Transport & logistics

Meet your Transport & logistics Research team

Aircraft leasing

A world of opportunity

We have performed an analysis on the health of aircraft leasing and the myriad of drivers behind its financial and growth outlooks. We find that significant delivery financing...

IAG

Premium financials, premium prospects – where is the premium multiple?

IAG is not a typical airline. Its network confers competitive benefits that translate into consistent yield outperformance while simultaneously allowing unit cost reductions. It has an...

Davy Conviction List

Removing Kingfisher and HeidelbergCement on earnings concerns

We are removing HeidelbergCement and Kingfisher from the Davy Research Conviction List. Both names had a disappointing performance in H1 due to challenging end-markets and associated...

Deutsche Post DHL Group

Q2 2018: Early days in PeP recovery

Deutsche Post DHL has delivered a broadly in line set of Q2 2018 results. Key, from our perspective, is that the near-term recovery trajectory in PeP looks achievable this year....

IAG

Q2 in line; guidance for operating profit increase maintained

Q2 operating profit was strong at €835m (€790m last year, consensus €837m, Davy €808m), including passenger unit revenue at constant currency up 2.3% and ex-fuel costs down 2%. ...

Air France KLM

Strikes weigh but unit revenues remain positive

The Q2 operating result came in at €345m (median consensus €252m), €241m lower than last year, including a strike impact of around €260m. Group unit revenue was up 1.7% at constant...

Wizz Air Holdings

Disruption means unspectacular Q1

Wizz’s summer trading, like that of other European airlines, has been impacted by the unprecedented number of air traffic control disruptions. We are encouraged, however, by it...

Ryanair Holdings

Business model endures; full year guidance maintained

There have been a lot of headlines about Air Traffic Control (ATC) disruption and pilot/cabin crew strikes in peak summer. The important point, however, is that Ryanair’s business model...

easyJet

Unit revenue performance continues to impress

EasyJet’s pricing performance continues to impress and with unit revenue guided at low- to mid-single-digits for H2 (previously guides as “slightly positive”), it remains a source of...

Norwegian Air

Q2 EBITDA beat, driven by improved cost performance

Our long-standing concern about the Norwegian business model was that despite double-digit growth through 2016, 2017 and early 2018, it was not achieving any meaningful scale...