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Flughafen Wien AG
ISIN: AT00000VIE62
WKN: A2AMK9
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Flughafen Wien AG · ISIN: AT00000VIE62 · EQS - Analysts (57 News)
Country: Germany · Primary market: Austria · EQS NID: 21327
15 November 2024 09:02AM

Hold


Original-Research: Flughafen Wien AG - from NuWays AG

15.11.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to Flughafen Wien AG

Company Name: Flughafen Wien AG
ISIN: AT00000VIE62
 
Reason for the research: Update
Recommendation: Hold
from: 15.11.2024
Target price: EUR 61.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch

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
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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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2030715  15.11.2024 CET/CEST

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