easyJet

Actions on liquidity

  • Sectors : Airlines
  • Companies : easyJet

Ratings and price correct at time of issue.

  • easyJet

    Closing Price: 778p

  • RATING 05/08/20

  • PREVIOUS RATING 20/06/18

    NEUTRAL

DAVY VIEW

Although easyJet’s FY2020 numbers were in line, there have been actions on liquidity – including the rollover of the UK Covid Corporate Financing Facility (CCFF) and sale and leasebacks – leaving the fleet now 37% unencumbered. Nevertheless, with a focus on its investment grade rating (BBB- credit rating, negative outlook), easyJet may need cash inflows before Easter to avoid further liquidity action on the equity side. Analyst call at 09:15 GMT. Telephone dial-in details are as follows: UK & International: +44 (0) 330 336 9411; confirmation code: 5300200

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Nov 17 2020, 08:20 GMT

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