Happy Travelling: Capped Bonus Certificate on Zurich Airport

| Read | 1 min

Passenger numbers are pointing upwards
The strong momentum continued in August and passenger numbers rose by 18.3%, resulting in a sequential acceleration (July: 15.7%). This puts the recovery in travel activity at 94% of pre-pandemic levels. This is the highest percentage since the beginning of the year. In absolute terms, this is also the strongest month since August 2019. The updated forecast of 28 million passengers implies growth of 6.6% for September to December.

Retail Sales
Retail sales exceeded pre-pandemic levels by 2%, thanks to strong airside retail growth of 15.8%, but fell compared to July. This resulted in lower expenses per departing passenger, which we consider to be a sign of shorter dwell times at the airport.

The momentum at Zurich Airport continues, boosted by travelers´ pent-up demand. The air traffic statistics are also encouraging. If we for the months September to December assuming a recovery to 94% of 2019 levels, passenger numbers should reach over 28.7 million in 2023, a value well above the outlook. We see significant potential to improve profitability in the medium term through growing international business and increased real estate income. 

Underlying at a glance

Ticker Description Market Cap
(CHF Mio)
FHZN SE Flughafen Zürich 5,727 Buy CHF 220
(123.5% potential)





Historical prices normalized to 100


Source: Vontobel, 13/09/2023


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