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:
Solid May'24 traffic results kick off strong summer; chg. est.
Topic: FWAG released strong
Solid passenger growth: In May, group passenger numbers rose by 8% yoy to
3.75m, above our estimate of 3.66m. FWAG's main hub (
Strong summer ahead: May kicked off the busy summer season whose subsequent
operating leverage should deliver sound profitability for the second and
third quarter. We regard the expected exceedance of last year's summer as
highly positive, given that last year's summer showed remarkable passenger
dynamics and marks a tough comparable base. While last year's growth was
driven by Covid recovery effects, this year's growth should mainly stem
from an increase in disposable income in
Slowing momentum ahead: Due to the tough comparable base, monthly yoy passenger growth rates should decline for the remainder of the year to an average of 3.4%. However, based on the YTD passenger growth of 10.5% yoy so far, we expect the FY'24e passenger numbers to grow by overall 6% yoy to 40.2m (guidance: c. 39m) (see p. 2).
Albeit current valuation shows a 19% upside to our DCF price target of € 58.00, the peer group analysis (see p. 2) indicates adequately priced shares. While trading on a discount to peers on EV multiples (skewed at FWAG due to the unique net cash position), the equity based PE ratio indicates a premium to peers.
Thus, we reiterate our HOLD recommendation despite ongoing strong operations.
You can download the research here:
http://www.more-ir.de/d/30053.pdf
For additional information visit our website
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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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.