Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

14.02.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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:                        14.02.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Sustained passenger growth, but with less momentum into FY'25

Topic: Yesterday, FWAG released solid January traffic results that showed a
seasonal shift in passenger mix, which should revert back to its mean. In
detail:

FWAG started well into the year with solid January passenger growth of 4.8%
yoy to 2.44m pax (vs. eNuW: 2.39m). Here, VIE grew by 3.4% yoy to 1.89m pax
(78% of passengers), whereas MLA and KSC continued with strong momentum of
9% yoy and 22% yoy growth (22% of passengers).

Passenger mix shift towards local to revert back. Although VIE passengers
grew by 3.4% yoy, the mix shifted notably towards local passengers (82% of
pax vs. 80% in Jan'24; + 6% yoy) and the share of important transfer
passengers has declined to 18% of pax (vs. 20% in Jan'24; -7.2% yoy). The
combination of strong growth in long-haul destinations such as Far East
(+38% yoy), North America (+11% yoy) and Africa (+22% yoy), which usually
have a higher transfer share, while the overall seat-load- factor is
seasonally down (passengers per movement: -1% yoy) at the same time, might
imply a seasonally weak seat-load-factor in short-haul destinations. We
expect this effect to revert back during the course of the year (eNuW:
transfer share of 21% in FY'25e), as utilization rates are expected to rise
again during summer. Mind you, transfer passengers are very important for
hubs like VIE, as they usually spend more on retail and restaurants than
local passengers and contribute twice in terms of passenger fees.

Passenger momentum to decrease: Going forward, we expect the strong momentum
seen until 2024, to slow down in FY'25e, as last years passenger records
created a tough comparable base. All in all, we expect passenger growth
rates to decrease to low single digits for the next months, with an overall
growth of 2.4% yoy in FY'25e. - see p. 2 for details

Moreover, FWAG will report FY'24 figures on 3rd March 2025, which we expect
to come in a strong with EUR 1,038m in sales (+11% yoy) and an EBITDA of EUR
429m (+9% yoy). Looking into this year, the company released a FY'25e
guidance with sales of c. EUR 1.08bn (eNuW: EUR 1.08bn, +4% yoy) and an EBITDA
of c. EUR 440m (eNuW: EUR 439m, +2% yoy), under the assumption of c. 42m
passengers on group level (eNuW: 42.4m).

Against this backdrop, we reiterate our HOLD recommendation with an
unchagend PT of EUR 60.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/31767.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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2086269 14.02.2025 CET/CEST

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