Transport & logistics

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Air France KLM

Good cost performance in 2019 but Covid-19 virus has weakened forward bookings

A good cost performance in Q4 and robust cost and capacity 2020 guidance are probably offset by the -€150-200m impact on the operating result for February-April 2020 from the...

Irish Continental Grp

FY2020 – feels like ‘waiting for Godot’, but we should start seeing return on investments

Irish Continental Group (ICG) will report FY2019 results on March 5th. We are expecting a ramp-up in EBITDA over the coming years. While our FY2019 EBITDA forecast of €87m represents a...

Aircraft leasing

On stable footing for 2020

We expect AerCap and Air Lease to report solid Q4 results this week. Supported by the tone of cautious optimism from the aircraft leasing conference season, we also see robust...

easyJet

Strong Q1 underpins revenue upgrade for H1

easyJet is delivering a stronger-than-expected pricing performance through winter. This is underpinned by self-help initiatives, a helpful capacity backdrop and robust consumer demand –...

Hostelworld

2019 in line; Growth Roadmap update due on March 4th

Hostelworld’s strategic priorities, as outlined at its Capital Markets Day (CMD) in November 2018, revolve around returning the business to growth. Management is pleased with continued...

Airlines

Acute supply constraints underpin pricing optimism – our 2020 vision

The European airlines space is on an improving trajectory, both structurally and cyclically. The unwind of Brexit risk has aided sector valuations in recent months, and we believe supply...

Ryanair Holdings

Raising guidance; very strong momentum

In advance of its Q3 results on February 3rd, Ryanair has raised FY 2020 profit guidance to a new range of €950-1,050m from €800-900m. We believe momentum into the summer in a very...

IAG

Changing of the guard: Willie Walsh will retire and be succeeded by Luis Gallego

After a 15-year career as CEO of first BA (and before that CEO of Aer Lingus) and then International Consolidated Airlines Group (IAG), Willie Walsh will retire on June 30th. Walsh has...

avation

Commencing formal sale process

Avation is a small but agile aircraft lessor that has quickly and profitably built an attractive fleet of young aircraft. The investment case, where further scaling would provide...

Year-end Document

2020: Irish economy stocks primed for performance

The factors that impeded the performance of stocks exposed to the fast-growing Irish economy in 2019 are now largely factored into forecasts. With valuations remaining attractive in...