Original-Research: Flughafen Wien AG (von NuWays AG): Halten
Source: EQSClassification of
Company
ISIN: AT00000VIE62
Reason for the research: Update
Recommendation: Halten
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Positive traffic results; guidance too conservative; chg. est.
Yesterday, FWAG released March '24 traffic results ahead of our estimates:
In March, group passenger numbers rose by 12% yoy to 2.88m (eNuW: 2.80m).
Looking at VIE only, the most important destination of
Thus, Q1'24 counted 7.58m group passengers, up +14% yoy, of which 78% in
Further down the road, we expect Q2 & Q3'24e to come in even stronger due to the busy summer months ahead. Q4 should show a seasonal decline (qoq). Especially the current summer flight plan as well as airline booking data indicate an outperformance of last year's summer.
Against this stellar start into the year, the FY'24 guidance issued in January this year seems conservative already. As we expect passenger growth rates converging to 3% over the course of the year, FY'24e group passengers should grow by 5.7% yoy to 40.1m (vs. guidance of c. 39m guidance, +3% yoy). This looks set to translate into € 1,010m sales (+8.5% yoy; vs. guidance of c. € 970m) and EBITDA of € 417m (41.2% margin; vs. guidance of 'above' € 390m) for FY'24e. (see p. 2 for details)
All in all, FWAG is well on track to record another record year as demand for travel remains unbroken and supply of flight capacity by the airlines is also expanding, leading to rising passenger numbers,ultimately benefiting the airport operator. Nevertheless, this seems to be reflected in its current valuation. Thus, we stick to our HOLD recommendation (unchanged PT of € 58.00, based on DCF), despite the company's stellar operating performance.
You can download the research here:
http://www.more-ir.de/d/29385.pdf
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www.nuways-ag.com/research.
Contact for questions
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
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