Flughafen Wien AG Reports Strong Q3 Growth, Maintains 'Hold' Rating

Flughafen Wien AG has reported robust growth in its September 2024 traffic results, completing a strong third quarter. Passenger numbers increased by 7% year-on-year, reaching 4.06 million. This growth was driven by solid performance at Vienna's main airport and significant increases in Malta and Kosice.

The third quarter recorded a passenger volume of 12.9 million, surpassing both the previous record from Q3 2019 and last year's figures. This increase is attributed to a combination of high demand and increased airline capacity during the summer holidays. The company is on track to set a new record for Q3 2024 revenues, supported by a 12% year-on-year growth in group sales.

Alongside passenger growth, Vienna's cargo volume rose 26% year-on-year, reflecting a shift from shipping to air cargo due to regional issues. Despite this positive performance, NuWays AG maintains a 'Hold' rating with a revised target price of €61.00, indicating a 13% upside.