Azul – Cash Flow Overhang Requires Structural Solution
Deep dive on Azul's optically low valuation, illustrating underlying cash flow concerns beyond published net debt levels which should persist over...
256 Views
Ryanair – FY25 Weakness Suggests a “normalization” and Prompts Structural Industry Questions
We publish detailed analysis on Ryanair's pessimistic outlook, highlighting that FY25's performance simply reflects a normalization, and...
206 Views
Ryanair - Pricing Appears to Be Softening; Re-Setting Profitability Expectations
Reflection of latest fare data in our Ryanair forecasts, with market pricing apparently softening further from June. We cut FY25 net income by 9%...
166 Views
Lufthansa Group – Revisiting Margin and Portfolio Management Challenges
Lufthansa's latest profit warning includes the message that Lufthansa mainline needs a transformation programme. We outline the issues at LH...
371 Views
GOL – Short-Term Challenges to Navigate Before Delivering on Complicated Long-Term Pitch
Update on GOL as it navigates Chapter 11 in a swirl of consolidation speculation/possibility. We cut 2024 forecasts due to concerning revenue...
210 Views