Flughafen Wien FLU.VI
What does Flughafen Wien do?
Flughafen Wien AG builds and operates civil airports and the related infrastructure. Its core site is Vienna-Schwechat Airport in Austria, supplemented by a stake in Malta Airport. The business is divided into the segments Airport, Handling & Security Services, Retail & Properties, Malta and Other.
The company earns money mainly from fees paid by airlines for takeoffs, landings, passengers, security checks and ground handling. It also receives income from renting retail, restaurant and office space, from parking areas and from marketing real estate at the site. Competitively, the airport benefits from its role as Austria's main airport and as a hub between Western and Eastern Europe. Competition comes from other European hubs and regional airports, while charges and parts of operations are subject to regulatory oversight.
Score profile
Rank vs. Industrials (296 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Flughafen Wien ranks among the best in the group Industrials (8.1/10). On growth, the company ranks below average in the group Industrials (2.8/10). On valuation (higher = cheaper), the stock ranks in the middle in the group Industrials (4.5/10). On financial strength, Flughafen Wien ranks in the middle in the group Industrials (4.5/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 22.0x | 17.8x | better than 27 % |
| Trailing P/E | 22.9x | 24.8x | better than 59 % |
| PEG ratio | 1.5x | 1.4x | better than 46 % |
| EV/EBITDA | 8.9x | 14.0x | better than 84 % |
| Price/sales | 3.8x | 1.9x | better than 22 % |
| Price/book | 2.9x | 3.3x | better than 56 % |
| Revenue growth | -2.5% | 8.4% | better than 10 % |
| Earnings growth | 5.9% | 8.9% | better than 45 % |
| Gross margin | 53.1% | 30.6% | better than 90 % |
| Operating margin | 35.4% | 12.3% | better than 98 % |
| Net margin | 16.6% | 7.0% | better than 88 % |
| Return on equity | 13.1% | 14.1% | better than 46 % |
| Debt/equity | 3.4% | 58.3% | better than 90 % |
| Current ratio | 1.4x | 1.7x | better than 34 % |
| Free cash flow yield | -0.7% | 3.2% | better than 11 % |
| Dividend yield | 3.2% | 1.3% | – |
| Payout ratio | 72.4% | 31.1% | – |
| Beta | -0.24 | 1.10 | – |
Valuation: what is Flughafen Wien worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Flughafen Wien a model range of 42.20 EUR to 81.37 EUR per share.
4 analysts, average rating “Buy”, average price target 55.27 EUR (+5.9%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- Passenger and flight movement volumes determine fee income and thus the core of revenue.
- Non-aviation revenue from shopping, dining, parking and rentals depends on passenger numbers and travelers' purchasing power.
- Approved fee schedules and cost control for personnel and operations influence the earnings power of the infrastructure.
Risks
- Economic weakness, crises or pandemics can cause travel volumes, and thus revenue, to collapse rapidly.
- Dependence on a few large airlines and their route decisions creates concentration risk at the site.
- Regulatory requirements, environmental restrictions and high investment in capacity can weigh on margins and approval procedures.
What to look for with Flughafen Wien
Earnings per passenger is informative because it shows how efficiently the airport converts traffic volume from fees and ancillary businesses into income.