^Original-Research: Flughafen Wien AG - von NuWays AGEinstufung von NuWays AG zu Flughafen Wien AGUnternehmen: Flughafen Wien AGISIN: AT00000VIE62Anlass der Studie: Q3 ReviewEmpfehlung: HOLDseit: 17.11.2023Kursziel: EUR 46,00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischRecord Q3 results thanks to a perfect summer, chg. est. & PT up Topic: FWAG released record Q3 results and strong October traffic results,showing excellent operating performance throughout the summer as well as astrong start into Q4. Q3 sales came in strong at EUR 271m, +27% yoy (eNuW: EUR 267m; eCons: EUR 262m)thanks to superb passenger growth in the summer (Q3: 12m group passengers,+ 14% yoy; 100% of 2019 levels) coupled with the increase of passengers andaircraft fees of +5.8% as of Jan. '23. EBITDA grew by +57% yoy to EUR 155m (57% EBITDA margin, +4.6pp yoy), farbetter than our and market expectations (eNuW: EUR 131m; eCons: EUR 133m) dueto much lower than expected OpEx of EUR 119m (eNuW: EUR 137m), especially dueto lower personnel costs of EUR 79m (eNuW: EUR 89m). Given FWAG's huge cash storage in short-term deposits of eNuW: EUR 498m, thecompany's financial result turned positive at EUR 1.7m (vs. EUR -2.6m inQ3'22), leaving a positive mark on the bottom line. Hence, net income(after minorities) stood at EUR 83m, up 62% yoy (30% profit margin). Thismarked a new Q3 record for FWAG (old: EUR 64m in Q3'22). Moreover, FWAG now operates with an industry leading net cash position of EUR299m, giving the company a solid basis for current CAPEX projects, whilenot endangering the dividend capability. For FY'23e, the company intends toraise the pay-out ratio "above 60%" (eNuW: 70%). While we estimate EPS togrow by 57% yoy, the FY'23e dividend should grow by 83% yoy to EUR 1.40 pershare. Also, October traffic results came in better than expected at 3.5m grouppassengers (eNuW: 3.3m; +16% yoy; 99% of 2019 levels). Hence, we increaseour estimate for FY'23e to 37.7m (old: 37.4m). The guidance of >36.5m seemsunambitious and should be outperformed, in our view (see p. 2). The strong growth rates from the perfectly executed COVID recovery inFY'23e should however normalize in FY'24e, as this year's strong passengermomentum seems hard to be maintained next year. However, the passengers andaircraft fees (eNuW: 42% of FY'23e sales) should increase by 9.7% (as ofJan. '24), which should support top-line growth even with flat passengernumbers. As a consequence, we reiterate our HOLD recommendation with an increased PTof EUR 46.00 (old: EUR 45.00), based on FCFY'24e.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28313.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: 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.++++++++++-------------------übermittelt durch die EQS Group AG.-------------------Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°