Original-Research: Flughafen Wien AG (von NuWays AG): Hold
Source: EQS|
Classification of
Q3 review: strong FCF despite CAPEX cycle Topic: FWAG released solid Q3 results, in line with our estimates. Moreover, FCF remained upbeat despite the current CAPEX cycle kicked-off at the end of last year, highlighting the company's strong operative cash generation. In detail: Q3 sales arrived at € 304m, +12% yoy (eNuW: € 306m; eCons: € 305m), particularly on the back of risen passenger numbers (+6% yoy) leading to an increase in airport charges by 11% yoy to € 130m (+43% of sales). Moreover, the Retail and Properties segment benefited disproportionately to passenger growth and expanded sales by 13% yoy to € 58m (19% of sales), followed also by a 13% increase to € 49m in Handling & Security (16% of sales). Elsewhere, the segment Q3 EBITDA came in 5% higher than last year at € 163m (eNuW: € 160m; eCons: € 165m), however at a slightly lower, but still very comfortable margin of 53.7%, -3.4pp yoy (9M: 46.5% margin, -1.0pp). In particular, the risen personnel expenses (+ 17% yoy to € 92m), but also other OPEX of € 46m (+43% yoy) contributed to the EBITDA expansion below sales growth. The key highlight was a strong FCF. It increased by 77% yoy to € 99m (eNuW: € 42m; 9M: € 198m, -12% yoy), despite substantially higher CAPEX of € 45m, up 40% yoy (eNuW: € 75m). This stems from a superb CFO expansion by 63% yoy to € 144m (eNuW: € 117m; 9M: € 322m, up 13% yoy), which in turn was positively affected by € 40m reversals of provisions. Consequently, net cash expanded by 46% yoy to € 435m (eNuW: € 390m) and should keep on building into FY'25e. Mind you, the company keeps on storing cash until a final decision on the 3rd runway is reached (eNuW: end of ’25 until mid ’26). Moreover, October passenger numbers of 3.8m (+8% yoy) arrived in line with our expectation of 3.8m and show a solid start into Q4. In sum, FWAG remains fully on track to deliver another record year. We regard the company as a highly stable dividend payer, but on the other hand, the shares seem to be valued accordingly, which is why we reiterate our HOLD recommendation with unchangend PT of € 61.00, based on DCF. You can download the research here: http://www.more-ir.de/d/31327.pdf For additional information visit our website: www.nuways-ag.com/research Contact for questions: Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2030715 15.11.2024 CET/CEST
