Original research: Flughafen Wien AG (von NuWays AG): HOLD

Original research: Flughafen Wien AG – by NuWays AG

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21.08.2024 / 09:02 Central European Time/Central European Time

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Classification of NuWays AG to Flughafen Wien AG

Company name: Flughafen Wien AG

ISIN code: AT00000VIE62

Reason for the investigation: Update

Recommendation: KEEP

from: 21.08.2024

Target price: EUR 59.00

Last review change:

Analyst: Henry Wendisch

Q2 Review: Solid Results and Positive Cash Generation

Subject: Yesterday, FWAG published solid second quarter results, showing continued revenue growth and

Cash generation remained positive, while EBITDA margins reached cruise levels

height.In detail:

Turnover amounted to EUR 278 million, +12% year-on-year (eNuW: EUR 273 million; eCons: EUR 277 million), largely

driven by airport charges (+15% yoy; 43% of turnover), but also by strong

contribution from Malta (+12% yoy; 14% of turnover).

EBITDA was in line with expectations at EUR 125 million (eNuW: EUR 125 million; eCons: EUR

124m), up 13% year-on-year with a near-constant margin of 45.1%, +0.5pp year-on-year, due to

to low operating leverage. Positive is the segment ‘Handling &

Security Services positively surprises with better than expected EBITDA

of EUR 4.7 million (vs. eNuW: EUR 0.7 million) due to a more favourable shift to freight

(YTD freight volume: +18% yoy) – see p. 2 for details

FCF came in better than expected at EUR 68 million (eNuW: EUR 44 million; H1’24: EUR 99 million)

implying an FCF margin of 25%, thanks to a strong CFO of EUR 110 million (eNuW: EUR 112 million) and

lower than expected, but still an extensive CAPEX of EUR 42 million (+222% yoy; eNuW: EUR

68m) due to the expansion of terminal 3. As FWAG > EUR 200m is expected in

CAPEX for FY’24e (H1’24: EUR 79 million), second half of the year should show an increase

higher CAPEX (eNuW: EUR 131 million in H2) and therefore a lower FCF (eNuW: EUR 52 million in H2).

Nevertheless, net liquidity grew by 42% year-on-year to EUR 349 ​​million in H1’24 (eNuW: EUR

353 million), which shows that despite (1) a dividend payment of EUR 118 million in the second quarter of 2024, (2)

full debt repayment in Q4’23 and (3) the new CAPEX cycle, FWAG can

nevertheless further expand its already strong net cash position.

Furthermore, the passenger numbers for July were announced and they amounted to 4.4 million

(+7.7% yoy) at group level, exceeding our expectation of 4.3 million and a

YTD growth of +10% year-on-year, which is comparable to European peers (see p.

2). As a result, FWAG slightly increased its passenger forecast from ‘approximately’

39 million (3% yoy) to ‘more than’ 39 million at group level (eNuW: 40.7 million, +7% yoy), but

the financial guidelines have been left unchanged, which are still in line with our

estimates.

All in all a solid release. FWAG remains a very cash generating,

monopolistic company with a healthy balance sheet, which has a stable and

slightly growing dividends for medium and long-term investors. Nevertheless

do not see any price fluctuations in the short term and reiterate our HOLD advice

recommendation with unchanged PT of EUR 59.00, based on DCF. Please contact

management

You can download the study here: http://www.more-ir.de/d/30577.pdf

For more information, please visit our website: www.nuways-ag.com/research

Contact us for questions:

NuWays AG – Equity Research

Website: www.nuways-ag.com

E-mail: (email protected)

LinkedIn: https://www.linkedin.com/company/nuwaysag

Address: Mittelweg 16-17, 20148 Hamburg, Germany

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This notification is not an anlageberatung or aufforderung zum Abschluss

best listed companies.

Possible consequences for conflict of interest according to § 85 WpHG in the case of above

Analyze analyses that occur in the full analysis.

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1971881 21.08.2024 Central European Time/Central European Time

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Source: dpa-AFX