Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

17.04.2025 / 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
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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:                        17.04.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Sound Q1 traffic results in the books

Yesterday, FWAG released Mar'25 traffic figures marked by mid-single-digit
growth, rounding up a sound Q1. In detail:

In March, group passenger numbers rose by 4.1% yoy to 2.99m (eNuW: 2.99m).
At VIE, passengers grew only by 0.9% yoy, mainly due the later Easter
holiday in April 2025 (vs. end of March in 2024). Consequently, we expect a
disproportionately stronger Apr'25, due to the Easter holiday catch up
effect. MLA and KSC continued its strong development with 14% yoy and 18%
yoy respectively. This amounts to again expanded Q1 group passenger numbers
of 7.93m (+4.6% yoy), despite geopolitical uncertainties and higher ticket
prices, showing resilient demand for air travel.

VIE passenger mix reverted back to a higher transfer share. The trend of
passenger mix moving towards a higher local passenger share in expense of a
lower transfer passenger share has reverted back, as expected (see update
from 14.02.2025). In Jan'25 (Feb'25), the share of VIE's local passengers
has risen by 1.9pp yoy to 85.7% (2.5pp yoy to 86.6%). In Mar'25 this has
fallen to 84.8% in Mar'25 (flat yoy), showing that the seasonal switch ahead
of summer has reverted towards a higher transfer passenger share. Mind you,
transfer passengers are important for connecting hubs like VIE, as they
usually spend more on retail and restaurants than local passengers and
contribute twice in terms of passenger fees.

Limited impacts from new US presidency. Following Trump's remarks about a
more restrictive visa policy and entry controls, travel to the US from
Europe could be burdened. However, North America's market share at VIE stood
at only 3%, thus limiting a potential impact on the group. On the other
hand, the ongoing uncertainty regarding tariffs and potential trade wars
could further burden the economic situation and thus the consumer sentiment.
However, as visible in yesterday's traffic figures, air travel remains a
high priority of consumers and thus sees robust demand.

Sound Q1 ahead. Following the statutory price increase for airport charges
(+4.6% as of Jan'25; c. 40% of sales) coupled with the 4.6% yoy Q1 passenger
growth, we expect Q1 sales to expand by 7% yoy to EUR 224m with a
proportionate rise in EBITDA by +7% yoy to EUR 85m.

All in all, FWAG remains fairly priced at the moment. Therefore, we
reiterate our HOLD recommendation with an unchanged PT of EUR 60.00, based on
DCF.

You can download the research here: http://www.more-ir.de/d/32278.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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2119722 17.04.2025 CET/CEST

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