Flughafen Wien - Robust FY 21e guidance despite crises mode
FY 21e EBITDA and bottom line guidance above RBI estimatesGuidance based on the assumption that FY 21e passenger numbers will reach about 40% of the FY 19 level (in line with RBI est)
December passenger numbers down by >90%
Outperformance of financial guidance is driven by short term work benefits and additional cost savings
FY 20 guidance was confirmed on request in the conference call
The management was vocal on a 1.4% tariff increase in FY 21e
We rate the event as positive, pointing to upside to our financial forecasts
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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