Original-Research: Flughafen Wien AG (von NuWays AG): Hold
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Original-Research: Flughafen Wien AG - from NuWays AG
04.03.2025 / 09:00 CET/CEST
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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
Target price: EUR 60.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
FY'24 prelims out, solid dividend proposal; chg. est & PT
Topic: Yesterday, FWAG published detailed FY'24 prelims and proposed a 25%
dividend increase.
For the first time, the group surpassed the billion-threshold with EUR 1.05bn
in FY'24 revenues (eNuW: EUR 1.04bn), showing a solid 13% yoy growth. Main
sales drivers were the Airport segment (+15% yoy; 48% of sales), thanks to
the 9.7% increase in airport charges in combination with a 7% pax growth in
VIE, while the segment Retail & Properties grew by 11% yoy (19% of sales). A
similar, but slightly better picture was seen at MLA, as the Malta segment
increased sales by 21% yoy to EUR 143m (14% of sales), also mainly driven by
passenger growth (+15% yoy). - see p. 2 for details
EBITDA came in slightly better than expected and grew to EUR 442m (eNuW: EUR
429m) with a comfortable 42% EBITDA margin (-0.2pp yoy). EBIT stood at EUR
306m (eNuW: EUR 286m) and net income b.m. increased by 27% yoy to EUR 240m
(eNuW: EUR 224m). Consequently, FWAG proposed a DPS increase of 25% yoy to EUR
1.65 (eNuW: EUR 1.57), which corresponds to a payout ratio of 64% (eNuW: 65%)
and currently offers a 3.1% dividend yield.
Upbeat cash generation. FWAG reported a EUR 512m net cash position, which came
in much better than expected (eNuW: EUR 410m), thanks to a superb Q4 CFO of EUR
122m (eNuW: EUR 49m; FY'24: EUR 444m, 100% CFO/EBITDA cash conversion) and CAPEX
of EUR 66m in line with expectations (eNuW: EUR 66m). Against this backdrop, the
FY'24 FCF stood at EUR 254m (24% of sales) and more than covers the upcoming
dividend payment (EUR 138m, due in June '25) and even leaves room to store
cash in time deposits until a decision on the third runway project is
reached.
Outlook 2025. The 2025 travel season should come in similarly strong or
slightly better than last year, current booking data show. In particular in
Vienna, air travel remained the preferred choice of tourists (39% arrive by
plane). This is also reflected in FWAG's FY'25e financial guidance (see
bottom right), which 'could turn out to be conservative already' the CFO
commented in the earnings call, further stating that the 'approximately'
could now be read as an 'at least'.
(Geo)politics to shape newsflow. With Germany and Austria forming new
governments, pressure on the EU to improve air travel legislation could
mount up. Moreover, potential peace in Ukraine and/or Middle East could
revive air travel to those regions, ultimately increasing passenger numbers.
In sum, we remain positive about FWAG's operating performance, however
expect this to be priced in at current levels. Therefore, we reiterate our
HOLD recommendation with an unchanged PT of EUR 60.00, based on DCF.
You can download the research here: http://www.more-ir.de/d/31895.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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2094707 04.03.2025 CET/CEST
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