^Original-Research: Flughafen Wien AG - from NuWays AGClassification of NuWays AG to Flughafen Wien AGCompany Name: Flughafen Wien AGISIN: AT00000VIE62Reason for the research: UpdateRecommendation: HOLDfrom: 14.03.2024Target price: 58.00Target price on sight of: 12 MonatenLast rating change: Analyst: Henry WendischUpbeat traffic results - demand for air travel remains strong; chg. Topic: Yesterday, FWAG released better-than-expected Feb'24 traffic resultsshowing that air travel demand remains unbroken. Last month, Group passengers rose by a strong 18% yoy to 2.38m passengers(eNuW: 2.21m). While Vienna grew strongly by 17% yoy to 1.88m passengers(eNuW: 1.75m), strong growth was also maintained at Malta (+25% yoy). Thisstrong growth is partly attributable to the additional leap day on Feb 29(i.e. additional 0.08m passengers for Feb'24; +14% yoy excl. the leap day),but the general trend of growing air travel remains fully intact, alsowitnessed by the peer group. (see p. 2 for details) Unbroken demand meets growing supply: With inflation easing down in Austria(4.3% in Feb'24; lowest figure since Dec'21) and nominal wage increases of7.6% in FY'24e (Source: Statista), the subsequent increase in disposableincome should lead to unbroken demand for leisure travel, especially in theupcoming summer. Moreover, the post-COVID recovery of physical meetings,conventions & exhibitions is ongoing, thus leading to increased demand forbusiness travel, particularly in Vienna (Europe's #2 for conventions, 237international companies' HQs & international organizations such as OPEC,UN, OSCE, etc.). As a result, the airlines receive increased bookings andrespond by increasing supply, but also by continously increasing aircraftutilization (i.e., seat-load-factor). Rising airport charges: On top of the continuous growth of passengers, FWAGcan rely on the statutory increase of airport charges by 9.7% yoy,effective as of Jan'24. Hence, we estimate Q1'24e passenger and aircraftfees to increase by 20% yoy to EUR 85m, making up c. 42% of Group sales. Strong Q1'24e ahead: The above-mentioned effects should lead to a strongfirst quarter. We expect sales of EUR 210m (+17% yoy) with an EBITDA of EUR 86m(41% EBITDA margin, +3.9pp yoy), based on Q1'24e group passengers of 7.51m(eNuW; +13% yoy). Further down the road, Q2 & Q3'24e's top line should comein even stronger, as the current summer flight plan as well as airlinebooking data indicate an even better summer than last year. Against this backdrop, we stick to our HOLD recommendation but raise our PTof EUR 58.00 (old: EUR 57.00, based on DCF), as the company's stellaroperations are well reflected in its current valuation.You can download the research here:http://www.more-ir.de/d/29153.pdfFor additional information visit our websitewww.nuways-ag.com/research.Contact for questionsDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.NuWays 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.++++++++++-------------------transmitted by EQS Group AG.-------------------The issuer is solely responsible for the content of this research.The result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.°