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FLU: Rising Passenger Volumes Will Support Future Earnings Upside

Expansion In Asia And Terminal Upgrades Will Spur Passenger Traffic

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FLU
AnalystConsensusTarget
Not Invested
Published 12 Dec 2024

Update shared on 11 Dec 2025

Fair value Decreased 2.40%
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Analysts have modestly trimmed their price target on Flughafen Wien, lowering fair value by EUR 1.50 per share to EUR 60.90. They are factoring in slightly softer long term revenue growth and profit margin expectations while keeping valuation multiples broadly unchanged.

What's in the News

  • Flughafen Wien AG has decided to halt the planned 3rd runway project, instead focusing on expanding terminal capacity and operating with the existing two-runway system, which can handle up to 52 million passengers per year (company announcement, Key Developments).
  • As a consequence of the runway decision, EUR 55.9 million in payments made between 2018 and 2020 under the mediation agreement, previously capitalised for the project, will be written off in the 2025 accounts without impacting liquidity (Key Developments).
  • The company has revised its 2025 guidance for net income before minority interests to around EUR 210 million, down from around EUR 230 million, while incorporating positive effects from better than expected recent traffic trends (Key Developments).
  • Flughafen Wien confirmed its earlier 2025 earnings guidance, targeting revenue of EUR 1.8 million and group net profit of approximately EUR 230 million, with the potential to be slightly higher if current traffic strength persists (Key Developments).
  • Passenger traffic across the Flughafen Wien Group, including Vienna, Malta, and Kosice airports, rose 6.7 percent year on year in October 2025 to 4,093,506 travellers (Key Developments).

Valuation Changes

  • Fair Value: reduced modestly from €62.40 to €60.90 per share, reflecting a slightly more cautious long term outlook.
  • Discount Rate: effectively unchanged at about 5.71 percent, indicating no material shift in perceived risk profile.
  • Revenue Growth: trimmed slightly from around 1.88 percent to about 1.75 percent per year, implying a more conservative growth trajectory.
  • Net Profit Margin: lowered marginally from roughly 18.24 percent to about 17.95 percent, assuming slightly weaker long term profitability.
  • Future P/E: eased fractionally from 28.48x to 28.35x, signalling only a minimal adjustment to valuation multiples.

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