Original-Research: Flughafen Wien AG (von NuWays AG): HOLD
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Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Company Name: Flughafen Wien AG
ISIN: AT00000VIE62
Reason for the research: Update
Recommendation: HOLD
from: 12.07.2024
Target price: EUR 59.00
Last rating change:
Analyst: Henry Wendisch
Strong Q2 passenger numbers, still on HOLD; chg. est & PT
Topic: FWAG released better than expected June traffic results that marked
new records.
Strong June traffic results: Group passenger numbers rose by 8.4% yoy to
3.97m (eNuW: 3.84m). While Vienna grew by 6.5% yoy to 3.02m passengers
(eNuW: 2.95m), Malta - a desired summer destination - grew by +14% yoy to
0.86m (eNuW: 0.76m).
Q2 and YTD well above prior year: Q2 passenger numbers rose by 8% (YTD:
+10%), despite rising ticket prices and geopolitical uncertainties,
highlighting the unbroken demand for air travel.
Q2 results to come in strong: The 8% increase in Q2 passengers coupled
with the 9.7% increase inairport charges (c. 40% of group sales) indicate a
strong top-line growth for Q2'24e, which we expect to come in at EUR 275m
(eNuW, +11% yoy).
Busy summer in full swing: On June 28th, Vienna Airport recorded the
strongest travel day in history while last month was also the strongest
June ever recorded, highlighting that the airport successfully handled the
start of the summer holidays in Austria. For Q3, this should also bode
well, as the outgoing traffic will eventually become incoming traffic
again.
Continued airline expansions at Vienna Airport: New airlines start to serve
the destination Vienna (e.g. UAE's low cost carrier Air Arabia, starting in
Dec.'24) but also existing airlines increase their fequencies (e.g. Air
China operating daily as of Jul. '24) or serve new destinations (e.g. AUA
now serving
Boston) in order to meet the strong demand for air travel from and to
Vienna.
Highest service quality maintained: While Vienna held its position as the
most punctual Lufthansa hub, Malta airport has been awarded the best
airport by ACI (5-10m passenger category). Action: While the initial
outlook from Nov'23 for this year has been rather muted, the dark clouds
have made way for sunny weather, visible by the strong passenger
development so far. We now lift our FY'24 passenger estimate to 40.6m (old:
40.2m) and consequently increase our PT to EUR 59.00 (old: EUR 58.00), however,
the 16% upside is still not high enough to justify a BUY recommendation.
Consequently, we remain at our HOLD recommendation for now, but also highly
appreciate the strong operating performance.
You can download the research here:
http://www.more-ir.de/d/30203.pdf
For additional information visit our website
www.nuways-ag.com/research.
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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-------------------transmitted by EQS Group AG.-------------------
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.
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