Sep 16 2020
Transport & logistics
Recent Research
Hostelworld, Meet the New World
Aug 28 2020
Airlines, Long haul; long way back
Aug 12 2020
Meet your Transport & logistics Research team
Airlines
Uneven road to recovery – dawn coming but post bleak winter
The presentation attached to this thought piece contains our latest sector data covering forecasts, capital structures and long-term aircraft demand/supply. Discussion within the...
IAG
Very dilutive rights issue to shore up balance sheet
IAG has announced a fully underwritten capital increase with pre-emptive subscription rights to raise gross proceeds of €2,741m through the issuance of 2,979,443,376 new shares in IAG....
Norwegian Air
Unsurprising losses in H1; will require liquidity in Q1 2021
Norwegian Air’s actions on its cost base and balance sheet have extended its operating runway in this difficult environment, but without a material macro improvement (likely requiring...
Hostelworld
Meet the New World
Prompt and purposeful work on the ‘controllables’ (reducing costs, reinforcing the balance sheet, retaining strategic initiatives) suggest that Hostelworld will be an outperformer when...
Irish Continental Grp
Managing through the crisis
The interims, like last month’s AGM, point to a strong freight and cost performance in a pandemic which has clearly seen a lost summer for tourism. We continue to see Irish Continental...
Hostelworld
Tracking slightly ahead of base case scenario
With the building blocks – financial and platform related – being put in place to facilitate a return to medium-term growth, we are encouraged that Hostelworld is tracking slightly ahead...
Airlines
Long haul; long way back
The pertinent question for the network airlines, which transfer passengers through large hubs connecting long-haul destinations, is whether they can recover and, if so, how long will...
Irish Continental Grp
Audentes fortuna iuvat - fortune favours the bold
Whether the poet Virgil is correct in the context of Irish Continental Group (ICG) will be somewhat dependent on the lifting of quarantines and some normalisation. However, ICG’s...
Hostelworld
Laying the groundwork for future growth
Hostelworld has reacted, in our view, swiftly and sensibly to the COVID-induced market dislocation. Its cost reduction and cash conservation measures have limited the short-term downside...
Lufthansa
A long road ahead
While adjusted EBIT in Q2 was modestly lower than market expectations (-€1.7bn versus -€1.96bn) Lufthansa also expects a clearly negative adjusted EBIT in the second half of 2020 with...
