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: Update
Empfehlung: HOLD
seit: 19.01.2024
Kursziel: 52.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

FY'24 guidance out - solid outlook for the year

Topic: FWAG released its FY '24 guidance, indicating a solid outlook for
the year. Moreover, Dec '23 traffic results came in slightly better than
expected.

Guidance in line with estimates: FWAG expects c. EUR 970m sales (eNuW: EUR
965m), at least EUR 390m EBITDA (eNuW: EUR 423m) and at least EUR 210m net income
before minorities (eNuW: EUR 219m).

Solid top-line growth: While FY '23 was still characterized by a strong
COVID recovery, it should be hard to maintain that momentum into FY '24.
Hence, we model a conservative passenger growth of 1.2% yoy to 38.4m for FY
'24 (vs. Guidance of 39m, +2.3% yoy). On the other hand, due the
significant increase in statutory airport fees of 9.7% (as of 1st January
'24; 41% of total sales), FWAG should even turn flat passenger volumes into
solid top-line growth (eNuW: 8.8% yoy).

Margins to remain high: FWAG's continuous focus on operational efficiency
is well reflected in strong EBITDA margins (eNuW: 44% for FY '24e).
Nevertheless, we do not see significant potential for margin improvements
due to saturation effects. Potential interest rate changes could also lead
to P&L effective changes of pension provisions.

CAPEX cycle started: FWAG expects CAPEX to double to more than EUR 200m
(eNuW: EUR 213m), as the company only recently started to expand its terminal
3 in Q3'23. In total, the southern expansion should be finished by Y/E '26
and amount to c. EUR 500m in total CAPEX (eNuW).

Dividend increase likely: Based on the strong net income, but also due to
strong cash reserves (eNuW: EUR 329 at Y/E '23), no debt and FWAG's ability
to finance current CAPEX by CFO, the company might raise the pay-out ratio
to 70% (before: 60%), leading to a dividend increase by 81% yoy to EUR 1.39
per share (eNuW) and to an implied dividend yield of 2.8%.

Also, December traffic results came in better than expected at 2.75m
passengers on group level (eNuW: 2.58m), thus successfully finishing off
the year with 38m passengers (+26% yoy) on group level.

We reiterate our HOLD recommendation as FWAG's shares seem fairly valued,
but increase our PT to EUR 52.00, as we switch our valuation method from
FCFY'24e to DCF to better capture FWAG's long term outlook.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28711.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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