NuWays AG: Flughafen Wien AG | Rating: HOLD

Classification of NuWays AG to Flughafen Wien AG

Company Name:	Flughafen Wien AG
ISIN:	AT00000VIE62
Reason for the research:	Update
Recommendation:	HOLD
from:	16.05.2025
Target price:	EUR 60.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch

Solid Q1 out and slightly improved summer outlook; chg. est.

Following a 4.6% increase in group passengers, Q1 sales grew by 7.4% yoy to € 226m (eNuW: € 224m), driven by the segments Airport (+2.1% yoy, 44% of sales), Handling & Security (+18.5% yoy, 21% of sales), Retail & Properties (+7.5% yoy, 20% of sales) and Malta (+13.7% yoy, 13% of sales).

EBITDA increased less than sales by 2.2% yoy to € 81m (36% EBITDA margin, -1.8pp yoy; eNuW: € 85m), as total OPEX grew by 10% yoy to € 148m (eNuW: € 141m). Here, the deconsolidation of a subsidiary had positive implications on personnel expenses but added costs to other OPEX. Mind you, that Q1’25 also had one day less than Q1’24, where sales of a full day were missing, but due to its fixed cost nature, OPEX remained comparably stable, which should have affected sales and thus EBITDA negatively by € 2.5 (eNuW). This, and the fact that the Easter travel season was entirely in Q2’25 (vs. in Q1 last year), cushioned the start into the year.

FCF came in at € 49m (+ 59% yoy), mainly thanks to a strong CFO of € 95m (+40% yoy) and still low CAPEX of € 46m (+23% yoy). Over the two coming quarters, building activities at the south expansion are set to increase, due to the better weather than in winter. Therefore, CAPEX is seen to rise significantly and FCF should come in less pronounced sequentially. In total, we expect CAPEX of € 310m for FY’25e, stemming from the south expansion (eNuW: € 160m) and ongoing investments in Malta (eNuW: € 65m) while the rest is mainly related to maintenance and other smaller nonmaintenance projects (eNuW: € 95m). Nevertheless, FCF should remain positive at € 101m for FY’25e, highlighting FWAG’s highly cash generative business model even during the recent CAPEX cycle.

Moreover, April traffic results came in and were driven by the Easter holiday effect described above, with group passengers rising by 9.6% yoy to 3.75m. VIE grew by 8% yoy to 2.81m, whereas MLA remained strong with 16% yoy passenger growth to 0.9m and KSC grew even better with 24% yoy to 0.05m. Based on a solid outlook for the summer, Co-CEO Jäger commented that 32-33m VIE passengers are more likely now (eNuW old: 32.1m; eNuW new: 32.5m; vs. guidance: approx. 32m).

Again, FWAG looks set to deliver a strong FY’25e again, however shares still seem fairly priced, in our view. Therefore, we reiterate our HOLD recommendation with unchanged PT of € 60.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/32620.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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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