Apr 25 2024
Transport
Recent Research
Norwegian Air, Making progress
Apr 25 2024
easyJet, Peak summer looking strong
Apr 18 2024
Meet your Transport Research team
Wizz Air Holdings
Post-close trading update
Wizz Air expects to report net income in the range of €350- €370m for the full year, in line with guidance (previously €350-400m, Davy €348m). Wizz will report FY results on May 23rd.
Norwegian Air
Making progress
Norwegian delivered significant losses for the usual Q1, with EBIT excluding other losses/(gains) of NOK637m (consensus -NOK528m, -NOK886m last year), impacted by negative FX revaluation...
Hostelworld
FY23 in line, outlook reads positively
Hostelworld delivered FY23 numbers in line with the guidance provided at its post-close stage and our forecasts. The group performed strongly in 2023, growing revenues and market...
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....
