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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Ryanair Holdings plc    RY4C   IE00BYTBXV33

RYANAIR HOLDINGS PLC

(RY4C)
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Wizz Air says growth helped by faltering rivals

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01/31/2018 | 04:09am EST
Wizz Air Airbus 321-231 HA-LXJ aircraft taxis to runway as a KLM Boeing 737-7K2 PH-BGR aircraft takes off at the Chopin International Airport in Warsaw

LONDON (Reuters) - Budget airline Wizz Air (>> Wizz Air Holdings PLC) said on Wednesday it had benefitted from the troubles of other airlines to grow more quickly than expected, although concerns over future costs took the shine off record quarterly results.

LONDON (Reuters) - Budget airline Wizz Air (>> Wizz Air Holdings PLC) said on Wednesday it had benefitted from the troubles of other airlines to grow more quickly than expected, although concerns over future costs took the shine off record quarterly results.

Wizz Air chief executive Jozsef Varadi said the collapse of Monarch last year had allowed the airline to expand operations at London Luton airport, while it had also moved capacity into Vienna after Air Berlin (>> Air Berlin Plc) went into administration.

"We are growing more than what we would have expected even six months ago," he told Reuters.

The Eastern-European focused carrier said it had nudged up its full-year capacity growth forecast to 24 percent from 23 percent. Wizz secured Monarch's take-off and landing slots at Luton airport in November.

Wizz said it carried 24 percent more passengers in the three months to Dec. 31, its fiscal third quarter. Profit was a record 14 million euros (12.27 million pounds)

, up 3.6 percent.

The airline maintained its outlook for full-year net profit in a ‍range of 265-280 million euros.

After a strong run that saw the stock double last year and hit a record high on Monday, Wizz shares fell 2.2 percent in early trade.

Analysts at Goodbody said that while the third quarter was strong, an unchanged outlook implied the fourth quarter would be worse than expected, and added the airline could face headwinds from rising fuel costs.

"The immediate focus on growth vs yields, and the comparative under-hedged fuel position means we leave our recommendation as Hold," the Goodbody analysts said in a note.

Wizz has hedged less of its future fuel requirements than Ryanair (>> Ryanair Holdings plc), Investec said in a note, so needs to increase near-term yields by more to offset higher fuel costs.

Wizz's Varadi said the reduction of industry capacity that might have boosted fares and yields had been rapidly filled by other carriers, including Wizz.

He said Wizz was looking at increasing its presence in Italy after Alitalia went into administration, but would not necessarily bid for any parts of the carrier.

"Our interest is the Italian market. Not necessarily Alitalia ... We have not expressed any interest for Alitalia," Varadi said, adding any opportunities would be in the Italian carrier's short-haul rather than long-haul business.

"We just want to understand the situation, but we haven't made up our mind on anything here."

(Reporting by Alistair Smout; Additional reporting by Tricia Wright; Editing by Jane Merriman and Mark Potter)

By Alistair Smout

Stocks treated in this article : Air Berlin Plc, Ryanair Holdings plc, Wizz Air Holdings PLC
Stocks mentioned in the article
ChangeLast1st jan.
AIR BERLIN PLC 0.00%End-of-day quote.-18.42%
RYANAIR HOLDINGS PLC 0.55% 15.425 Delayed Quote.6.60%
WIZZ AIR HOLDINGS PLC 0.52% 4438 Delayed Quote.13.27%
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Financials (EUR)
Sales 2020 8 730 M
EBIT 2020 1 183 M
Net income 2020 1 036 M
Debt 2020 762 M
Yield 2020 -
P/E ratio 2020 16,3x
P/E ratio 2021 12,3x
EV / Sales2020 2,00x
EV / Sales2021 1,86x
Capitalization 16 685 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 16,96  €
Last Close Price 15,34  €
Spread / Highest target 29,1%
Spread / Average Target 10,6%
Spread / Lowest Target -12,0%
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Managers
NameTitle
Michael O'Leary Group Chief Executive Officer & Executive Director
David Bonderman Independent Executive Chairman
Neil Sorahan Chief Financial Officer
John Hurley Chief Technology Officer
Kyran McLaughlin Independent Non-Executive Director
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