Sep 12 2024
Transport
Recent Research
Ryanair Holdings, Cash is King
Aug 9 2024
Meet your Transport Research team
Ryanair Holdings
EU ownership nearing 50%
In anticipation of 50% of its issued share capital being held by EU nationals with a 6-12 month timeframe, Ryanair has announced that it will review current EU ownership and control...
Jet2 plc
Current trading in line; no FY25 PBT guidance yet
Jet2 has not issued FY25 profit before tax (PBT) guidance today (Davy FY25 PBT €536.5m; FactSet consensus PBT €538.2m). Summer 2024 on sale seat capacity of 17.17m seats is +12.4%...
Irish Continental Grp
Solid H1 in tough environment
Irish Continental Group (ICG) reported a solid H1 with EBITDA of €49.7m (broadly in line with estimates; FY2023: €49m). Net debt at €211.7m was €68.0m higher than at the beginning of the...
Datalex
H1 2024 loss improvement; equity capital raise announced
Datalex reported a headline H1 loss after tax of $6.1m in H1 2024, a slight improvement on the loss of $6.2m for the same period in 2023. Adjusted EBITDA loss amounted to $2.0m in H1...
Ryanair Holdings
Cash is King
With net cash of €1.74bn at the interims and our current forecasts showing end-of-decade net cash of €8.35bn, Ryanair is highly cash generative. In acknowledgement of this and some...
Hostelworld
H1 results in line, reiterated guidance and outlook
Hostelworld released its interim results this morning. Given that much of the detail had been pre-released, key for us is the outlook and commentary on trends. This highlights four key...
IAG
Bucking the trend - strong results; dividend; withdrawing from Air Europa
IAG bucked the earnings season trend with strong results and a robust outlook (Q2 operating profit €1,241m (Davy €1,207m, consensus €11082m) - broadly in line with last year. An interim...
Wizz Air Holdings
Q1 results: ongoing supply chain challenges and competitive landscape
Wizz Air reported profitability of €1.2m (Davy: €61.9m; consensus: €94.9m), noting a €27m FX headwind year-on-year (yoy). As a result of the GTF groundings, its available fleet count was...
Lufthansa
Cost/yield mix unfavourable
Lufthansa had already adjusted guidance downwards on July 14th to €1.4-1.8bn for the second quarter. EBIT for Q2 is €686m (consensus was adjusted EBIT €699m for the quarter and...
Air France KLM
Q2 “stable yet sluggish performance”
Air France KLM reported a Q2 operating result of €513m (consensus: €541m, Davy: €503m), €220m below last year. The group was mainly impacted by an increase in unit costs, a decrease...
