Original-Research: Flughafen Wien AG (von NuWays AG): Hold

Original-Research: Flughafen Wien AG - from NuWays AG

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20.01.2025 / 09:00 CET/CEST

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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: 20.01.2025

Target price: EUR 60.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

FY 2025 guidance out and in line with expectations

Topic: Last Friday, FWAG released Dec'24 traffic results and issued a

passenger and financial guidance

for 2025, which arrived in line with our expectations. In detail:

2025 guidance in line with estimates: Despite a weak macroeconomic outlook

in Austria and the western European destinations, demand for air travel

should remain stable thanks to the prioritization of travel at the expense

cutting spending at other discretionaries. Therefore, the company expects

passengers of approx. 42m (eNuW: 42.3m, +2% yoy) on group level for 2025.

Thereof, the majority is expected at its core asset VIE with c. 32m

passengers (eNuW: 32.2m, + 1.5% yoy) and the rest (c. 10m) at MAL (eNuW:

9.3m, +4% yoy) and KSC (eNuW: 0.8m, +6% yoy). Cosequently, sales should grow

proportionate to passengers, as the company guides for sales of approx. EUR

1.08bn (eNuW: EUR 1.08bn), whereas EBITDA is seen at approx. EUR 440m (eNuW: EUR

439m), implying a slight margin decline by 0.7pp yoy (eNuW) as the

collective labour agreement will likely increase personnel expenses more

than sales. On

the other hand, net income is guided for approx. EUR 230m (eNuW: EUR 231m) at a

constant margin (eNuW: -0.1pp yoy), thanks to a positive financial result.

CAPEX is expected at EUR 300m (eNuW old: EUR 210m, new: EUR 310m) whereof EUR 120m

is dedicated for the south expansion of terminal 3 and the remaining EUR 180m

should be mostly cyclical maintenance CAPEX at VIE and MAL (eNuW) which we

anticipated much lower. Mind you, no additional funds are needed, as FWAG

generates more than sufficient operating cash flow (eNuW: EUR 373m) to finance

the current CAPEX cycle without endagering the dividend.

December traffic results slightly ahead of expectation: For Dec'24, we

expected 2.93m passengers on group level (VIE: 2.28m, MAL 0.61m, KSC 0.04),

however FWAG reported 3.01m passengers (VIE: 2.38m, MAL: 0.59m, KSC: 0.04m).

Our 100k underestimation stems from a better than expected holiday travel

season at VIE, which saw a growth of 9% yoy (eNuW: +4% yoy). This finished

off a very succesful 2024 with a new record of 41.41m passengers (VIE:

31.72, MAL: 8.96m, KSC: 0.74m), which surpassed the pre-COVID levels of 2019

by 5%.

The final decision regarding the 3rd runway project is expected to come no

later than FY'26e (see update from 9th October 2024), which should serve as

a pivotal moment for the company's future and thus a share price catalyst.

Until then, we reiterate our HOLD recommendation with unchanged PT of EUR

60.00 as FWAG's shares are currently fairly valued (upside only 13%), in our

view.

You can download the research here: http://www.more-ir.de/d/31635.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: [email protected]

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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Quelle: dpa-AFX