Vienna Airport: A Slow Grower To Hold

2025-03-22 09:15:53 ET

Summary

• I initially issued a buy rating for Vienna Airport in September 2024, but the stock has since declined 2.6% against a 3% S&P 500 increase.
• Preliminary 2024 results show a 13% revenue growth to €1.05 billion, driven by a 9.1% increase in passenger traffic and higher fees per passenger.
• Geopolitical tensions and the suspension of COVID-19 pricing schemes in 2026 could pressure earnings growth, leading to a downgrade to hold.
• My price target is $58.62, reflecting slow growth in EBITDA and free cash flow, making a hold rating more appropriate for Flughafen Wien.

I covered Flughafen Wien ( FGWLF ) in September 2024 with a buy rating. Seemingly the stock price target has not changed, but that is due to the lack of liquidity on the OTC markets. My preferred way to be invested in the company is through the Vienna Stock Exchange where it trades under the ticker FLU with the ISIN AT00000VIE62 ....

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