Flughafen Wien confirmed at BUY, TP EUR 35.0 - Lower risk play on aviation recovery
As a result of the strong deleveraging, we see Flughafen Wien as a lower-risk investment to participate in the recovery of the aviation sector. We reiterate our BUY rating and confirm the TP of EUR 35.0.The airport guides for net debt of only around EUR 50 mn for FY 22e and we forecast turning net cash positive in FY 23e
Valuation (is rather undemanding, in our view. FY 23e trading multiples (EV/EBITDA and EV/EBIT of 8.1x and 14.4x), a year where passenger numbers and earnings will likely still be far from pre-pandemic levels, are in line with the long-term average thus reflecting that no stronger recovery dynamics are priced in the shares at current levels below EUR30.
Flughafen Wien is the operator of Vienna Airport. Through its subsidiaries, Co. is engaged in managing airport operations and also provides a range of infrastructure services, which include the development and maintenance of infrastructure, ground handling and security services to a variety of retail, gastronomy and parking services as well as real estate marketing. Co. is responsible for the operation and maintenance of all movement areas and the terminals, the facilities involved in passenger and baggage handling as well as security controls for persons and hand luggage. Co. also provides services for aircraft and passenger handling in scheduled, charter and general aviation traffic.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.