Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

13.12.2024 / 09:00 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:                        13.12.2024
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Nov' traffic figures out, 30m VIE pax surpassed already

Topic: Yesterday, FWAG released November 2024 traffic figures in line with
estimates. Furthermore, easyJet resumes operations in VIE after 4 years. In
detail:

In November, the group passenger number exceeded Nov'23 by 10% yoy and
counted 2.9m passengers (eNuW: 2.8m). On a YTD basis, group passengers are
up 9% yoy, showcasing the resilient demand for air travel despite higher
ticket prices. Looking at the group's airports, Vienna (VIE) grew passengers
by 7% yoy to to 2.3m (77% group share; YTD: +7% yoy), followed by growth of
19% yoy in Malta (MLA; 21% group share; YTD: +15% yoy) and growth of 29% yoy
in Kosice (KSC; 1.4% group share; YTD: +18% yoy). - see p. 2 for details

30m pax in VIE surpassed. On December 10th, Vienna airport recorded its 30
millionth passenger in 2024, an achievement that has not been reached since
2019. This bodes well for our Dec'24e estimate of 2.3m for VIE passengers
and thus puts our FY'24e estimate of 31.6m VIE passengers well in reach. On
group level, we thus expect 41.3m passengers for FY'24e, which would imply a
9% yoy growth and 5% above 2019 levels.

easyJet returning to VIE. The UK-based low-cost carrier easyJet resumes
operations at VIE after it terminated operations in 2020 during the COVID
pandemic. A daily connection between Milan and Vienna will start in March
2025 and should last at least for the summer flight plan 2025, but (1)
should continue during winter and (2) should serve as a start to potentially
increase connections at VIE, in our view.

2025 guidance soon: On Jan. 18th 2025, FWAG releases not only Dec'24 traffic
results, but also a traffic and financial guidance for 2025e. We expect
group passengers to grow only by 2% yoy against a tough comparable base and
thus expect sales to grow slightly disproportionately by 4% yoy thanks to
the statutory increase in airport charges (c. 40% of sales) by 4.6% as of
Jan 1st 2025.

In sum, the outlook of higher ticket prices for longer (see update from Dec.
10th) should ultimately weigh on demand growth for air travel. Nevertheless,
air travel remains in high demand as spending behaviour tends to turn more
towards experiences (i.e. travelling) instead of materialism. Consequently,
we see FWAG well positionend to continue with strong operations, but also
see this adequately priced in. Reiterate HOLD with new PT of EUR 60.00 (old: EUR
61.00), based on DCF.

You can download the research here: http://www.more-ir.de/d/31537.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
++++++++++
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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2050491 13.12.2024 CET/CEST

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