Davy Morning Equity Briefing

Apr 18, 2024


Solid start to FY24

A solid update with good progress made in core categories. The update gives a constructive tone on growth in the coming year. With guidance unchanged, we envisage limited changes to our current forecasts.


Peak summer looking strong

easyJet reported its H1 interim management statement (the actual results are on May 16th). Crucially, the outlook for the summer is strong with the Q3 airline revenue per seat (RPS) expected to be slightly up year-on-year (yoy), with Easter peak falling in March and Q4 airline RPS well ahead yoy (with c.30% of the program sold). H1 PBT loss range of -£340-360m, which is ahead of consensus: -£407m (Davy: -£405.9m). easyJet holidays continue to expect >35% customer growth yoy in FY24. For FY24, group PBT consensus is £616m, Davy: £613.6m). We will review this, but our forecasts are well underpinned with an upside bias.