Jul 25 2024
Transport
Recent Research
Ryanair Holdings, Softer revenue environment
Jul 22 2024
Lufthansa, Another profit warning
Jul 12 2024
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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...
easyJet
Q3 results in line; easyJet holidays FY24 guide upgraded
EasyJet reported a record headline profit before tax (PBT) of £236m for Q3. Q3 revenue per seat (RPS) was +1% year-on-year (yoy) and the outlook into Q4 is positive, with booking...
Ryanair Holdings
Softer revenue environment
Weakening fares have caused Q1 to miss our forecasts by 6% but consensus by one-third and Ryanair now expects Q2 fares to be “materially lower than last summer” (previously...
Lufthansa
Another profit warning
For the second time this year, Lufthansa has warned – adjusted EBIT guidance is now €1.4-1.8bn (previously €2.2bn, originally €2.7bn). EBIT for Q2 is €686m (consensus adjusted EBIT €699m...
Norwegian Air
Outlook remains challenging but capacity slowing next year
In line with the revised guide of July 4th, Norwegian is forecasting a group operating profit (EBIT) for 2024 of NOK2.1-2.6bn including Widerøe (Davy/consensus: NOK2.3bn). The latter...
Jet2 plc
FY24 results in line; positive outlook for FY25
Jet2 has reported a FY24 headline profit before FX revaluation and taxation of £520.1m, just above the £515-520m guided range from the trading update in April. This is an increase of...
Hostelworld
H124 trading update – FY aEBITDA guidance in line with consensus
Hostelworld released a H124 trading update this morning. There were three key points: (1) Net revenue +1% year-on-year (yoy), driven by net bookings +9% but offset by average booking...
Norwegian Air
Profit warning
With its June traffic stats, Norwegian Air has lowered its estimates for 2024 from a range of NOK2.5-3.2bn (Davy: NOK2.754bn) to NOK2.1-2.6bn. The profit outlook excluded any profits...
Airlines - low-cost carriers
Growing pains
Early summer reporting starts next week. While the overall dynamic of aerospace supply constraints continues and fundamentally strong demand remains, we expect an element of tough...
Jet2 plc
Holiday leader
We view Jet2 as Ryanair’s younger sibling in the holiday space – it has a strong balance sheet with a net cash position, a healthy order book out to the start of the next decade at...
