Original-Research: Flughafen Wien AG (von NuWays AG)
Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Company Name: Flughafen Wien AG
ISIN: AT00000VIE62
Reason for the research: Upate
Recommendation: Halten
from: 17.05.2024
Target price: EUR 58.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
Q1 review: powerful take-off into 2024
FWAG released sound Q1 results, in line with our estimates. While top-line
was driven by solid passenger growth, bottom-line benefitted from a
positive financial result and grew disproportionately. In detail:
Upbeat winter travel grew top-line: Against last year's muted outlook, Q1
passengers numbers rose by 14% on group level (VIE: +11% yoy) thanks to a
higher number of flights (+9% of movements). On top of that, the increase
in airport charges (c. 41% of sales) of up to 9.7%, effective as of Jan'24,
lead to overall sales growth of 17% yoy to € 210m (eNuW: € 211m).
Proportionate EBITDA growth: Material costs declined by 15% yoy thanks to
(1) an increased contribution from FWAG's own PV power production, (2) a
mild winter and (3) lower energy prices, which decreased the expenses for
deicing liquids and energy. On the other hand, collective labour agreements
and the increase in headcount pushed personnel expenses to € 89m, up 18%
yoy, while other OPEX grew by 30% yoy. In sum, EBITDA expanded by 19% yoy
to € 80m (eNuW: € 79m)
Disproportionate expansion of net income: With constant D&A (+3% yoy) and
unchanged tax rate (26%) as well as a strong improvement of the financial
result (€ 3.8m vs. -0.9m in Q1'23), net income grew disproportionately to
sales by a staggering 49% yoy to € 37m (eNuW: € 36m).
Guidance increased: Due to the sound results, FWAG slightly raised its FY
guidance to > € 1bn sales (old: c. € 980m), > € 400m EBITDA (old: > € 390m)
and net profit before minorities of > € 220m (old: > € 210m) which is now
in line with our estimates.
Solid cash generation: During Q1, FWAG generated a FCF of € 31m, despite a
hefty increase in CAPEX (€ 38m, + 138% yoy) due the current southern
expansion of Terminal 3. Consequently, net cash stands at € 393m, up 9% yoy
(€ 449m excl. lease liabilities). Going forward, neither the upcoming
dividend payment (€ 111m in Q2), nor the current CAPEX cycle should
decrease net cash.
Bright outlook at cruising altitude: Current summer booking numbers are on
the same level as the record of 2019, implying an overall passenger growth
of 6% for this year, in line with our estimates.
Nonetheless, the solid operating performance seems reflected in the current
valuation. Therefore, FWAG remains a HOLD with an unchanged PT of € 58.00,
based on DCF.
You can download the research here:
http://www.more-ir.de/d/29793.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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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.