NuWays AG Recommends HOLD for Flughafen Wien AG

NuWays AG published a research update on Flughafen Wien AG, maintaining a HOLD recommendation as of August 13, 2024. Analyst Henry Wendisch projects a target price of EUR 59.00.

Flughafen Wien AG is expected to release strong Q2 results on August 20. Sales are estimated to grow by 10.4% year-on-year to €273 million. This increase is driven by higher airport charges and an 8% rise in passenger volume.

The company is forecasted to achieve record EBITDA growth of 13% year-on-year, reaching €125 million. Key segments driving this growth include Airport, Retail and Properties, and Malta operations.

D&A expenses are projected to increase by 9% due to ongoing capital expenditures. Despite a high CAPEX of €68 million, free cash flow remains robust at €44 million for Q2.

NuWays AG notes Flughafen Wien AG’s steady dividends and monopolistic market position but anticipates limited short-term share price movement with a 14% upside to the target price.