Transport & logistics

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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...