NuWays AG Recommends 'BUY' for Flughafen Wien AG

NuWays AG has upgraded its recommendation for Flughafen Wien AG to 'BUY' with a target price of EUR 58, anticipating resilience in the upcoming H1 report due on August 19. The analysis suggests that the conservative FY26 guidance could lead to positive surprises in the second half of the year. Despite an expected 3.2% year-on-year decrease in Q2 sales, traffic showed promising growth in Malta and Kosice, balancing the decline in Vienna.

EBITDA is projected to remain stable at EUR 130.5 million, with an improved margin of 45.2%. This is attributed to cost efficiency measures, absence of previous year's one-off costs, and operational leverage in Malta. The FY guidance indicates an overly cautious outlook for H2, prompting NuWays to raise its estimates slightly above guidance.

The Austrian federal government's earmarked funds for the aviation sector could enhance Vienna's competitiveness. Flughafen Wien AG maintains strong earnings quality, structural growth, and a debt-free investment structure, positioning for a potential guidance hike in H2.