Original-Research: Flughafen Wien AG (Von Nuways AG)

(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: UpadteRecommendation: Haltenfrom: 14.05.2024Target price: EUR 58.00Target price on sight of: 12 MonatenLast rating change: Analyst: Henry WendischQ1 preview: record top and bottom line ahead Topic: FWAG's Q1 results are due on Thursday, May 16th and we expect solidtop-line growth and proportionate EBITDA growth, while EBIT and net incomeshould show disproportionate growth and should mark new record levels. Indetail: Sales should grow by 17% yoy to € 212m (eCons: € 212m), driven by acombination of passenger growth (+14% yoy on group level, + 11% yoy inVienna) and an increase in airport charges of 9.7% yoy (c. 40% of sales;effective as of Jan'24). Accordingly, EBITDA is seen to grow by 18% yoy to € 79m (37.4% margin;eCons: € 79.5m) due to FWAG's low operating leverage with OPEX increasingproportionate to sales by +16% yoy € 135m. While the largest part of OPEXshould stem from rising personnel costs (eNuW: € 90m, +18% yoy), FWAGusually incurrs higher material costs (mostly energy costs and de-icingliquids; eNuW: € 20m, +13% yoy) for its operations during winter. Assuming constant D&A of € 34.4m (Q4'23: € 34.4m) EBIT should arrive at €45m (+29% yoy; eCons: € 46m). Following the repayment of all of its debt inQ4'23 coupled with a strong net cash position of € 362m , which yieldssolid interest income, FWAG should report a positive financial result of €3.7m, implying EBT to grow by 43% yoy to € 48m (eCons: € 48m). With oureffective tax rate estimate of 26%, net income before minorites should thusarrive at € 36m (+43% yoy; eCons: € 36m). Noteworthy, figures mentionedabove would mark new all-time records for FWAG, highlighting its soundoperating turnaround after the COVID pandemic. Futhermore, we expect a busy summer ahead, as the current summer flightplan looks set to outperform even the busy summer from last year, Q2 and Q3 (FWAG's most important quarters) should also come inwell above last year. With the Q1 release FWAG will also publish Apr'24traffic results, which we expect to come in at 3.4m (+6% yoy) passengers ongroup level (2.59m in VIE; 0.78 in MAL; 0.04m in KSC) and kick off the busysummer ahead (see p. 2 for FY'24e passenger development). Albeit sound operating performance, FWAG's shares only show only a 16%catch-up potential to our PT of € 58.00 (based on DCF). Thus, we reiterateour HOLD recommendation, while on the other hand, existing investors shouldcontinue to benefit from growing and stable dividends 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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