Flughafen Wien: Q3 preview; Malta to cushion softer Vienna traffic, chg. - NuWays AG Research
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Flughafen Wien: Q3 preview; Malta to cushion softer Vienna traffic, chg. - NuWays AG Research

Flughafen Wien will report Q3 results on 19 November. We expect cost discipline and continued growth in Malta to cushion weaker traffic and lower airport charges in Vienna. The results should reinforce our view that FY26 guidance remains too cautious, even with a subdued winter already embedded in our estimates.

The high-quality infrastructure case remains intact. FWAG owns its Vienna infrastructure outright, with no concession expiry. Aviation, retail and property income provide a diversified earnings base with long-term exposure to growing air travel. Net cash of € 265m and an equity ratio of 72% at H1 provide financial flexibility to fund expansion and dividends (c. 3.4% yield).

Action: FY26 EPS raised by c. 2% on better traffic assumptions and 2027 D&A slightly increased for T3 South's expected Q2 opening.

BUY, with unchanged PT at € 59, based on DCF.
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