(MENAFN- EQS Group) Original-Research: Flughafen Wien AG - from NuWays AGClassification of NuWays AG to Flughafen Wien AGCompany Name: Flughafen Wien AGISIN: AT00000VIE62Reason for the research: UpdateRecommendation: Haltenfrom: 12.04.2024Target price: EUR 58.00Target price on sight of: 12 MonatenLast rating change: Analyst: Henry WendischPositive traffic results; guidance too conservative; chg. est. Yesterday, FWAG released March '24 traffic results ahead of our estimates: In March, group passenger numbers rose by 12% yoy to 2.88m (eNuW: 2.80m).Vienna (VIE) grew by 8% yoy to 2.21m passengers (eNuW: 2.21m) despite thestrike by Austrian Airlines' employees at the end of the month. Malta grewmuch stronger than expected, +30% yoy to 0.63m (eNuW: 0.54m) while Kosiceshowed a slight yoy decline of 1.2% to 0.03m passengers (eNuW: 0.05m). (seep. 2) Looking at VIE only, the most important destination of Western Europe (35%of VIE passengers) rose by 11% yoy, whereas the second most important destination of Eastern Europe grew by 1.7%, followed by the long-haulroutes North America (+10% yoy), Africa (+13% yoy) and Far East (+5% yoy). Thus, Q1'24 counted 7.58m group passengers, up +14% yoy, of which 78% inVienna, 21% in Malta and 1% in Kosice. This leads us to expect strong Q1results, as the statutory 9.7% increase of airport charges (c. 40% ofsales) coupled with the passenger growth should lead to overall salesgrowth of 17% yoy to € 212m in Q1'24e. Further down the road, we expect Q2 & Q3'24e to come in even stronger dueto the busy summer months ahead. Q4 should show a seasonal decline (qoq).Especially the current summer flight plan as well as airline booking dataindicate an outperformance of last year's summer. Against this stellar start into the year, the FY'24 guidance issued inJanuary this year seems conservative already. As we expect passengergrowth rates converging to 3% over the course of the year, FY'24e grouppassengers should grow by 5.7% yoy to 40.1m (vs. guidance of c. 39mguidance, +3% yoy). This looks set to translate into € 1,010m sales (+8.5%yoy; vs. guidance of c. € 970m) and EBITDA of € 417m (41.2% margin; vs of 'above' € 390m) for FY'24e. (see p. 2 for details) All in all, FWAG is well on track to record another record year as demandfor travel remains unbroken and supply of flight capacity by the airlinesis also expanding, leading to rising passenger numbers,ultimatelybenefiting the airport operator. Nevertheless, this seems to be reflectedin its current valuation. Thus, we stick to our HOLD recommendation(unchanged PT of € 58.00, based on DCF), despite the company's stellaroperating performance can download the research here:For additional information visit our websiteContact for questionsNuWays AG - Equity ResearchWeb: Email: ...LinkedIn: Adresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.++++++++++-------------------transmitted by EQS Group AG.-------------------The issuer is solely responsible for the content of this research result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.
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