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

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Original-Research: Flughafen Wien AG - von NuWays AG

Einstufung von NuWays AG zu Flughafen Wien AG

Unternehmen: Flughafen Wien AG
ISIN: AT00000VIE62

Anlass der Studie: Q3 Review
Empfehlung: HOLD
seit: 17.11.2023
Kursziel: EUR 46,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Record Q3 results thanks to a perfect summer, chg. est. & PT up

Topic: FWAG released record Q3 results and strong October traffic results,
showing excellent operating performance throughout the summer as well as a
strong start into Q4.

Q3 sales came in strong at EUR 271m, +27% yoy (eNuW: EUR 267m; eCons: EUR 262m)
thanks to superb passenger growth in the summer (Q3: 12m group passengers,
+ 14% yoy; 100% of 2019 levels) coupled with the increase of passengers and
aircraft fees of +5.8% as of Jan. '23.

EBITDA grew by +57% yoy to EUR 155m (57% EBITDA margin, +4.6pp yoy), far
better than our and market expectations (eNuW: EUR 131m; eCons: EUR 133m) due
to much lower than expected OpEx of EUR 119m (eNuW: EUR 137m), especially due
to lower personnel costs of EUR 79m (eNuW: EUR 89m).

Given FWAG's huge cash storage in short-term deposits of eNuW: EUR 498m, the
company's financial result turned positive at EUR 1.7m (vs. EUR -2.6m in
Q3'22), leaving a positive mark on the bottom line. Hence, net income
(after minorities) stood at EUR 83m, up 62% yoy (30% profit margin). This
marked a new Q3 record for FWAG (old: EUR 64m in Q3'22).

Moreover, FWAG now operates with an industry leading net cash position of EUR
299m, giving the company a solid basis for current CAPEX projects, while
not endangering the dividend capability. For FY'23e, the company intends to
raise the pay-out ratio "above 60%" (eNuW: 70%). While we estimate EPS to
grow by 57% yoy, the FY'23e dividend should grow by 83% yoy to EUR 1.40 per
share.

Also, October traffic results came in better than expected at 3.5m group
passengers (eNuW: 3.3m; +16% yoy; 99% of 2019 levels). Hence, we increase
our estimate for FY'23e to 37.7m (old: 37.4m). The guidance of >36.5m seems
unambitious and should be outperformed, in our view (see p. 2).

The strong growth rates from the perfectly executed COVID recovery in
FY'23e should however normalize in FY'24e, as this year's strong passenger
momentum seems hard to be maintained next year. However, the passengers and
aircraft fees (eNuW: 42% of FY'23e sales) should increase by 9.7% (as of
Jan. '24), which should support top-line growth even with flat passenger
numbers.

As a consequence, we reiterate our HOLD recommendation with an increased PT
of EUR 46.00 (old: EUR 45.00), based on FCFY'24e.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28313.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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