Original-Research: Flughafen Wien AG (von NuWays AG): HOLD
Source: EQSClassification of
Company
ISIN: AT00000VIE62
Reason for the research: Update
Recommendation: HOLD
from:
Target price: 58.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Upbeat traffic results - demand for air travel remains strong; chg.
Topic: Yesterday, FWAG released better-than-expected Feb'24 traffic results showing that air travel demand remains unbroken.
Last month, Group passengers rose by a strong 18% yoy to 2.38m passengers
(eNuW: 2.21m). While
Unbroken demand meets growing supply: With inflation easing down in
Rising airport charges: On top of the continuous growth of passengers, FWAG can rely on the statutory increase of airport charges by 9.7% yoy, effective as of Jan'24. Hence, we estimate Q1'24e passenger and aircraft fees to increase by 20% yoy to € 85m, making up c. 42% of Group sales.
Strong Q1'24e ahead: The above-mentioned effects should lead to a strong first quarter. We expect sales of € 210m (+17% yoy) with an EBITDA of € 86m (41% EBITDA margin, +3.9pp yoy), based on Q1'24e group passengers of 7.51m (eNuW; +13% yoy). Further down the road, Q2 & Q3'24e's top line should come in even stronger, as the current summer flight plan as well as airline booking data indicate an even better summer than last year.
Against this backdrop, we stick to our HOLD recommendation but raise our PT of € 58.00 (old: € 57.00, based on DCF), as the company's stellar operations are well reflected in its current valuation.
You can download the research here:
http://www.more-ir.de/d/29153.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
-------------------transmitted by EQS Group AG.-------------------
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.