Flughafen Wien AG's Q3 Performance and Outlook

Flughafen Wien AG has released its Q3 results, aligned with the estimates by NuWays AG. The company displayed robust free cash flow (FCF) despite significant capital expenditure. Sales rose by 12% year-on-year to €304 million, driven by an increase in passenger numbers, boosting airport charges by 11% to €130 million. The Retail and Properties segment, benefiting from passenger growth, expanded sales by 13% to €58 million.

Q3 EBITDA increased by 5% to €163 million, albeit with a slightly reduced margin of 53.7%. Personnel expenses and other operating expenses contributed to this growth, though they remained below the sales increase rate. FCF grew remarkably by 77% year-on-year to €99 million, even with a 40% rise in CAPEX. As a result, net cash rose by 46% to €435 million.

Flughafen Wien AG maintains its course for a record year, supported by stable dividend payments. Despite the strong performance, the stock's current valuation justifies the hold recommendation by NuWays AG, with an unchanged target price of €61.00.