Transport & logistics

Meet your Transport & logistics Research team

Irish Continental Grp

Continues to deliver

Irish Continental Group’s (ICG’s) balance sheet, market and competitive position continue to deliver in what is a very challenging market. Freight performance is a standout. We maintain...

easyJet

Downgrading to ‘Neutral’

While we don’t quite see easyJet as the “growth story” it wants to be, it remains operationally geared to an improvement in demand conditions. Further action is required on its cost...

easyJet

Actions on liquidity

Although easyJet’s FY2020 numbers were in line, there have been actions on liquidity – including the rollover of the UK Covid Corporate Financing Facility (CCFF) and sale and leasebacks...

Airlines

Light at the end of a very dark tunnel

While cash burn remains very significant for network airlines, we think IAG is restructuring quickly and should have enough liquidity to emerge from this crisis as one of the leanest,...

Air Lease

Key trends are reassuring

While yesterday’s news on the vaccine front overshadowed Air Lease’s Q3 results, the underlying business remains in good shape. Key metrics (leverage, liquidity and placement activity)...

Norwegian Air

Liquidity risk must be tackled

Norwegian’s financials remain strained. The company will need liquidity in Q1 2021 and, while this will not come from the Norwegian government, representing a significant setback,...

Wizz Air Holdings

No need to rush

While key attractions of the Wizz Air investment case – efficient costs, aggressive growth and strong liquidity – have been potently reaffirmed, uncertainties remain. We think the...

Wizz Air Holdings

Costs, liquidity continue to impress but deliveries may need to slow

While Wizz’s Q2 loss was more than expected, the market will be more forgiving of a pricing issue when costs remain this lean. Longer-term holders will appreciate the aggressive network...

Lufthansa

Preparing for the long-haul

Having pre-released on October 20th, Lufthansa’s numbers come as no surprise (Q3 EBIT loss of -€1262m); however, the average monthly operating cash drain, excluding changes in...

Ryanair Holdings

Structural winner - preserving cash, lowering costs

With €4.5bn in cash post debt and equity raise, an ex-fuel cost base that is only going lower and a Boeing deal in the offing, we continue to expect Ryanair to be the structural winner...