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

EASYJET PLC

(EZJ)
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Norwegian Air's shares jump as turnaround takes off

02/06/2020 | 09:56am EST
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.
ALIMENTATION COUCHE-TARD INC. -2.18% 36.29 Delayed Quote.-16.34%
DANSKE BANK A/S -0.80% 111.2 Delayed Quote.11.38%
EASYJET PLC 1.21% 834.36 Delayed Quote.-0.92%
EURO / ARGENTINE PESO (EUR/ARS) -0.11% 103.985 Delayed Quote.1.26%
MAX CO., LTD. 0.21% 1450 End-of-day quote.0.76%
NORWEGIAN AIR SHUTTLE ASA -9.29% 66.3 Real-time Quote.-16.03%
RYANAIR HOLDINGS PLC 0.44% 15.83 Real-time Quote.-3.05%
SAS AB (PUBL) -1.67% 1.712 Delayed Quote.-4.66%
THE BOEING COMPANY 1.30% 209.91 Delayed Quote.-3.20%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.11% 85.73 Delayed Quote.1.75%
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Financials
Sales 2021 3 234 M 4 407 M 4 407 M
Net income 2021 -374 M -510 M -510 M
Net Debt 2021 1 382 M 1 883 M 1 883 M
P/E ratio 2021 -10,1x
Yield 2021 -
Capitalization 3 749 M 5 133 M 5 108 M
EV / Sales 2021 1,59x
EV / Sales 2022 0,86x
Nbr of Employees 14 000
Free-Float 70,7%
Chart EASYJET PLC
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easyJet plc Technical Analysis Chart | EZJ | GB00B7KR2P84 | MarketScreener
Technical analysis trends EASYJET PLC
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 905,86 GBX
Last Close Price 824,60 GBX
Spread / Highest target 45,5%
Spread / Average Target 9,85%
Spread / Lowest Target -41,8%
EPS Revisions
Managers and Directors
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
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1st jan.Capitalization (M$)
EASYJET PLC-0.92%5 133
DELTA AIR LINES, INC.3.13%26 339
RYANAIR HOLDINGS PLC-3.05%21 583
AIR CHINA LIMITED-6.89%14 298
UNITED CONTINENTAL HOLDINGS, INC.7.03%13 470
CHINA SOUTHERN AIRLINES COMPANY LIMITED-5.19%12 181