^Original-Research: Flughafen Wien AG - von NuWays AGEinstufung von NuWays AG zu Flughafen Wien AGUnternehmen: Flughafen Wien AGISIN: AT00000VIE62Anlass der Studie: UpdateEmpfehlung: HOLDseit: 20.02.2024Kursziel: 52.00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischTaking off well into the year; chg. ests. Topic: FWAG released January traffic results last week, which came inbetter than expected. Moreover, the Athens International Airport IPO givesa read across for FWAG's valuation. Strong start into the year: In January, the group started strongly into theyear with double digit passenger growth of 12% yoy to 2.33m passengers (vs.eNuW: 2.11m). Noteworthy is the strong growth in Vienna's long-hauldestinations, with growth rates for North America of 22% yoy and Far Eastof 26% yoy, but also ongoing momentum of the most important destination ofWestern Europe (+12.5% yoy; 35% of VIE passengers) Passenger momentum expected to slow down: Going forward, we expect thestrong momentum to slow down, as the strong recovery of FY23 created a highcomparable base. All in all, we expect passenger growth rates to decreaseto low single digits for the next months, with an average growth of 3.4%for FY24e (see p. 2). Top-line growth to remain strong: With a 3.4% pax growth (eNuW) and a 9.7%airport fee increase (c. 40% of group sales), FWAG looks set to continueFY'24e with strong sales growth of 9.6% (eNuW). On the other hand, marginsseem to have reached cruising altitude, meaning that earnings growth shouldmainly stem from further top-line growth, going forward. CAPEX cycle officially started: Last week, FWAG officially started theconstruction of the southern Terminal expansion and expects total CAPEX ofEUR 420m (eNuW: EUR 503m) for this project. The terminal should add c. 30k sqmof additional shopping and restaurant areas, which should lead toincremental revenues of c. EUR 1 per passenger (i.e., EUR 33m incremental salesin FY'27e), once fully up and running. Cross-read from Greece: On Feb. 7th, Athen International Airport SA (AIA)successfully went public, showing a current FY24e valuation of 4.8xEV/sales and 7.7x EV/EBITDA. Compared to FWAG, this implies a fair peervaluation on EV/sales (FWAG: 4.2x), whereas on EV/EBITDA FWAG trades on aslight premium (9.4x EV/EBITDA). This should hoewever stem from AIA'shigher profitability due to outsourcing of key handling activities. (see p.2 for full peer group analysis) Hence, we reiterate our HOLD recommendation with an unchanged PT of EUR52.00, based on DCF.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28929.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenDie 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.°