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Mar 5 2024, 06:50 GMT
Airlines
Airline presentation “Supply playing catch-up to demand”
- 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 | 1023c |
| easyJet | OUTPERFORM | 24/01/22 | Neutral | 14/07/21 | 557p |
| IAG | NEUTRAL | 17/01/24 | Outperform | 27/09/22 | 146.8p |
| Lufthansa | OUTPERFORM | 24/01/22 | Underperform | 08/06/20 | 719c |
| Norwegian Air | NEUTRAL | 01/09/15 | Underperform | 22/01/15 | 1757nok |
| Ryanair Holdings | OUTPERFORM | 07/12/09 | Neutral | 02/11/09 | 1993c |
| Wizz Air Holdings | NEUTRAL | 17/01/24 | Outperform | 12/01/23 | 2235.0p |
DAVY VIEW
This summer will be the fifth since the beginning of COVID, so hopefully we are finally passing that reference point. Balance sheets have been largely repaired and earnings have recovered, yet valuations remain low. As discussed many times, the market – driven by airframe, engine and Maintenance, Repair and Overhaul (MRO) supply chain issues – is undersupplied (as recently evidenced by Ryanair’s revised Boeing summer delivery update). Meanwhile, leisure demand for ‘experiences’ remains high. As ever, the summer season will be key. Our latest presentation is attached here. We will explore these themes further at our London Transport conference at the InterContinental Hotel on June 20th – more details to follow.
