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

Original-Research: Flughafen Wien AG - from NuWays AG

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14.03.2025 / 09:02 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: 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: [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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2100674 14.03.2025 CET/CEST

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Quelle: dpa-AFX