Original-Research: Flughafen Wien AG (von NuWays AG): Hold
Source: EQS
Classification of
Record main travel season in the books Yesterday, FWAG finished off the main travel season with solid August '24 traffic results, slightly better than expected. In detail: In August, group passenger numbers rose by 9% yoy to 4.4m passengers (eNuW: 4.3m) driven by the busy travel season, particularly in Historic record in main travel season: While July '24 marked the strongest month in YTD growth in line with peer group: FWAG's YTD passenger growth (10% yoy) compares well to its European peers (see p. 2). While Seasonality to slow growth momentum: Due to the upcoming begin of the winter season (Oct-Apr), we expect a sequential decline in both absolute passenger numbers and yoy growth rates for the next months (see p. 2). This should nonetheless lead to FY'24e group passengers of 41m (eNuW), implying a solid growth of 8% yoy. Following Q2 results, FWAG's share price has moved even closer towards our fair value PT of € 59.00 (unchanged, based on DCF), further limiting the likelihood of share price hikes in the near-term, in our view. Therefore, the stock remains a HOLD, as we regard current sound operating results well reflected by the current valuation. You can download the research here: http://www.more-ir.de/d/30787.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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1987453 13.09.2024 CET/CEST