2025 ahead ayondo Franchise coming soon
Happy 
xMas Holidays
xMas Holidays
xMas Holidays
|
Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Q3 review: strong FCF despite CAPEX cycle Topic: FWAG released solid Q3 results, in line with our estimates. Moreover, FCF remained upbeat despite the current CAPEX cycle kicked-off at the end of last year, highlighting the company's strong operative cash generation. In detail: Q3 sales arrived at € 304m, +12% yoy (eNuW: € 306m; eCons: € 305m), particularly on the back of risen passenger numbers (+6% yoy) leading to an increase in airport charges by 11% yoy to € 130m (+43% of sales). Moreover, the Retail and Properties segment benefited disproportionately to passenger growth and expanded sales by 13% yoy to € 58m (19% of sales), followed also by a 13% increase to € 49m in Handling & Security (16% of sales). Elsewhere, the segment Malta also showed a strong passenger growth of 12% yoy which materialized in sales growth of 14% yoy to € 43m (14% of sales). Q3 EBITDA came in 5% higher than last year at € 163m (eNuW: € 160m; eCons: € 165m), however at a slightly lower, but still very comfortable margin of 53.7%, -3.4pp yoy (9M: 46.5% margin, -1.0pp). In particular, the risen personnel expenses (+ 17% yoy to € 92m), but also other OPEX of € 46m (+43% yoy) contributed to the EBITDA expansion below sales growth. The key highlight was a strong FCF. It increased by 77% yoy to € 99m (eNuW: € 42m; 9M: € 198m, -12% yoy), despite substantially higher CAPEX of € 45m, up 40% yoy (eNuW: € 75m). This stems from a superb CFO expansion by 63% yoy to € 144m (eNuW: € 117m; 9M: € 322m, up 13% yoy), which in turn was positively affected by € 40m reversals of provisions. Consequently, net cash expanded by 46% yoy to € 435m (eNuW: € 390m) and should keep on building into FY'25e. Mind you, the company keeps on storing cash until a final decision on the 3rd runway is reached (eNuW: end of ’25 until mid ’26). Moreover, October passenger numbers of 3.8m (+8% yoy) arrived in line with our expectation of 3.8m and show a solid start into Q4. In sum, FWAG remains fully on track to deliver another record year. We regard the company as a highly stable dividend payer, but on the other hand, the shares seem to be valued accordingly, which is why we reiterate our HOLD recommendation with unchangend PT of € 61.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31327.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 ++++++++++ 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2030715 15.11.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
