Original-Research: Flughafen Wien AG (von NuWays AG): BUY
18.06.2026 - 09:00:16 | dpa.de
Original-Research: Flughafen Wien AG - from NuWays AG
18.06.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
---------------------------------------------------------------------------
Classification of NuWays AG to Flughafen Wien AG
Company Name: Flughafen Wien AG
ISIN: AT00000VIE62
Reason for the research: Update
Recommendation: BUY
Target price: EUR 57
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller
May traffic: Recovery increasingly visible
Flughafen Wien's May traffic data were better than feared and support our
positive stance on the stock. Group passenger numbers returned to growth,
rising 0.7% yoy to 3.9m, while Vienna Airport improved sequentially to -5.4%
yoy after -8.2% in April. Malta remained the key growth driver, with
passengers up 16.5% yoy to 1.1m. With Group PAX now up 2.4% yoy after five
months, the FY26 guidance of c. 41.5m passengers looks increasingly
conservative, as it implies an increasingly unlikely 8.3% yoy decline for
June to December.
Vienna remains temporarily held back by the known headwinds: low-cost
carrier capacity reductions and a reduced flight offering related to the
Middle East crisis. Importantly, the monthly trend improved materially vs
April. The Middle East drag eased to -60% yoy in May from -83% yoy in April.
The seat load factor improved by 1.4pp yoy to 80.5%, suggesting that the
weakness is primarily capacity-driven, not demand-driven. In fact, other
airlines are seen to slowly fill the capacity gap left by low-cost-carriers
(e.g. Austrian Airlines, airBaltic, Air Corsica).
Malta continues to provide a strong offset. Passenger traffic at Malta
Airport increased 16.5% yoy in May and is up 15.2% yoy after five months,
confirming that the Group's diversified airport portfolio remains a relevant
stabilising factor in a year in which Vienna is facing both low-cost carrier
cuts and Middle East-related disruption.
Peer data reinforce the improving market backdrop. The peer group traffic
median was up 3% yoy in May and 3% YTD, with all major peers in our sample
reporting positive May growth (see p.2). More importantly, ADP explicitly
pointed to a gradual easing of the Middle East-related effects seen since
March, with traffic recovering and load factors improving, although
uncertainty around fuel prices remains. This is a relevant cross-read for
Flughafen Wien, where the Middle East drag also eased materially in May. In
our view, the peer set therefore supports the key message from the May
release: the broader airport market is recovering.
Looking ahead, a potential further stabilisation of the US-Iran situation
could be a positive catalyst and, as a second-order effect, could ease
airline cost pressure via lower fuel prices. We conservatively leave
estimates unchanged pending further evidence from the summer travel season,
but May has clearly reduced downside risk and strengthened the case for a
guidance and earnings upgrade.
In sum, the company is a high-quality infrastructure asset with no
concession expiry, above-peer operating returns and EUR 407m net liquidity.
Terminal 3 South remains on schedule for Q2 2027 and should lift retail,
hospitality and lounge revenues per passenger.
BUY, PT EUR 57, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2bcf85e4b46bd8a73317929a1feab6bf
For additional information visit our website:
https://www.nuways-ag.com/research
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=6b21b80a-6adf-11f1-8534-027f3c38b923&lang=en
---------------------------------------------------------------------------
2348600 18.06.2026 CET/CEST
de | boerse | 69570142 |
