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    EZJ   GB00B7KR2P84

EASYJET PLC

(EZJ)
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Delayed London Stock Exchange  -  11:35 2022-08-12 am EDT
407.60 GBX   +0.77%
08/09EASYJET : Gets a Buy rating from UBS
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08/02MARTIN SORRELL : Sorrell's S4 Capital bolsters board with Colin Day appointment
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08/01EASYJET : Goldman Sachs reiterates its Buy rating
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Norwegian Air's shares jump as turnaround takes off

02/06/2020 | 09:56am EDT
FILE PHOTO: A Norwegian Air plane is refuelled at Oslo Gardermoen airport

Norwegian Air's turnaround gathered pace last month as the budget carrier removed unprofitable routes from its network and boosted the income from remaining flights, sending its shares up almost 6% in early trade.

The airline's yield - income per passenger carried and kilometer flown - rose 15% to 0.40 Norwegian crown ($0.0435), its monthly traffic report showed on Thursday, beating a 0.37 crown forecast in a Reuters poll of analysts.

The company cut its capacity by a bigger-than-expected 29% in January from a year earlier. Analysts had expected a 22.2% decline in capacity for the month.

Norwegian's shares traded 4.3% higher at 39.66 crowns by 0839 GMT, but are still down 46% in the last 12 months.

"I am pleased that we continue to deliver on the strategy of moving from growth to profitability," Chief Executive Jacob Schram, in office since the start of the year, said in a statement.

Norwegian has shaken up the transatlantic travel market with low fares, but breakneck expansion and the grounding of its Boeing MAX fleet also brought mounting losses, forcing the company repeatedly to raise cash from owners.

Seeking to turn itself around and avoid joining the ranks of collapsed airlines, the company announced in October it would cut its capacity by 10% in 2020 from 2019.

Another measure, revenue per available seat kilometer, or RASK, grew by 22% year-on-year to 0.32 crowns, beating the 0.30 crowns predicted by analysts, and Norwegian also raised its fuel hedges to guard against a spike in prices.

The increase in RASK pointed to better operating margins at the carrier, said Danske Bank analyst Martin Stenshall, who holds a buy recommendation on the stock.

Norwegian on average filled 80.9% of seats in January, up from a load factor of 76.1% a year ago and beating an average forecast of 80.6%.

Routes between Ireland and the United States and Canada were cut from Norwegian's schedule last September, and in December the company announced the sale of its domestic business in Argentina.

The cutbacks may also alleviate the pressure on rivals such as Scandinavian Airlines, which now faces less head-to-head competition on routes between Europe and the United States.

($1 = 9.1879 Norwegian crowns)

(Editing by Gwladys Fouche and Barbara Lewis)

By Terje Solsvik


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S -0.58% 102 Delayed Quote.-9.69%
EASYJET PLC 0.77% 407.6 Delayed Quote.-26.69%
EURO / ARGENTINE PESO (EUR/ARS) 0.01% 138.0622 Delayed Quote.18.67%
NORWEGIAN AIR SHUTTLE ASA -1.32% 9.72 Real-time Quote.-9.58%
RYANAIR HOLDINGS PLC 1.63% 12.755 Real-time Quote.-16.36%
SAS AB (PUBL) 0.46% 0.693 Delayed Quote.-45.67%
THE BOEING COMPANY 1.26% 169.99 Delayed Quote.-15.56%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 134.58 Delayed Quote.30.75%
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08/09EASYJET : Gets a Buy rating from UBS
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08/02MARTIN SORRELL : Sorrell's S4 Capital bolsters board with Colin Day appointment
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08/01EASYJET : Goldman Sachs reiterates its Buy rating
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Financials
Sales 2022 5 663 M 6 865 M 6 865 M
Net income 2022 -110 M -133 M -133 M
Net Debt 2022 772 M 935 M 935 M
P/E ratio 2022 -22,4x
Yield 2022 0,08%
Capitalization 3 081 M 3 735 M 3 735 M
EV / Sales 2022 0,68x
EV / Sales 2023 0,47x
Nbr of Employees 13 000
Free-Float 84,1%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 407,60 GBX
Average target price 606,89 GBX
Spread / Average Target 48,9%
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Managers and Directors
Johan Peter Lundgren Chief Executive Officer & Director
Kenton Jarvis Chief Financial Officer & Director
Stephen Alan Michael Hester Chairman
Stuart Birrell Chief Data & Information Officer
David Morgan Chief Operating Officer
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