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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: 20.02.2024
Kursziel: 52.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Taking off well into the year; chg. ests.
Topic: FWAG released January traffic results last week, which came in
better than expected. Moreover, the Athens International Airport IPO gives
a read across for FWAG's valuation.
Strong start into the year: In January, the group started strongly into the
year with double digit passenger growth of 12% yoy to 2.33m passengers (vs.
eNuW: 2.11m). Noteworthy is the strong growth in Vienna's long-haul
destinations, with growth rates for North America of 22% yoy and Far East
of 26% yoy, but also ongoing momentum of the most important destination of
Western Europe (+12.5% yoy; 35% of VIE passengers)
Passenger momentum expected to slow down: Going forward, we expect the
strong momentum to slow down, as the strong recovery of FY23 created a high
comparable base. All in all, we expect passenger growth rates to decrease
to low single digits for the next months, with an average growth of 3.4%
for FY24e (see p. 2).
Top-line growth to remain strong: With a 3.4% pax growth (eNuW) and a 9.7%
airport fee increase (c. 40% of group sales), FWAG looks set to continue
FY'24e with strong sales growth of 9.6% (eNuW). On the other hand, margins
seem to have reached cruising altitude, meaning that earnings growth should
mainly stem from further top-line growth, going forward.
CAPEX cycle officially started: Last week, FWAG officially started the
construction of the southern Terminal expansion and expects total CAPEX of
EUR 420m (eNuW: EUR 503m) for this project. The terminal should add c. 30k sqm
of additional shopping and restaurant areas, which should lead to
incremental revenues of c. EUR 1 per passenger (i.e., EUR 33m incremental sales
in FY'27e), once fully up and running.
Cross-read from Greece: On Feb. 7th, Athen International Airport SA (AIA)
successfully went public, showing a current FY24e valuation of 4.8x
EV/sales and 7.7x EV/EBITDA. Compared to FWAG, this implies a fair peer
valuation on EV/sales (FWAG: 4.2x), whereas on EV/EBITDA FWAG trades on a
slight premium (9.4x EV/EBITDA). This should hoewever stem from AIA's
higher profitability due to outsourcing of key handling activities. (see p.
2 for full peer group analysis)
Hence, we reiterate our HOLD recommendation with an unchanged PT of EUR
52.00, based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28929.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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