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Flughafen Wien Aktiengesellschaft, (FLU) Fair Value & Analysis

Industrials · AT · Market cap €4.2B

FW Flughafen Wien Aktiengesellschaft, FLU · VI
Price€51.60
Fair Value€46.33
Upside-10.2%
Quality77/100
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Healthy Growth
Solidly profitable · 16.2% net margin
Low debt · generates free cash flow
3.19% dividend yield
Mixed vs. peers (8/15)
Wide moat 65/100
Evidence: Medium Range €34.75 – €57.91 Share as image

Fair value as of: Jul 14, 2026

From 25 valuation models · updated 26 days ago

A strong business, but screening 10% overvalued on our models.

What matters now

  • Our model range runs from €34.75 (bear) to €57.91 (bull), base €46.33. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 77/100 (high quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

€56.20 €24.18 Fair Value €46.33 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range €24.18 – €56.20 · fair‑value band €34.75 – €57.91 · the €51.60 price screens above the €46.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Flughafen Wien Aktiengesellschaft, (FLU) currently trades at €51.60, while our model-based Fair Value estimate is €46.33, implying the stock looks roughly 10.2% overvalued today. The Quality Score stands at 77/100 (high quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Flughafen Wien Aktiengesellschaft, generated revenue of €1.2B at a net margin of 16.2%. Revenue grew 6.6% year over year. It earns a return on equity of 12.2%. Net debt stands at €152M. Fundamentals as of Jul 14, 2026

Our scenario range runs from €34.75 (bear case) to €57.91 (bull case); at €51.60, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -29% fair-value upside, at -10%, FLU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €48.40 €83.71 €141.12 80
Residual Income €17.09 €19.46 €30.24 76
Rev-Margin DCF €27.24 €42.72 €63.03 74
All 25 models by family
DCF Models
FCF DCF €49.03 €88.43 €155.35 38
5Y Revenue Exit €27.24 €42.58 €62.53 39
5Y EBITDA Exit €50.47 €90.99 €142.15 41
5Y P/E Exit €37.48 €63.93 €94.06 38
10Y Revenue Exit €33.79 €50.84 €75.54 36
10Y EBITDA Exit €49.49 €85.73 €141.37 37
10Y P/E Exit €41.03 €66.23 €101.61 35
Earnings-Based
Graham-Dodd €15.00 €72.26 €99.50 54
Lynch FV €19.30 €27.58 €35.85 50
PEG = 1.0 €19.30 €27.58 €35.85 46
EPV €33.52 €38.86 €43.47 59
Dividend Discount
Gordon GGM €14.49 €28.87 €43.72 70
DDM Multi-Stage €14.49 €24.95 €30.48 61
Multiples
P/E Multiple €34.75 €46.33 €57.91 63
P/S Multiple €20.19 €26.92 €33.65 58
P/B Multiple €28.13 €37.50 €46.88 55
EV/EBIT €52.41 €69.98 €87.55 53
EV/EBITDA €55.45 €74.04 €92.62 54
EV/Revenue €16.66 €23.93 €31.20 43
Asset-Based
NCAV (Graham) €9.36 €12.54 €18.72 50
Growth DCF
Growth DCF €48.40 €83.71 €141.12 80
Rev-Margin DCF €27.24 €42.72 €63.03 74
Economic Profit
Residual Income €17.09 €19.46 €30.24 76
ROIC Compounder €38.08 €51.09 €67.92 72
Growth Earnings
Growth-Adj P/E €30.11 €43.02 €55.92 68

Widest divergence: DCF Models (€66.23) versus Asset-Based (€12.54). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €1.2B
Revenue growth (YoY) +6.6%
Net margin 16.2%
Return on equity 12.2%
Free cash flow €333M FY2025
P/E ratio 22.2
More key figures
Operating margin 23.5%
EPS (TTM) €2.23
Dividend yield 3.2%
EPS growth (YoY) +4.3%
Net debt €152M FY2021

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 75 · Market factors (momentum, volatility) 54

Profitability 48
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 96
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Flughafen Wien Aktiengesellschaft, together with its subsidiaries, engages in the construction and operation of civil airports and related facilities in Austria and Malta. The company operates through five segments: Airport, Handling & Security Services, Retail & Properties, Malta, and Other.

Full company description

Flughafen Wien Aktiengesellschaft, together with its subsidiaries, engages in the construction and operation of civil airports and related facilities in Austria and Malta. The company operates through five segments: Airport, Handling & Security Services, Retail & Properties, Malta, and Other. The Airport segment operates and maintains aircraft movement areas and terminals, as well as the equipment and facilities for passenger and baggage handling; provides security controls for passengers and hand luggage. This segment also offers a range of services to support airport operations, deal with emergencies and disruptions, and ensure security. The Handling & Security services segment provides various services for the handling of aircraft, passengers on scheduled and charter flights, and handling general aviation aircraft and passengers. The Retail & Properties segment offers services to support airport operations, including shopping, food and beverages, VIP, lounges, and parking; and advertising services, as well as the development and marketing of properties. The Malta segment operates Malta airport; provides aviation and parking services; and rents retail and office space. The Other segment offers technical and repair, energy supply and waste disposal, telecommunications and information technology, electromechanical and building, construction management, and construction management and consulting services, as well as construction and maintenance services for infrastructure facilities. The company operates and manages the Vienna airport. Flughafen Wien Aktiengesellschaft is headquartered in Schwechat, Austria.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Flughafen Wien Aktiengesellschaft, reported revenue of €1.1B in FY2025 versus €407M in FY2021, a compound +29.1%/yr. Reported net income was €185M in FY2025, compounding +165.3%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€1.1B
Latest YoY
+7.2%
Avg. growth/yr (3Y)
+17.7%
Avg. growth/yr (5Y)
+27.6%
Avg. growth/yr (10Y)
+4.5%
Revenue +29.1%/yr
FY21 €407M
FY22 €693M
FY23 €932M
FY24 €1.1B
FY25 €1.1B
Net income +165.3%/yr
FY21 €3.7M
FY22 €108M
FY23 €168M
FY24 €216M
FY25 €185M

FLU screens 10% overvalued. Compare with Aena S.M.E., S.A →

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Cite: Fair Value Calculator (2026). "Flughafen Wien Aktiengesellschaft, Fair Value". https://www.fairvalue-calculator.com/stock/FLU

Peer Group

Airports & Air Services · 55 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 77 · Top 25%
Fair Value upside −10% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 9% · Top 25%
Net margin (TTM) 16% · Above median
Operating margin (TTM) 23% · Above median
Revenue growth 7% · Above median
Dividend yield (TTM) 3.2% · Above median
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 22.5× · Pricier than median
P/B 3.10× · Pricier than 75% of peers
P/S (TTM) 4.22× · Pricier than 75% of peers
P/FCF 14.6× · Pricier than median
EV/EBITDA 10.4× · Pricier than median
PEG 1.51× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 20 · sector 36
FUTURE 33 · sector 31
PAST 49 · sector 45
HEALTH 98 · sector 90
DIVIDEND 64 · sector 46

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.24 €28.41 +8%
Airports of Thailand Public Company TATD 2.44 SGD 1.25 SGD -49%
Grupo Aeroportuario del Pacífico, S.A. PAC $220.91 $246.06 +11%
GMR Airports Limited GMRINFRA ₹112.80 ₹22.29 -80%
Flughafen Zürich AG FHZN CHF 237.20 CHF 121.30 -49%
Shanghai International Airport Co 600009 ¥24.08 ¥17.09 -29%
Auckland International Airport Limited AIA A$7.11 A$2.80 -61%
Fraport AG FRA €69.35 €49.83 -28%
Københavns Lufthavne A/S KBHL kr 5,660 kr 1,821 -68%
SATS Ltd S58 4.82 SGD 4.03 SGD -16%

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Frequently asked questions

Is Flughafen Wien Aktiengesellschaft, (FLU) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of €46.33 versus a price of €51.60, about −10% (overvalued).
What is the fair value of FLU?
Our model-based fair value for Flughafen Wien Aktiengesellschaft, is €46.33 (as of Jul 14, 2026), built from audited fundamentals. The current price is €51.60.
What is the quality score of FLU?
Flughafen Wien Aktiengesellschaft, has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Flughafen Wien Aktiengesellschaft, (FLU)?
Flughafen Wien Aktiengesellschaft, reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Jul 14, 2026).
What is the net profit margin of FLU?
The net profit margin of Flughafen Wien Aktiengesellschaft, is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.
Does Flughafen Wien Aktiengesellschaft, pay a dividend?
Flughafen Wien Aktiengesellschaft, currently shows a dividend yield of about 3.19% relative to its recent price (as of Jul 14, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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