Davy Research

Transport & logistics

Transport & logistics

Business model robust; FY guidance maintained

Ryanair’s rostering failure is not without cost – €25m in non-recurring EU261 costs and €45m in FY2018 crew costs (up to €100m in a full year). However, management is dealing with this...

Oct 31 2017 | Stephen Furlong , Ross Harvey | Company Report | 6 pages

The Amazon(s) of travel?

In this report we examine how Europe’s main low-cost carriers (LCCs) are utilising digital technologies to leverage and enhance customer relationships. We have held extensive discussions...

Sep 8 2017 | Stephen Furlong , Ross Harvey | Sector Report | 35 pages

Entering the third phase; initiating coverage

AerCap is now embarking on the third phase of its corporate development. From its IPO in 2006 through to 2013, it increased its owned fleet by almost 75%. The 2014 ILFC deal was an...

Jun 27 2017 | Joseph McGinley CFA , Ross Harvey , Stephen Furlong | Company Report | 63 pages

Q1 results season confirms better pricing trends into the summer

Continued momentum is the key take-away from Q1 with pricing showing signs of improvement into the summer. Peak calendar Q3 will be key. Ryanair remains the structural winner, but all...

Jun 14 2017 | Stephen Furlong , Ross Harvey , Allan Smylie CFA | Sector Report | 11 pages

Costs continuing to deflate; measured FY 2018 outlook with €600m buyback announced

As has been the case for three consecutive fiscal years, Ryanair has concluded FY 2017 with lower ex-fuel unit costs and an enhanced competitive positioning. Net income of €1.316bn was...

May 30 2017 | Stephen Furlong , Ross Harvey | Company Report | 2 pages

What are we learning through Q1 2017?

Continued momentum is the key take-away from Q1 2017 reporting and into the second quarter. Volume growth across all key logistics markets looks robust and should feed through to...

May 16 2017 | Stephen Furlong , Allan Smylie CFA , Ross Harvey | Sector Report | 22 pages

The future of European parcels

E-commerce is one of the key structural growth drivers in the global logistics industry. It is leading to strong growth in both parcel and express markets. However, it is also...

Mar 16 2017 | Allan Smylie CFA , Stephen Furlong , Ross Harvey | Sector Report | 45 pages

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