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

Original research: Flughafen Wien AG – by NuWays AG

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13.09.2024 / 09:01 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: 13.09.2024

Target price: EUR 59.00

Target price at sight of: 12 months

Last review change:

Analyst: Henry Wendisch

Record main travel season in the books

Yesterday, FWAG closed out the main travel season with a solid August ’24

traffic results, slightly better than expected. In detail:

In August, the number of group travellers increased by 9% year-on-year to 4.4 million passengers (eNuW:

4.3 million) driven by the busy travel season, especially in Malta (+12% yoy) and

Kosice (+23% yoy). The largest contributor, Vienna (75% of group travelers),

saw passenger numbers grow 7% year-on-year to 3.3 million, also showing solid growth

improvement – see p. 2 for details

Historic record in main travel season: while July ’24 was strongest

month in the history of Vienna Airport, August ’24 even that young

record. This concludes the most successful summer travel season with a

combined passenger volume of 6.7 million passengers (July and August) in Vienna

airport during the two busiest months of the year.

YTD growth in line with peer group: FWAG’s YTD passenger growth (10% yoy)

can compete well with its European colleagues (see p. 2). While Munich

catch-up effects with YTD growth rates of 13.6% year-on-year, it still lags behind its

pre-crisis levels by 15%, while FWAG is 5% above 2019 levels. Athens on

the other side seems to benefit from a seasonally strong summer, but also from

a general tourism boom in recent years, which explains both the strong YTD

growth rate of 14% and an excess of the 2019 level by 23%.

Seasonality will slow growth momentum: Due to the approaching onset of winter

For the season (October-April) we expect a consecutive decline in both absolute passenger numbers and total passenger numbers.

figures and year-on-year growth figures for the coming months (see p. 2). This would

nevertheless led to passenger numbers of 41 million (eNuW) in FY’24, indicating solid

growth of 8% year-on-year.

Following the second quarter results, FWAG’s share price has moved even closer to our price.

fair value PT of EUR 59.00 (unchanged, based on DCF), which means that the

We believe that the chances of price increases in the short term are small.

Therefore, the stock remains a HOLD as we consider the current operating situation healthy.

results that are well reflected in the current valuation.

You can download the study here: http://www.more-ir.de/d/30787.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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1987453 13.09.2024 Central European Time/Central European Time

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Source: dpa-AFX