Download full report with analyst certification and important disclosures
Jul 14 2022, 06:45 IST/BST
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
easyJet | OUTPERFORM | 24/01/22 | Neutral | 14/07/21 | 357p |
Ryanair Holdings | OUTPERFORM | 07/12/09 | Neutral | 02/11/09 | 1166c |
Wizz Air Holdings | NEUTRAL | 25/04/22 | Underperform | 21/04/21 | 1792.0p |
First up on reporting season for the airlines will be the low-cost carriers (LCCs), and we expect Ryanair to be the standout performer from a cost, operational efficiency and growth perspective. Disruption costs could range from c.£150m for easyJet, €50m for Wizz and immaterial for Ryanair (consulting firm Cirium reported June cancellations of close to 5% in easyJet, 4% in Wizz and 0.2% at Ryanair). Unit revenue should remain strong (close to double-digit of pre-COVID levels) throughout the sector for peak summer.
Jul 14 2022, 06:45 IST/BST