Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Neil Glynn, FCA, CFA, is Founder and Managing Director of AIR Control Tower.

Neil has near to 20 years of aviation experience, based in Dublin and London, including the roles of Credit Officer at CIT Aerospace and head of global transport equity research at Credit Suisse. 

The quality of Neil’s industry-leading research and forecasting across the value chain is long-recognized by investors (long track record of top tier placing in Institutional investor European Transport analyst survey; ranked #3 in last survey in 2021) and corporates (regular management team/board workshops, conference presentations around the world). 

Neil has also led 10 initial public offering (IPO) processes, assessing the investment case of corporates seeking to attract new investors.

Founder & Managing Director, AIR Control Tower

All Nippon Airways: Difficult to Outperform Expectations - In Contrast to JAL

Japan Airlines: Seasonality Scrutiny Still Suggests Significant Upside to FY24 Guidance

Japan Airlines: Upside to Expectations Despite A350 Loss

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

<ul>
<li>ANA has revised its FY24 to March 2024 profit guidance upward on higher revenues; EBIT up from ¥120bn to ¥190bn in line with consensus (AIRCT ¥182bn).</li>
<li>Air Transportation naturally drives the upgrade, with its EBIT guide up ¥60bn as higher revenues outweigh higher costs.</li>
<li>This upgrade also has major relevance for JAL, where expect a FY24 EBIT guidance upgrade. We are at ¥177bn versus consensus of ¥142bn/guidance of ¥130bn.</li>
</ul>


ANA has revised its FY24 to March 2024 profit guidance upward on higher revenues; EBIT up from ¥120bn to ¥190bn in line with consensus (AIRCT ¥182bn).
Air Transportation naturally drives the upgrade, with its EBIT guide up ¥60bn as higher revenues outweigh higher costs.
This upgrade also has major relevance for JAL, where expect a FY24 EBIT guidance upgrade. We are at ¥177bn versus consensus of ¥142bn/guidance of ¥130bn.


ANA Holdings -Big Upgrade with Big Read Across for JAL

Ana Holdings

ANA Holdings -Big Upgrade with Big Read Across for JAL