Flughafen Wien AG (VIAAY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Flughafen Wien AG $8.96, price $12.97, upside -30.9%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $4.27 – $17.82 · fair‑value band $4.83 – $14.33 · the $12.97 price screens above the $8.96 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Flughafen Wien, 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.
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Flughafen Wien, 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 is headquartered in Schwechat, Austria.
Stock analysis
Flughafen Wien AG ADR (VIAAY) currently trades at $12.97, while our model-based Fair Value estimate is $8.96, 30.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $12.05 per share, and 5 of the 26 models we run sit above the $12.97 price.
Bear case: the Growth DCF group reads lowest at $3.43, and 21 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $4.83 (bear) to $14.33 (bull), the price of $12.97 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Flughafen Wien AG ADR reported revenue of €1.1B in FY2025 versus €407M in FY2021, a compound +29.1%/yr. Reported net income was €185M in FY2025, compounding +129.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $4.3B · P/E ratio 16.4 · P/S ratio 2.69 · EPS (TTM) $0.7900 · Dividend yield 3.8% · Net margin 16.4% · Return on equity 12.2% · Return on assets (EBIT) 9.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at −31%, VIAAY screens richer than that median.
Fair Value models
Bear $4.83Fair Value $8.96Bull $14.33
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.6%
Start year 2020 (pandemic). Over 10 years: +5.6% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.9%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−10.9% vs −7.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−23% → 28%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−36.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −38.1% a year for the price and +1.0% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Airports & Air Services · 51 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Bottom 25%
Fair Value upside+10.8% · Above median
Profitability
Return on equity (TTM)12.2% · Above median
Return on assets8.7% · Top 25%
Net margin (TTM)16.2% · Above median
Operating margin (TTM)23.5% · Above median
Growth and dividend
Revenue growth6.6% · Above median
Dividend yield (TTM)3.8% · Above median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Flughafen Wien AG ADR Fair Value". https://www.fairvalue-calculator.com/stock/VIAAY
Frequently asked questions
Is Flughafen Wien AG (VIAAY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $8.96 versus a price of $12.97, about −31% upside (overvalued).
What is the fair value of VIAAY?
Our model-based fair value for Flughafen Wien AG ADR is $8.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: $12.97.
What is the quality score of VIAAY?
Flughafen Wien AG ADR has a Quality Score of 47/100. 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 price target for Flughafen Wien AG (VIAAY)?
Our model-based price target is the fair value of $8.96 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $4.83, optimistic scenario $14.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Flughafen Wien AG ADR stock forecast for 2026?
Our models put fair value at $8.96, about −31% upside versus a price of $12.97 (overvalued). Cautious scenario $4.83, optimistic scenario $14.33. The calculation is refreshed regularly with new filings.
What is the revenue of Flughafen Wien AG (VIAAY)?
Flughafen Wien AG ADR reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Sep 24, 2026).
Does Flughafen Wien AG ADR pay a dividend?
Flughafen Wien AG ADR currently shows a dividend yield of about 3.75% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Flughafen Wien AG (VIAAY)?
For today's price to be fair in a discounted-cash-flow model, Flughafen Wien AG ADR would have to grow free cash flow by -36.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VIAAY use?
Our models discount Flughafen Wien AG ADR at 9.7 %: a base by market capitalisation (mid), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Flughafen Wien AG ADR that is -36.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Flughafen Wien AG (VIAAY) delivered so far?
Over the past 5 years revenue at Flughafen Wien AG ADR grew +27.6 % a year. The price currently implies -36.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Flughafen Wien AG (VIAAY) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Flughafen Wien AG ADR (-36.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Flughafen Wien AG (VIAAY)?
The free-cash-flow yield on the price is 46.10 %: that much free cash flow Flughafen Wien AG ADR produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Flughafen Wien AG (VIAAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Flughafen Wien AG ADR it is $8.96 per share (as of Sep 24, 2026), against a price of $12.97. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Flughafen Wien AG ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VIAAY trades above its calculated fair value: price $12.97, fair value $8.96, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VIAAY?
No. The price is what the market pays today ($12.97); the fair value is what the company's own numbers justify ($8.96). For Flughafen Wien AG ADR the two are $4.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Flughafen Wien AG ADR worth?
The market values Flughafen Wien AG ADR at about $4.3B (market capitalisation, as of Sep 24, 2026). Per share that is $12.97; our models calculate a fair value of $8.96 per share.
What do the bullish and bearish scenarios say about VIAAY?
Our models span a range for Flughafen Wien AG ADR: cautious scenario $4.83, base $8.96, optimistic $14.33 per share (as of Sep 24, 2026, price $12.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VIAAY?
Flughafen Wien AG ADR trades at a price-to-earnings ratio of 16.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.96 is built from several models across several years. Other multiples: PEG 2.1, P/B 2.4, P/S 3.3, EV/EBITDA 8.1.
What is the PEG ratio of VIAAY?
The PEG ratio of Flughafen Wien AG ADR is 2.11 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Flughafen Wien AG (VIAAY)?
Balance-sheet figures for Flughafen Wien AG ADR (as of Sep 24, 2026): return on equity 12.2%, debt of 0.04 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
Which stocks are comparable to Flughafen Wien AG ADR?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, GMR Airports Limited, Shanghai International Airport Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Flughafen Wien AG ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $12.97, calculated fair value $8.96 (−31%), Quality Score 47/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VIAAY calculated?
We run Flughafen Wien AG ADR through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $8.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Flughafen Wien AG ADR itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Flughafen Wien AG (VIAAY)?
The closing price on Oct 2, 2026 was $12.97. Our model-based fair value is $8.96, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Flughafen Wien AG ADR right now?
The model range is unusually wide ($4.83 to $14.33). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Flughafen Wien AG (VIAAY) come from?
Earnings per share at Flughafen Wien AG ADR grew +0.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.9 %, EBIT margin +3.0 %, tax rate −0.6 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Flughafen Wien AG ADR
How large is the market capitalisation of Flughafen Wien AG (VIAAY)?
The market capitalisation of Flughafen Wien AG ADR is $4.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Flughafen Wien AG (VIAAY)?
The price-to-sales ratio of Flughafen Wien AG ADR is 2.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Flughafen Wien AG (VIAAY)?
Earnings per share at Flughafen Wien AG ADR are $0.7900 (price ÷ EPS = P/E 16.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Flughafen Wien AG (VIAAY)?
The dividend yield of Flughafen Wien AG ADR is 3.8% (payout 61.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Flughafen Wien AG (VIAAY)?
The net margin of Flughafen Wien AG ADR is 16.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Flughafen Wien AG (VIAAY)?
The return on equity (ROE) of Flughafen Wien AG ADR is 12.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Flughafen Wien AG (VIAAY)?
On an EBIT basis the return on assets of Flughafen Wien AG ADR is 9.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Flughafen Wien AG (VIAAY)?
The operating margin of Flughafen Wien AG ADR is 23.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Flughafen Wien AG (VIAAY)?
Revenue at Flughafen Wien AG ADR is growing +6.6% versus a year earlier (3y avg +17.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Flughafen Wien AG (VIAAY)?
Earnings per share at Flughafen Wien AG ADR are growing +4.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Flughafen Wien AG (VIAAY) carry?
The net debt of Flughafen Wien AG ADR is €26.1M (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026