Hold
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Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Summer flight plan with strong demand & Feb' traffic results Topic: Yesterday, FWAG published a summer flight plan for VIE and also reported February '25 group traffic results. In detail: Slight growth in VIE. The group's core airport VIE reported passengers 1.4% above Feb'24, showing that in- and outgoing traffic is stable in the seasonally weaker winter months. Similarly to January, the number of transfer passengers declined by 12% yoy (17% of pax), whereas the local passengers grew by 4.6% yoy (83% of pax), thus overcompensating the decline. This should be attributable to a lower seat-load-factor, visible in a decline in passengers per aircraft movement by 1.2% yoy. - see p. 2 MLA and KSC in full swing. On the contrary, the strategic investments Malta (MLA) and Kosice (KSC), are showing remarkable growth so far. MLA grew passengers by 18% yoy to 0.56m passengers, explaining 22% of group passengers, whereas KSC expanded February passenger by 25% yoy to 0.04m, the latter however from a low base (1.5% of group passengers). As Malta airport has a natural monopoly on the island, the airport seems to disproportionately benefit from strong economic development (BIP growth of 7.5% in 2023 and 5% in 2024) on top of a strong tourism pull. Against this backdrop, the recent announcement of further terminal expansions at MLA (c. € 345m over four years; already included in our CAPEX estimates) should bode well for the airport's future. - see p. 2 for details Solid summer flight plan for VIE. In addition to traffic figures, VIE announced the summer flight plan with several new airlines (e.g. Scoot, Singapore's low cost carrier), new destinations from existing airlines (e.g. from Austrian, Wizz Air and Ryanair) or increase in frequencies. Although discontinued airlines, destinations or lower frequencies are not disclosed, we estimate a net capacity increase of c. 1-2% vs. 2024 at VIE, for which demand should follow, given solid booking data. Consequently, we feel comfortable with our current passenger growth estimate of an average 1.5% yoy growth at VIE during FY'25e. (see p. 2 for details) Potential upside to our estimate could emerge from a reopening of destinations to Israel/Middle East as well as Russia/Ukraine, where previous destinations have been discontinued due to the geopolitical conflicts. However, this remains unforeseeable for now. Against this backdrop, we reiterate our HOLD recommendation with an unchagend PT of € 60.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31976.pdf For additional information visit our website: https://www.nuways-ag.com/research-feed 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. ++++++++++
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2100674 14.03.2025 CET/CEST
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