First Read: Flughafen Zürich AG "Brazil CMD - First thoughts" (Neutral) Nedelcu

Research evidence excerpt

First Read: Flughafen Zürich AG "Brazil CMD - First thoughts" (Neutral) Nedelcu

Global Research

1 July 2026ab

First Read

EquitiesFlughafen Zürich AG

Brazil CMD - First thoughts Switzerland

Transportation Services

12-month rating Neutral

FHZN Brazil Deep Dive - Our main takeaways

FHZN organised this week a CMD with a focus on its Brazilian assets. The company 12m price target CHF247.00

offered more granularity on the Brazilian operations where it has invested equity of

~1.1bn reals and has already recovered ~70% of its investment via dividends. In 2-3

Price (30 Jun 2026) CHF250.00

years the company expects to fully recover its invested equity, with circa 20 years left

until the end of the concession. FHZN offered strong evidence on successfully RIC: FHZN.S BBG: FHZN SW

developing the non-aviation revenue as well as growing international traffic, while using Trading data and key metrics

a shared cost base that allows efficiencies and optimises profitability. We see this as a

52-wk range CHF264.20-215.80

strong case study showcasing the ability of the company to operate International assets

Market cap. CHF7.68b/US$9.50b

with high levels of profitability and create value. This is supportive when assessing

Shares o/s 30.7m (ORD)

potential new investments that the company will pursue in the future.

Free float 56%

Avg. daily volume ('000) 53.3

In the context of growth limitations in Zurich, FHZN's International strategy is to pursue

Avg. daily value (m) CHF12.6

opportunities in markets that benefit from higher growth and bring diversification. The

Common s/h equity (12/26E) CHF3.47b

target is that by 2040 the International division to be self-sufficient allowing it to fund

growth opportunities on its own and bring significant contributions to shareholders.