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May 17 2023, 06:45 IST/BST
Airlines
Prolonged summer; period of margin expansion
- Sectors : Airlines
- Companies : Lufthansa | easyJet | Air France KLM | IAG | Wizz Air Holdings | Ryanair Holdings | Norwegian Air
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Air France KLM | OUTPERFORM | 17/05/23 | Neutral | 12/01/23 | 152c |
| easyJet | OUTPERFORM | 24/01/22 | Neutral | 14/07/21 | 494p |
| IAG | OUTPERFORM | 27/09/22 | Neutral | 12/08/20 | 154.3p |
| Lufthansa | OUTPERFORM | 24/01/22 | Underperform | 08/06/20 | 917c |
| Norwegian Air | NEUTRAL | 01/09/15 | Underperform | 22/01/15 | 1188nok |
| Ryanair Holdings | OUTPERFORM | 07/12/09 | Neutral | 02/11/09 | 1579c |
| Wizz Air Holdings | OUTPERFORM | 12/01/23 | Neutral | 25/04/22 | 3025.0p |
DAVY VIEW
Demand (and the desire for ‘experiences’) is running ahead of multi-year supply constraints. We believe we are in a period of margin expansion even if/when ‘economics’ moderate yields. Valuations provide entry points for all the main airline stocks – whether long-term growth plays or mid-cycle recovery stories.
