Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

10.12.2024 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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:                        10.12.2024
     Target price:                EUR 61.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Connecting east and west, insights from CESEE Forum

Topic: last week, we attended the first Vienna CESEE Airport Forum which had
some valuable insights. In detail:

Outperformance in CESEE: according to an analysis conducted by the Vienna
Institute for International Economic Studies (wiiw), the central-eastern and
south-eastern European (CESEE) countries look set to outperform the Eurozone
in terms of economic growth. With that, the overall rise in income and
wealth among the population coupled with the still low propensity to fly
bodes well for a strong passenger growth in the region. Concerning FWAG,
this should bode well for the future, given that it operates as a meaningful
hub between east and west. Moreover, a possible expansion of the EU (e.g.
Balkan, Ukraine) should serve as additional growth factors.

Vienna and Austria as a tourist destination: 73% of tourists in Austria come
from foreign countries. As Vienna Airport is (1) the only intercontinental
airport in Austria and (2) located directly next to the capital and tourist
destination of Vienna, a significant part of incoming tourism is handled via
the airport. Especially long-haul travelers (e.g. from Asia or North
America) seem to have rediscovered Austria as a holiday destination.

Higher ticket prices for longer: A key topic of the conference were high
ticket prices, which seem to remain higher for longer. First, the EU
regulation to implement sustainable aviation fuel (SAF; 2% by 2025, 6% by
2030, 20% by 2035, and 70% by 2050), will likely drive costs as the fuel mix
will gradually turn towards the higher price SAF. Secondly, national air
taxes have risen sharply over the last years, burdening ticket prices even
more. Third, the undersupply of airliners (Boeing and Airbus are producing
at full capacity) should also lead to a capacity bottleneck in Europe,
leading to higher prices from the airlines. High prices usually weigh on
demand, however 2024 has shown that air travel seems to be prioritized
consumer spending, implying a relatively price insensitive demand side.

In sum, the strong network towards CESEE bodes well for the company's
future. Nevertheless, the shares seem to be priced accordingly. Reiterate
HOLD with unchanged PT of EUR 61.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/31519.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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2047455 10.12.2024 CET/CEST

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