Transport & logistics

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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...