Flughafen Wien Q4 21 - Reiteration of FY 22 guidance but subject to increased risks
-Cancelled flights to Russia and Ukraine account for about 4% of the passenger volume-Reiteration of FY 22e guidance as a small positive, however increased uncertainty with respected to current war actions was understandably added
-Q4 21 slightly below RBI est. but above consensus
-We see the Aviation industry primarily subject to top down topics (Covid, geopolitics) and therefore rate the preliminary FY 21 results as having very limited impact on the investment case
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.
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