Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

14.03.2025 / 09:02 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:                        14.03.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Summer flight plan with strong demand & Feb' traffic results

Topic: Yesterday, FWAG published a summer flight plan for VIE and also
reported February '25 group traffic results. In detail:

Slight growth in VIE. The group's core airport VIE reported passengers 1.4%
above Feb'24, showing that in- and outgoing traffic is stable in the
seasonally weaker winter months. Similarly to January, the
number of transfer passengers declined by 12% yoy (17% of pax), whereas the
local passengers grew by 4.6% yoy (83% of pax), thus overcompensating the
decline. This should be attributable to a lower
seat-load-factor, visible in a decline in passengers per aircraft movement
by 1.2% yoy. - see p. 2

MLA and KSC in full swing. On the contrary, the strategic investments Malta
(MLA) and Kosice (KSC), are showing remarkable growth so far. MLA grew
passengers by 18% yoy to 0.56m passengers, explaining
22% of group passengers, whereas KSC expanded February passenger by 25% yoy
to 0.04m, the latter however from a low base (1.5% of group passengers). As
Malta airport has a natural monopoly on the island, the airport seems to
disproportionately benefit from strong economic development (BIP growth of
7.5% in 2023 and 5% in 2024) on top of a strong tourism pull. Against this
backdrop, the recent announcement of further terminal expansions at MLA (c.
EUR 345m over four years; already included in our CAPEX estimates) should bode
well for the airport's future. - see p. 2 for details

Solid summer flight plan for VIE. In addition to traffic figures, VIE
announced the summer flight plan with several new airlines (e.g. Scoot,
Singapore's low cost carrier), new destinations from existing airlines (e.g.
from Austrian, Wizz Air and Ryanair) or increase in frequencies. Although
discontinued airlines, destinations or lower frequencies are not disclosed,
we estimate a net capacity increase of c. 1-2% vs. 2024 at VIE, for which
demand should follow, given solid booking data. Consequently, we feel
comfortable with our current passenger growth estimate of an average 1.5%
yoy growth at VIE during FY'25e. (see p. 2 for details) Potential upside to
our estimate could emerge from a reopening of destinations to Israel/Middle
East as well as Russia/Ukraine, where previous destinations have been
discontinued due to the geopolitical conflicts. However, this remains
unforeseeable for now.

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/31976.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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2100674 14.03.2025 CET/CEST

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