Transport & logistics

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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...

Datalex

Firmly in flux

The situation at Datalex remains firmly in flux and certainty, alas, remains a distant aspiration. While today’s update is largely backward-looking – outlook and guidance will be discussed...

Irish Continental Grp

Investments should start to bear fruit

Irish Continental Group (ICG) will report interim results on August 29th. The focus will be on outlook, the deliverability of FY forecasts and recent trading. H1 statistics from Dublin Port...

Hostelworld

Navigating a year of transition

2019 has repeatedly been described as a year of transition at Hostelworld and so it is proving to be. While progress is evident in the areas that it can control, namely in the execution...

Air France KLM

Improved performance

New CEO Ben Smith is beginning to improve the performance of Air France (Q2 operating margin +3 points to 3.3%, although this was somewhat explained by last year’s strike). Q2...

AerCap Holdings

50% beat on Q2 EPS, core guidance raised by 10%

AerCap has managed to deliver an almost 50% beat on reported EPS, of which we estimate less than half was driven by gains on sale. These gains have become a stable feature of the...

Airlines - low-cost carriers

LCC summer preview: caution likely to prevail through earnings season

Since the last earnings season news flow has been difficult, with Brexit noise limiting UK consumer demand, rising fuel prices and MAX issues for Boeing operators. We expect that, while...