Mar 7 2024
Transport
Recent Research
IAG, Signalling positive free cash generation
Feb 29 2024
Meet your Transport Research team
Network airlines
Airline presentation “Supply playing catch-up to demand”
This summer will be the fifth since the beginning of COVID, so hopefully we are finally passing that reference point. Balance sheets have been largely repaired and earnings have...
IAG
Signalling positive free cash generation
IAG reported broadly in-line consensus numbers (€3,513m). Full year 2023 operating profit before exceptional items of €3,507m was significantly higher than last year and ahead of 2019...
Air France KLM
Mixed results: soft Q4, with the restoration of positive equity
Air France KLM has reported FY23 operating profit of €1,712m (8% behind consensus) and an operating margin of 5.7% (up from 4.5% in FY22). The group has moved to a positive equity...
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...