NuWays AG Research Update: Flughafen Wien AG Maintains BUY Rating

NuWays AG has reaffirmed its BUY recommendation for Flughafen Wien AG, setting a target price of €59 over the next 12 months. The Q3 results, due on November 19, are expected to be supported by strong performance in Malta, despite softer traffic and lower airport charges in Vienna. The group passenger numbers fell by 1% year-on-year to 13.1 million, with a 6% decline in Vienna offset by a 13% increase in Malta.

Cost management should protect Flughafen Wien's profitability as EBITDA is projected at €160 million, a slight 3.3% decrease year-on-year. The company's net profit after minorities is seen at €86.3 million. Yet, the yearly guidance suggests a significant Q4 slowdown. Austrian Airlines' adjustments align with a cautious winter outlook, and Flughafen Wien may offer additional incentives to maintain airline capacity in Vienna.

Potential tariff adjustments in T3 South, scheduled to open in Q2 2027, could bolster 2027 recovery alongside political discussions on flight-tax relief. Flughafen Wien's diversified income base, with robust infrastructure, supports its long-term growth potential.