^Original-Research: Flughafen Wien AG - von NuWays AGEinstufung von NuWays AG zu Flughafen Wien AGUnternehmen: Flughafen Wien AGISIN: AT00000VIE62Anlass der Studie: UpdateEmpfehlung: HOLDseit: 14.12.2023Kursziel: EUR 46,00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischSolid November traffic figures underpin sound operations Topic: Yesterday, FWAG released Nov '23 traffic results in line withseasonality and our estimates. In November, 2.67m passengers (+14% yoy; 92% of 2019 levels) were handledby FWAG, in line with seasonality and our estimates (eNuW: 2.63m). Whilethe 8pp gap to 2019 levels can be explained by a strong base effect,(exceptional growth of low cost carriers during winter 2019/20), thecompany can nevertheless show solid double-digit growth compared to Nov'22, which experienced a strong recovery thanks to decreasing COVIDmeasures in Europe. With 35.2m passengers handled YTD, the old guidance (Jan '23) of 32-34mpassengers has already been overachieved and the renewed guidance (Aug '23)of 36.5m passengers seems to be conversative as well. Clearly, the betterthan expected COVID recovery lead to strong momentum during thesummer, but also the recently published winter flight plan should bode wellfor the ongoing winter traffic. In sum, this should lead to 37.8mpassengers for FY '23e (i.e., 2.6m in Dec '23e), according to ourestimates. The old financial guidance from Jan '23 of EUR 830m sales, EUR 325m EBITDA andEUR 150m net income (before minorities) was renewed to 'significantly more'in Aug '23 and has been overachieved per 9M, but has not been specifiedsince. Our estimates of EUR 887m sales, EUR 387m EBITDA and EUR 185m net incomeare based on a conservative view on Q4'23e and should therefore leave someupside. For FY'24e we expect the passenger growth momentum to slow down (eNuW:38.2m passengers, +1.2% yoy) to normal levels, due to macro uncertaintiesand potential heat up of conflicts, which would impact air travel, but alsothe strong base effect. On the other hand, the statutory passenger andaircraft fees (c. 40% of sales) will increase by 9.7% as of Jan '24, whichshould lead to solid top-line growth of 9% yoy even with flat passengervolumes. In sum, we continue to like FWAG's operating performance, but see limitedupside to the share price at current levels. Hence, we reiterate our HOLDrecommendation with unchanged PT of EUR 46.00, based on FCFY'24e.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28541.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.°