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

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

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

European Airlines - Bridging Quarterly 2024 Prospects Encourages with Fuel Tailwinds/Tight Supply

APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

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>Our updated analysis suggests that JAL's FY24 to March 2024 EBIT guidance of  ¥ 130bn remains conservative. We see  ¥ 177bn as achievable unless forward bookings weaken.</li>
<li>Our analysis of JAL's management of inflation highlights it is outperforming many APAC and global peers, keeping unit cost increases to a minimum. </li>
<li>Reduced overheads have proved the key driver of inflation avoidance, while stable unit personnel costs contrast starkly with US carriers in particular; JAL's largest international market.</li>
</ul>


Our updated analysis suggests that JAL's FY24 to March 2024 EBIT guidance of  ¥ 130bn remains conservative. We see  ¥ 177bn as achievable unless forward bookings weaken.
Our analysis of JAL's management of inflation highlights it is outperforming many APAC and global peers, keeping unit cost increases to a minimum. 
Reduced overheads have proved the key driver of inflation avoidance, while stable unit personnel costs contrast starkly with US carriers in particular; JAL's largest international market.


Japan Airlines: Upside to Expectations Despite A350 Loss