Transport

Meet your Transport Research team

Norwegian Air

Record operating profit – a 9% margin

In line with its trading statement in January, Norwegian delivered a record operating profit of NOK2,232m (consensus: NOK2,081m) for FY2023 – a 9% operating margin. Its year-end cash...

Ryanair Holdings

Cashflows unique; summer will be key

While the online travel agent (OTA) issue has impacted short-term profits, Ryanair was still profitable in Q3, resulting in FY net profit guidance being narrowed to €1.85-1.95bn (previously...

Wizz Air Holdings

Business going through growing pains

The key for Wizz Air will be to trade through this tough period with the overhang of the Geared Turbofan (GTF) engine issue. Financial leverage needs to be reduced as we go through...

Network airlines

Supply playing catch-up to demand

Continuing supply chain issues, notably the Pratt & Whitney Geared Turbofan (GTF), will support the unit revenue environment – particularly in short haul – over the coming years....

Irish Continental Grp

Steady as she goes again

There is remarkable similarity between ICG’s interim statement (end-August) and this morning’s trading update. We are unlikely to change estimates in any material way – implying record...

Wizz Air Holdings

Delayed recovery

Wizz reported a H1 net profit of €400.7m, a c.30% miss versus consensus. Accounting for the impact of GTF-related groundings, FY25 capacity growth is expected to be flat year-on-year...

Ryanair Holdings

Cash machine – €400m maiden dividend and policy announced

The unique cash-generative nature of the Ryanair business is illustrated by the €400m dividend and 25% pay-out ratio going forward. Ryanair has given FY24 net profit guidance of...

IAG

Record Q3

IAG delivered strong growth in operating profit before exceptional items in the quarter to €1,745m (Q3 2022: €1,216m) and an operating margin of 20.2% (Q3 2022: 16.6%); consensus median...

Air France KLM

Numbers broadly in line; outlook unchanged; CMD December 14th

Air France KLM’s Q3 operating result was €1.342bn with an operating margin of 15.5% (broadly in line with consensus of €1.370bn), with the outlook for the remainder of the year...

easyJet

New medium-term targets signal ambition to deliver a PBT of £1bn

Alongside its Q4 trading update, easyJet has announced a new ambitious set of medium-term targets and a resumption of dividends. Current trading is in line, with ex-fuel costs down in...