EasyJet - On Track for >£600m PBT in FY24 and Another Record Summer

European Airlines - LCCs Unlikely to Pass Through Fuel Tailwinds in 2024

Wizz Air - Distortion Continues but Conditions Favourable to Pass Key Summer Test

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

Neil Glynn

Founder & Managing Director, AIR Control Tower

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>Ryanair trimmed its FY24 (March 2024) net income guidance from €1,850m-€2,050m to €1,850m-€1,950m. We cut our forecast 4% to €1,944m.</li>
<li>Ryanair guidance on summer pricing is encouraging. It sees fares up low-single digit % yoy at this point but expects an improvement as we near the summer.</li>
<li>This commentary follows bullish pricing updates from easyJet, Wizz Air on short haul as well as the US carriers on Transatlantic routes, suggesting strong 2024 pricing on European routes.</li>
</ul>


Ryanair trimmed its FY24 (March 2024) net income guidance from €1,850m-€2,050m to €1,850m-€1,950m. We cut our forecast 4% to €1,944m.
Ryanair guidance on summer pricing is encouraging. It sees fares up low-single digit % yoy at this point but expects an improvement as we near the summer.
This commentary follows bullish pricing updates from easyJet, Wizz Air on short haul as well as the US carriers on Transatlantic routes, suggesting strong 2024 pricing on European routes.


Ryanair - Further Corroboration of Strong Summer Prospects

Ryanair Holdings

Ryanair - Further Corroboration of Strong Summer Prospects