seasonality to slow growth momentum: Due to the upcoming begin of the winter
season (Oct-Apr), we expect a sequential decline in both absolute passenger
numbers and yoy growth rates for the next months (see p. 2). This should
nonetheless lead to FY'24e group passengers of 41m (eNuW), implying a solid
growth of 8% yoy.

Following Q2 results, FWAG's share price has moved even closer towards our
fair value PT of EUR 59.00 (unchanged, based on DCF), further limiting the
likelihood of share price hikes in the near-term, in our view.

Therefore, the stock remains a HOLD, as we regard current sound operating
results well reflected by the current valuation.

You can download the research here: http://www.more-ir.de/d/30787.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
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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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1987453 13.09.2024 CET/CEST

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