Mar 20 2025
Transport
Recent Research
Lufthansa, Turning point
Mar 6 2025
Meet your Transport Research team
Hostelworld
Some encouraging signs on early 2025 revenue trends
Hostelworld reported FY24 results this morning. Revenue was down slightly year-on-year due to geographic mix changes, but the group delivered significant margin expansion – which drove...
Ryanair Holdings
Reaches 50% EU ownership and lifts purchase prohibition
Ryanair has completed the Ownership and Control (O&C) Review and EU nationals now hold more than 50% of the company's issued share capital. Following consultation with investors and...
Airlines
Growth and value plays in aviation supply chain
Aviation is a growth industry, and we see air travel demand enduring into 2025. The sector is clearly subject to the vagaries of geopolitics, but travel spend (in some segments) is now...
Air France KLM
Strong Q4 performance delivers solid FY24 result
Air France reported a FY24 operating profit of €1,601m (consensus: €1,353m). The reported operating margin of 5.1% is down from 5.7% last year. Unit cost was up 3.2%, broadly in line with...
Lufthansa
Turning point
In what was a challenging year (the group warned twice), 2024 delivered an adjusted EBIT of €1,645m (4.4% margin) – slightly above consensus of €1,585m (Davy: €1,539m). We are...
IAG
Model update – upping price target to £3.50
We have upped our FY2025 and FY2026 forecasts at the operating profit level to €4.6bn and €4.85bn respectively. This implies operating margins of c.13.6%. Achieving the top-end of the...
Irish Continental Grp
Very credible performance in a challenging environment
2024 EBITDA was a record performance of €133.5m, near our €136.1m forecast and very credible given the obvious year-end challenges of the Holyhead closure. Good working capital...
IAG
€1bn buyback for FY2025
IAG reported a very strong FY2024 with operating profit before exceptionals up 26.7% to €4,443m (consensus: €4,077m, Davy: €4,012m), resulting in 13.8% margins (last year: 11.9%). The...
Jet2 plc
Formal FY25 guidance; price and cost mix for FY26
Jet2 has formally guided that it expects group profit before foreign exchange (FX) revaluation and taxation for the year ending March 31st 2025 of £560-570m, an 8-10% increase on...
Norwegian Air
Weakening NOK puts pressure on unit costs
For FY24, the Norwegian Group delivered an operating profit (EBIT) of NOK1,873m, the second highest in company history (Davy EBIT: NOK1,850.7m, consensus NOK1,920.6m). For Q4, the group...
