Original-Research: Flughafen Wien AG (von NuWays AG): HOLD

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Original-Research: Flughafen Wien AG - from NuWays AG

16.05.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of NuWays AG to Flughafen Wien AG

Company Name: Flughafen Wien AG

ISIN: AT00000VIE62

Reason for the research: Update

Recommendation: HOLD

from: 16.05.2025

Target price: EUR 60.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Solid Q1 out and slightly improved summer outlook; chg. est.

Following a 4.6% increase in group passengers, Q1 sales grew by 7.4% yoy to

EUR 226m (eNuW: EUR 224m), driven by the segments Airport (.1% yoy, 44% of

sales), Handling & Security (.5% yoy, 21% of sales), Retail & Properties

(.5% yoy, 20% of sales) and Malta (.7% yoy, 13% of sales).

EBITDA increased less than sales by 2.2% yoy to EUR 81m (36% EBITDA margin,

-1.8pp yoy; eNuW: EUR 85m), as total OPEX grew by 10% yoy to EUR 148m (eNuW: EUR

141m). Here, the deconsolidation of a subsidiary had positive implications

on personnel expenses but added costs to other OPEX. Mind you, that Q1'25

also had one day less than Q1'24, where sales of a full day were missing,

but due to its fixed cost nature, OPEX remained comparably stable, which

should have affected sales and thus EBITDA negatively by EUR 2.5 (eNuW). This,

and the fact that the Easter travel season was entirely in Q2'25 (vs. in Q1

last year), cushioned the start into the year.

FCF came in at EUR 49m ( 59% yoy), mainly thanks to a strong CFO of EUR 95m

(% yoy) and still low CAPEX of EUR 46m (% yoy). Over the two coming

quarters, building activities at the south expansion are set to increase,

due to the better weather than in winter. Therefore, CAPEX is seen to rise

significantly and FCF should come in less pronounced sequentially. In total,

we expect CAPEX of EUR 310m for FY'25e, stemming from the south expansion

(eNuW: EUR 160m) and ongoing investments in Malta (eNuW: EUR 65m) while the rest

is mainly related to maintenance and other smaller nonmaintenance projects

(eNuW: EUR 95m). Nevertheless, FCF should remain positive at EUR 101m for

FY'25e, highlighting FWAG's highly cash generative business model even

during the recent CAPEX cycle.

Moreover, April traffic results came in and were driven by the Easter

holiday effect described above, with group passengers rising by 9.6% yoy to

3.75m. VIE grew by 8% yoy to 2.81m, whereas MLA remained strong with 16% yoy

passenger growth to 0.9m and KSC grew even better with 24% yoy to 0.05m.

Based on a solid outlook for the summer, Co-CEO Jäger commented that 32-33m

VIE passengers are more likely now (eNuW old: 32.1m; eNuW new: 32.5m; vs.

guidance: approx. 32m).

Again, FWAG looks set to deliver a strong FY'25e again, however shares still

seem fairly priced, in our view. Therefore, we reiterate our HOLD

recommendation with unchanged PT of EUR 60.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/32620.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

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

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2139084 16.05.2025 CET/CEST

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