Davy Research

Transport & logistics

Transport & logistics

Trading through disruption - Q1 FY2019 due on July 23rd

Ryanair (RYA) reports its Q1 results on July 23rd. We assume net income of €304m and full year estimates of €1314m (guidance: €1250-1350m). Volumes were strong in Q1 — 96% loads and...

July 4 2018 | Stephen Furlong , Ross Harvey | Company Report | 9 pages

Ryanair replaces easyJet on our Conviction List

We are replacing easyJet with Ryanair in our Conviction List. EasyJet is up over 30% since inclusion, and we believe that earnings momentum in Ryanair is now superior. The Conviction List...

June 20 2018 | Barry Dixon | Sector Report | 6 pages

Taking stock mid-year

In the European airline space, we reiterate our preference for the low-cost carrier (LCC) names entering peak summer, adding Ryanair to our Conviction List and upgrading Wizz to...

June 20 2018 | Allan Smylie CFA , Stephen Furlong , Ross Harvey , Andrew Young CFA | Sector Report | 41 pages

Norwegian under the IAG umbrella is an exciting prospect

We are excited about the prospects of marrying IAG’s operational expertise and balance sheet/organisational capacity with Norwegian’s ambitious long haul, low-cost vision — although a...

April 12 2018 | Stephen Furlong , Ross Harvey , Allan Smylie CFA , Andrew Young CFA | Sector Report | 7 pages

Shareholder gains – plane and simple

AerCap offers a compelling mix of growth, value and optionality. Its growth dynamic is underlined by $17bn of fleet investment through 2020, driving highly visible core earnings growth and...

April 3 2018 | Ross Harvey , Stephen Furlong | Company Report | 12 pages

Capacity creep in 2018

Despite a rising oil price, we now expect increased capacity growth on all routes in 2018 compared to broadly flat expectations in January. Specifically, we expect short-haul growth of...

March 29 2018 | Stephen Furlong , Ross Harvey | Sector Report | 8 pages

Boats, Boats, Boats

Irish Continental Group (ICG) remains one of the best managed transport companies in Europe with an enviable track record of best-in-class operating efficiency and excellent capital...

February 19 2018 | Stephen Furlong , Eoghan Reid , David McNamara | Company Report | 31 pages

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