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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  EasyJet plc    EZJ   GB00B7KR2P84

EASYJET PLC

(EZJ)
  Report
Delayed Quote. Delayed London Stock Exchange - 11/27 11:35:24 am
838.8 GBX   +0.26%
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British Airways warns of deepening travel slump as losses mount

10/22/2020 | 04:58am EST
FILE PHOTO: British Airways Boeing 747 leaves London Heathrow airport

LONDON (Reuters) - British Airways owner IAG warned the travel slump from the coronavirus pandemic had deepened, forcing it to axe even more of its winter flying schedule after it reported on Thursday a quarterly loss of 1.3 billion euros ($1.54 billion).

The loss was far larger than the 920 million euros forecast by analysts, as passenger numbers plunged and it struggled to even half-fill its planes, illustrating the scale of the challenge faced by IAG's new boss, Luis Gallego, who took over in September.

As a second wave of COVID-19 infections spreads across Europe, airlines are facing a bleak winter and IAG joins Lufthansa, Ryanair and easyJet in cutting back already anaemic schedules.

IAG, which also operates Iberia and Vueling in Spain and Aer Lingus in Ireland, said that for the fourth quarter - which includes the normally busy Christmas period - it would fly no more than 30% of the capacity it flew a year earlier, lower than previous guidance of 40%.

Shares in the company dropped 3% to 97 pence at 0816 GMT. The stock has lost 78% in the year-to-date as the pandemic has crushed its business.

With less flying ahead, the group warned it no longer expected to reach breakeven in terms of net cash flow from operations in the fourth quarter, but said that liquidity was strong.

The company has raised 2.74 billion euros from shareholders via a rights issue and received the funds in early October, raising its total liquidity to 9.3 billion euros.

Bernstein analyst Daniel Roeska said even with that buffer IAG needed to focus on reducing costs.

"Management will need to significantly lower monthly cash burn to avoid significantly depleting resources by next summer," he said.

But Goodbody analysts said that total liquidity was positive and IAG would be ready for a recovery in demand next spring.

IAG said it was operating in an environment of "high uncertainty". It has been calling for COVID-19 tests at airports to replace quarantine requirements and said that governments had been slower than it expected to adopt such measures.

IAG said it would provide more detailed results on Oct. 30.

(Reporting by Sarah Young; Editing by James Davey, Jason Neely and Alex Richardson)

By Sarah Young


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE LUFTHANSA AG -0.79% 10.07 Delayed Quote.-38.64%
EASYJET PLC 0.26% 838.8 Delayed Quote.-41.12%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -2.31% 160.85 Delayed Quote.-62.39%
RYANAIR HOLDINGS PLC 0.00% 15.41 Delayed Quote.5.33%
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Financials
Sales 2021 3 494 M 4 656 M 4 656 M
Net income 2021 -405 M -539 M -539 M
Net Debt 2021 1 275 M 1 700 M 1 700 M
P/E ratio 2021 -12,3x
Yield 2021 -
Capitalization 3 813 M 5 083 M 5 082 M
EV / Sales 2021 1,46x
EV / Sales 2022 0,88x
Nbr of Employees 14 000
Free-Float 70,6%
Chart EASYJET PLC
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easyJet plc Technical Analysis Chart | EZJ | GB00B7KR2P84 | MarketScreener
Technical analysis trends EASYJET PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 834,38 GBX
Last Close Price 838,80 GBX
Spread / Highest target 55,0%
Spread / Average Target -0,53%
Spread / Lowest Target -42,8%
EPS Revisions
Managers
NameTitle
Johan Peter Lundgren Chief Executive Officer & Director
Robert John Orr Barton Non-Executive Chairman
Peter Brendan Bellew Chief Operating Officer
Andrew Robert Findlay Chief Financial Officer & Executive Director
Sam Kini Chief Data & Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
EASYJET PLC-41.12%5 083
INTERGLOBE AVIATION LIMITED13.54%7 870
QANTAS AIRWAYS LIMITED-22.22%7 658
KOREAN AIR LINES CO.,LTD.-11.23%4 043
VIETJET AVIATION-17.85%2 685
AEROFLOT - RUSSIAN AIRLINES-31.11%2 274