Nov 28 2024
Transport
Recent Research
Jet2 plc, Delivers another record H1
Nov 21 2024
IAG, Strong Q3 results and buyback
Nov 8 2024
Meet your Transport Research team
Hostelworld
Growth and balance sheet optionality
We update our model and valuation methodology for Hostelworld (HSW), setting a new price target of 156p per share. FY24 has seen slightly weaker revenue generation than expected as...
easyJet
Solid FY24 result driven by Holidays business; dividend reinstated
easyJet reported a record FY24 headline profit before tax (PBT) of £610m. (Davy: £624m, consensus: £607m). ROCE of 16% (mid-term target of high-teen ROCE) and group headline PBT...
Irish Continental Grp
Good trading update – doing what it says on the tin
Irish Continental Group (ICG) has issued a solid trading update with volume that covers carryings for the year to date to November 23rd 2024 and financial information for the first...
Jet2 plc
Delivers another record H1
Jet2 has reported a record H1 FY25 headline profit before FX revaluation and taxation of £772.4m, 15% ahead of the Davy estimate of £671.1m. This is an increase of 16% on the prior...
IAG
Strong Q3 results and buyback
IAG has announced a buyback programme of €350m running to end-February. The Q3 results were strong with an operating result of €2,013m (consensus median: €1,776m; Davy: €1,802m)....
Air France KLM
Olympic Games impact on Air France and cost inflation for KLM deliver flat Q3 for group
Air France KLM reported a Q3 operating result of €1,180m (flat year-on-year (yoy) excluding Olympic Games one-off (consensus: €1,248m, Davy: €1,306m). Capacity increased 3.6% yoy,...
Wizz Air Holdings
Full year guidance maintained
Wizz Air has maintained current PAT guidance for FY of €350-450m (Davy: €333.7m, consensus: €309m). H1 came in €315.2m, -21.3% year-on-year (yoy) (consensus: €316m). Revenue is...
Ryanair Holdings
Continues to deliver
A measured performance by Ryanair, which is in line with market expectations – H1 net profit €1.79bn (consensus: €1.804bn, Davy: €1.808bn). While no formal guide was given, “forward...
Lufthansa
Full year guidance maintained
After warning twice this year, Lufthansa has – perhaps not unsurprisingly – maintained full year guidance of adjusted EBIT €1.4-1.8bn (Davy €1,624m, consensus €1,614m). Key from here will...
Norwegian Air
Solid Q3 but profit range for year narrowed
Norwegian Air’s operating profit in Q2 was solid at NOK2,128m (Norwegian EBIT: NOK1,936m, Widerøe: NOK192m) but a little behind market expectations (NOK2,326m, Davy: NOK2,379m) with unit...
