^Original-Research: Flughafen Wien AG - von NuWays AGEinstufung von NuWays AG zu Flughafen Wien AGUnternehmen: Flughafen Wien AGISIN: AT00000VIE62Anlass der Studie: UpdateEmpfehlung: HOLDseit: 19.01.2024Kursziel: 52.00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischFY'24 guidance out - solid outlook for the year Topic: FWAG released its FY '24 guidance, indicating a solid outlook forthe year. Moreover, Dec '23 traffic results came in slightly better thanexpected. Guidance in line with estimates: FWAG expects c. EUR 970m sales (eNuW: EUR965m), at least EUR 390m EBITDA (eNuW: EUR 423m) and at least EUR 210m net incomebefore minorities (eNuW: EUR 219m). Solid top-line growth: While FY '23 was still characterized by a strongCOVID recovery, it should be hard to maintain that momentum into FY '24.Hence, we model a conservative passenger growth of 1.2% yoy to 38.4m for FY'24 (vs. Guidance of 39m, +2.3% yoy). On the other hand, due thesignificant increase in statutory airport fees of 9.7% (as of 1st January'24; 41% of total sales), FWAG should even turn flat passenger volumes intosolid top-line growth (eNuW: 8.8% yoy). Margins to remain high: FWAG's continuous focus on operational efficiencyis well reflected in strong EBITDA margins (eNuW: 44% for FY '24e).Nevertheless, we do not see significant potential for margin improvementsdue to saturation effects. Potential interest rate changes could also leadto P&L effective changes of pension provisions. CAPEX cycle started: FWAG expects CAPEX to double to more than EUR 200m(eNuW: EUR 213m), as the company only recently started to expand its terminal3 in Q3'23. In total, the southern expansion should be finished by Y/E '26and amount to c. EUR 500m in total CAPEX (eNuW). Dividend increase likely: Based on the strong net income, but also due tostrong cash reserves (eNuW: EUR 329 at Y/E '23), no debt and FWAG's abilityto finance current CAPEX by CFO, the company might raise the pay-out ratioto 70% (before: 60%), leading to a dividend increase by 81% yoy to EUR 1.39per share (eNuW) and to an implied dividend yield of 2.8%. Also, December traffic results came in better than expected at 2.75mpassengers on group level (eNuW: 2.58m), thus successfully finishing offthe year with 38m passengers (+26% yoy) on group level. We reiterate our HOLD recommendation as FWAG's shares seem fairly valued,but increase our PT to EUR 52.00, as we switch our valuation method fromFCFY'24e to DCF to better capture FWAG's long term outlook.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28711.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.°