NuWays AG Maintains "Hold" Rating on Flughafen Wien AG

NuWays AG has reaffirmed its "Hold" rating for Flughafen Wien AG as of September 13, 2024, with a target price of EUR 59.00. The research, disseminated by EQS News, highlights strong performance during the main travel season.

In August, passenger numbers increased by 9% year-over-year to 4.4 million, driven by robust travel in Malta and Kosice. Vienna, the primary contributor, saw a 7% rise to 3.3 million passengers, marking a historic record for the summer season with a combined passenger volume of 6.7 million in July and August.

Year-to-date growth of 10% aligns with European peers. Munich's year-to-date growth is 13.6% but still below pre-crisis levels. Athens shows strong performance with a 14% year-to-date growth rate, exceeding 2019 levels by 23%.

Seasonal factors are expected to slow growth in the upcoming winter months, with projected group passengers for FY'24 at 41 million, an 8% increase year-over-year. The stock remains a "Hold" as current valuation reflects operating results.