NuWays AG Issues HOLD Recommendation for Flughafen Wien AG

On August 21, 2024, NuWays AG released updated research on Flughafen Wien AG, maintaining a 'HOLD' recommendation with a target price of €59.00. The recommendation follows a review of Flughafen Wien AG's Q2 results, which showed robust sales growth and substantial cash generation.

Flughafen Wien AG reported Q2 sales of €278 million, a 12% year-over-year increase. The airport charges and operations in Malta were significant contributors. EBITDA also grew by 13% to €125 million, aligned with expectations.

The company achieved better-than-expected Free Cash Flow (FCF) at €68 million, benefiting from strong cash flow from operations and lower-than-anticipated CAPEX, primarily due to the Terminal 3 expansion.

Passenger numbers for July reached 4.4 million, a 7.7% increase compared to the previous year. Consequently, Flughafen Wien AG slightly raised its passenger guidance for the year.

Overall, NuWays AG views Flughafen Wien AG as a cash-generative business with a solid balance sheet but does not foresee significant share price triggers in the near term.