Original-Research: Flughafen Wien AG - from NuWays AG 20.01.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

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

Original-Research: Flughafen Wien AG - from NuWays AG

20.01.2025 / 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:                        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: [e-mail]
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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