Jul 14 2026
Transport
Recent Research
easyJet, Asset rich, profit poor
Jul 9 2026
easyJet, Recommended bid at £6.90 per share
Jul 6 2026
easyJet, Castlelake’s third bid
Jun 22 2026
Meet your Transport Research team
Norwegian Air
Middle East conflict and one- off charge impact Q2
Norwegian Air has reported a headline EBIT of NOK -603m (consensus NOK -517m), including a NOK 733m charge relating to the EU court case on ETS allowances. Underlying profit of NOK...
Hostelworld
H1 update: FY26 guidance reaffirmed
Hostelworld has issued its H1 trading update. H1 revenue was broadly in line with our expectations despite some impact on volumes from the Middle East conflict. The company reaffirmed...
easyJet
Asset rich, profit poor
We increase our price target to the bid price of Castlelake’s fifth indicative and conditional proposal (£6.90), which the easyJet Board would be minded to recommend. We believe there is...
Jet2 plc
FY26 in line; £250m buyback announced
Jet2 has delivered a FY26 operating profit of £439.6m, in line with consensus. Today it has also announced a £250m share buyback programme, reflecting the cash generation of the...
easyJet
Recommended bid at £6.90 per share
Castlelake has now submitted a fifth indicative and conditional proposal to acquire easyJet for £6.90 per share in cash, together with a partial alternative involving unlisted shares. The...
easyJet
Castlelake’s third bid
Castlelake has announced that it has submitted three non-binding indicative proposals to the easyJet Board to acquire the entire issued and to be issued share capital of easyJet with...
Wizz Air Holdings
FY26 in line; summer headwinds remain
Wizz Air has reported a FY26 net profit of €1.3m (Davy: -€75.5m, consensus: -€33m), in line with May guidance of breakeven to slightly positive. Under-utilisation of fleet drove ex-fuel...
Package holidays
Integrated airlines versus asset-light platforms
The UK holiday market is facing challenges as second order effects from the outbreak of the Middle East war continue to weigh on the sector. Consumer sentiment has shifted, with...
easyJet
Winter losses grow; H2 impacted by late booking curve
EasyJet has reported a H1 FY26 headline loss before tax of £552m, in line with consensus and guidance given in April’s trading update. On a capacity increase of 8% (ASKs), RASK was up...
Ryanair Holdings
Executing well through market turbulence after year of record profits
After a year of record net profits of €2.26bn (+40%), Ryanair is executing well through market turbulence. Marking to market for fuel, our estimates will come down to c.€1.92bn for...
