Mar 26 2020
Transport & logistics
Recent Research
Airlines, With crisis comes opportunity
Mar 25 2020
Irish Continental Grp, Steady as she goes
Mar 5 2020
Meet your Transport & logistics Research team
Airlines
With crisis comes opportunity
COVID-19 is the biggest crisis the airline industry has faced and it will be different afterwards. We discuss the following themes here: liquidity, consolidation, state intervention and...
Lufthansa
FY 2019 overshadowed by current crisis
With the drastic collapse in demand, it’s all about liquidity now -Lufthansa has €4.3bn plus unused credit lines of around €800m and unencumbered aircraft with a book value of c.€10bn....
Irish Continental Grp
Steady as she goes
Irish Continental Group (ICG) delivered an in-line performance in a recovery year in 2019, with EBITDA up 27% to €86.8m (Davy: €87m) and net debt at €129m. This was a strong...
Hostelworld
Evolving the underlying business in an uncertain market
Hostelworld is in evolution. Its ‘Roadmap for Growth’ put the core business on an improving trajectory – achieving bookings growth in Q4 – while the group enhanced its capabilities as a...
IAG
Resilience in a downturn could lead to a re-rating
Although coronavirus fears are weighing on demand, IAG’s business model has demonstrated clear resilience in the past and, in our view, has the balance sheet strength, brand...
avation
Still growing
Even in the absence of a take-out — the probability and likely price of which are difficult to estimate but do provide upside in any case — we see good risk-reward in Avation’s shares....
Air France KLM
Good cost performance in 2019 but Covid-19 virus has weakened forward bookings
A good cost performance in Q4 and robust cost and capacity 2020 guidance are probably offset by the -€150-200m impact on the operating result for February-April 2020 from the...
Irish Continental Grp
FY2020 – feels like ‘waiting for Godot’, but we should start seeing return on investments
Irish Continental Group (ICG) will report FY2019 results on March 5th. We are expecting a ramp-up in EBITDA over the coming years. While our FY2019 EBITDA forecast of €87m represents a...
Aircraft leasing
On stable footing for 2020
We expect AerCap and Air Lease to report solid Q4 results this week. Supported by the tone of cautious optimism from the aircraft leasing conference season, we also see robust...
easyJet
Strong Q1 underpins revenue upgrade for H1
easyJet is delivering a stronger-than-expected pricing performance through winter. This is underpinned by self-help initiatives, a helpful capacity backdrop and robust consumer demand –...
