Transport & logistics

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Aircraft leasing

Updating forecasts; sector well-placed into 2020

The fundamental underpinnings of the aircraft leasing sector remain broadly positive as we enter 2020, even if the MAX has added a layer of uncertainty. In light of recent updates, we...

Irish Continental Grp

Steady as she goes; well-placed for 2020

Irish Continental Group (ICG) continues to deliver and remains a high-quality infrastructure play. We see our FY 2019 and FY 2020 EBITDA forecasts of €87m and €99m respectively as well...

Wizz Air Holdings

Solid Q2 allows tightening of full-year net income range

Wizz Air has delivered a solid second quarter, broadly in line with expectations. Ancillaries per passenger continue to underpin much of the growth, up 18% in the half at a good...

AerCap Holdings

Q3 results: demonstrating positive operating leverage

AerCap (AER) has issued a strong set of Q3 results with diluted EPS of $2.01, 5% ahead of consensus ($1.91) and 6% above our estimates (Davy: $1.90). The beat was driven by another...

Aircraft leasing

Aircraft leasing deep dive: expanding sector coverage

The principal aim of this report is to give investors deeper insight into the four main US/UK listed aircraft leasing companies. Our preference is for businesses that have a strong...

IAG

Message in line with September 28th statement; focus will be November 8th CMD

IAG reiterated its statement of September 28th with an unchanged outlook — at current fuel prices and exchange rates, IAG expects its 2019 operating profit before exceptional items...

Air France KLM

Focus will turn to the Capital Markets Day on November 5th

Air France KLM will report Q3 results on October 31st and will hold its first Capital Markets Day (CMD) under CEO Ben Smith on November 5th. For the former, reflecting the “weaker than...

Ryanair Holdings

Q2 should show short haul improving

In our recent industry report, “Who Dares Wins”, we pointed out that although it may not feel like it, the structural underpinnings of the European airline sector continue to improve....

IAG

Needs to reiterate targets at Capital Markets Day

We have adjusted our FY2019 numbers post the strike-related warning last week but have broadly maintained our forecasts for FY2020 onwards. In order to combat scepticism in the...

Airlines

Who Dares Wins

It may not feel like it, but the structural underpinnings of the European airline sector continue to improve. Those that deliver, i.e. the five leading airlines, now control over 60% of...