Airlines & Other Transport

Light at the end of a very dark tunnel

  • Sectors : Airlines & Other Transport
  • Companies : easyJet | Air France KLM | Norwegian Air | Ryanair Holdings | Wizz Air Holdings | Lufthansa | IAG

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
Air France KLM UNDERPERFORM 11/05/20 Neutral 20/01/20 390c
easyJet OUTPERFORM 05/08/20 Neutral 20/06/18 736p
IAG NEUTRAL 12/08/20 Outperform 31/08/18 144.6p
Lufthansa UNDERPERFORM 08/06/20 Neutral 30/10/18 920c
Norwegian Air NEUTRAL 01/09/15 Underperform 22/01/15 50.1nok
Ryanair Holdings OUTPERFORM 07/12/09 Neutral 02/11/09 1507c
Wizz Air Holdings NEUTRAL 09/09/19 Outperform 20/06/18 4370.0p

DAVY VIEW

While cash burn remains very significant for network airlines, we think IAG is restructuring quickly and should have enough liquidity to emerge from this crisis as one of the leanest, most competitive network airlines. Vaccine developments provide hope for all into summer 2021, but Air France-KLM and Lufthansa will still need to reshape their capital structures.

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Nov 16 2020, 12:45 GMT

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