NuWays AG Maintains Hold Recommendation on Flughafen Wien AG

In a recent update, NuWays AG reaffirmed its "Hold" recommendation for Flughafen Wien AG, setting a target price of EUR 60. This follows a solid first quarter performance highlighted by a 4.6% increase in group passengers and a 7.4% year-on-year sales growth to EUR 226 million.

The company saw diverse contributions to sales growth from its various segments: Airport operations grew by 2.1%, Handling & Security by 18.5%, Retail & Properties by 7.5%, and Malta operations by 13.7%. EBITDA rose by 2.2% to EUR 81 million, with some operational expenses offset by a subsidiary's deconsolidation.

Free cash flow reached EUR 49 million, underpinned by a robust cash flow from operations and relatively low capital expenditures. Despite anticipated rises in CAPEX due to ongoing expansion projects, especially in Malta, Flughafen Wien AG's cash flow is expected to remain positive.

Traffic results for April also showed strong performance, influenced by Easter holidays. With this positive trend, management now forecasts 32-33 million passengers for the year.