Nov 25 2020
Transport & logistics
Recent Research
easyJet, Downgrading to ‘Neutral’
Nov 19 2020
easyJet, Actions on liquidity
Nov 17 2020
Airlines, Light at the end of a very dark tunnel
Nov 16 2020
Air Lease, Key trends are reassuring
Nov 10 2020
Norwegian Air, Liquidity risk must be tackled
Nov 10 2020
Wizz Air Holdings, No need to rush
Nov 9 2020
Meet your Transport & logistics Research team
Irish Continental Grp
Continues to deliver
Irish Continental Group’s (ICG’s) balance sheet, market and competitive position continue to deliver in what is a very challenging market. Freight performance is a standout. We maintain...
easyJet
Downgrading to ‘Neutral’
While we don’t quite see easyJet as the “growth story” it wants to be, it remains operationally geared to an improvement in demand conditions. Further action is required on its cost...
easyJet
Actions on liquidity
Although easyJet’s FY2020 numbers were in line, there have been actions on liquidity – including the rollover of the UK Covid Corporate Financing Facility (CCFF) and sale and leasebacks...
Airlines
Light at the end of a very dark tunnel
While cash burn remains very significant for network airlines, we think IAG is restructuring quickly and should have enough liquidity to emerge from this crisis as one of the leanest,...
Air Lease
Key trends are reassuring
While yesterday’s news on the vaccine front overshadowed Air Lease’s Q3 results, the underlying business remains in good shape. Key metrics (leverage, liquidity and placement activity)...
Norwegian Air
Liquidity risk must be tackled
Norwegian’s financials remain strained. The company will need liquidity in Q1 2021 and, while this will not come from the Norwegian government, representing a significant setback,...
Wizz Air Holdings
No need to rush
While key attractions of the Wizz Air investment case – efficient costs, aggressive growth and strong liquidity – have been potently reaffirmed, uncertainties remain. We think the...
Wizz Air Holdings
Costs, liquidity continue to impress but deliveries may need to slow
While Wizz’s Q2 loss was more than expected, the market will be more forgiving of a pricing issue when costs remain this lean. Longer-term holders will appreciate the aggressive network...
Lufthansa
Preparing for the long-haul
Having pre-released on October 20th, Lufthansa’s numbers come as no surprise (Q3 EBIT loss of -€1262m); however, the average monthly operating cash drain, excluding changes in...
Ryanair Holdings
Structural winner - preserving cash, lowering costs
With €4.5bn in cash post debt and equity raise, an ex-fuel cost base that is only going lower and a Boeing deal in the offing, we continue to expect Ryanair to be the structural winner...
