Jul 2 2020
Transport & logistics
Recent Research
Airlines, A tale of two airlines
Jun 5 2020
Meet your Transport & logistics Research team
easyJet
A long recovery path ahead
easyJet’s 15% equity raise (gross proceeds of £419m) along with sale and leaseback transactions will see liquidity proceeds exceeding £3bn and should give its capital structure some...
avation
Q3 results reveal underlying business continues to grow
Avation’s Q3 results reveal that the underlying business continues to grow. While the market will remain watchful of impairments, good levels of liquidity and proactivity on its debt...
Hostelworld
Liquidity enhanced by completed equity placing
Newly issued shares from Hostelworld’s equity placing are expected to be admitted for trading today (June 29th). The company expects that the raise (£13.8m), in tandem with the...
easyJet
15% equity raise to maintain investment grade rating
EasyJet’s proposed 15% equity raise (gross proceeds of c.£400m-450m) along with sale and leaseback transactions will see liquidity proceeds exceeding c.£3bn. Whether this is the...
Irish Continental Grp
Balance sheet to weather the hurricane
We will publish new estimates in due course as there is huge uncertainty over passenger numbers, notably with the quarantines in place. It may be a lost year; it may not be – the...
Airlines
A tale of two airlines
With a focus on the corporate passenger (60% of Network Airlines’ revenues), we don’t expect full earnings recovery at Lufthansa until 2023 at best. The ongoing recapitalisation has...
Wizz Air Holdings
Maintaining strong liquidity and flexibility
Wizz’s FY20 results, including 16% capacity growth and 30% earnings growth, demonstrate the momentum it had prior to the existing COVID-19 environment. Management’s intention is to...
Lufthansa
Will be challenged for some time
The stabilization measures approved by the EU and the Lufthansa supervisory board will be put to an EGM on June 25th 2020 with the aim for a rapid return of the stabilizing funds....
Norwegian Air
Bridging the gap to the ‘New Norwegian’
The core objectives of the ‘New Norwegian’ – a drastically smaller network, right-sized cost base and focus on ancillaries – make sense to us but will be merely academic should the...
Ryanair Holdings
Structural growth story to continue
Liquidity is assured with a current cash balance of €4.1bn (Ryanair recently raised £600m under the UK’s CCFF) and 330 unencumbered B737s (77% of owned fleet, c.€7bn). Measures taken...
