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    EZJ   GB00B7KR2P84

EASYJET PLC

(EZJ)
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FTSE falters as easyJet slumps after profit warning

10/06/2016 | 12:26pm EDT
People walk through the lobby of the London Stock Exchange in London

LONDON (Reuters) - Britain's top shares index fell on Thursday, although it remained near record highs, with budget airline easyJet (>> easyJet plc) sliding lower after issuing a profit warning.

LONDON (Reuters) - Britain's top shares index fell on Thursday, although it remained near record highs, with budget airline easyJet (>> easyJet plc) sliding lower after issuing a profit warning.

The blue-chip FTSE 100 index <.FTSE> closed down 0.5 percent at 6,999.96 points - still near its record intraday high of 7,122.74 points reached in April 2015.

EasyJet fell 6.9 percent after the company warned its profit would fall by more than 25 percent this year, saying security issues had dampened demand while low fuel prices meant there was more competition in the European short-haul market.

"We cut 2017 estimated pre-tax profit by 11 percent to 405 million pounds ($512.20 million) as pricing continues to suffer," said Credit Suisse analyst Neil Glynn, in a note on easyJet. Glynn kept a "neutral" rating on easyJet shares.

The FTSE 100 rose to a 17-month high earlier this week and is up by 12 percent so far in 2016.

The Bank of England's decision in August to cut interest rates to record lows of 0.25 percent has propped up the FTSE 100 and enabled it to recover from an initial slump in late June after Britain's shock "Brexit" vote to quit the European Union.

Rock-bottom rates have hit returns on bonds and cash, driving investors to the better returns available from stocks.

The FTSE 100's international companies have also benefited from a fall in sterling this week. Many of these companies earn much of their revenues in U.S. dollars and therefore get a currency-related accounting lift as those dollars are converted back to pounds. [GBP/]

However, the slump in sterling has also impacted the U.S. dollar value of FTSE 100 stocks, a potential negative for overseas investors for whom the dollar is their benchmark currency reference.

Roderic Owen-Thomas, director at London-based firm Mayfair Capital Limited, expected the FTSE 100 to make little progress for the rest of 2016, given underlying concerns over Brexit.

"We feel that most of the upside is complete for this year," he said.

(Additional reporting by Atul Prakash; Editing by Janet Lawrence)

By Sudip Kar-Gupta

Stocks treated in this article : GKN plc, Smith & Nephew plc, easyJet plc

ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.23% 2780.66 Delayed Quote.58.30%
AMP LIMITED -1.59% 0.93 End-of-day quote.-40.38%
ATUL LTD -1.87% 9399.2 End-of-day quote.46.19%
CAPITAL LIMITED -0.78% 76.6 Delayed Quote.15.22%
EASYJET PLC 0.18% 655.4 Delayed Quote.-6.38%
FTSE 100 1.12% 6980.98 Delayed Quote.6.86%
MSCI UNITED KINGDOM (STRD) 0.89% 1111.571 Real-time Quote.8.33%
NEXT PLC 0.72% 8080 Delayed Quote.13.21%
S&P UNITED KINGDOM (PDS) 1.11% 1387.66 Delayed Quote.7.17%
SMITH & NEPHEW PLC 0.26% 1326 Delayed Quote.-12.42%
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Analyst Recommendations on EASYJET PLC
More recommendations
Financials
Sales 2021 1 416 M 1 935 M 1 935 M
Net income 2021 -973 M -1 330 M -1 330 M
Net Debt 2021 1 806 M 2 468 M 2 468 M
P/E ratio 2021 -3,33x
Yield 2021 -
Capitalization 2 980 M 4 066 M 4 072 M
EV / Sales 2021 3,38x
EV / Sales 2022 0,88x
Nbr of Employees 14 000
Free-Float 62,3%
Chart EASYJET PLC
Duration : Period :
easyJet plc Technical Analysis Chart | EZJ | GB00B7KR2P84 | MarketScreener
Technical analysis trends EASYJET PLC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 654,20 GBX
Average target price 875,47 GBX
Spread / Average Target 33,8%
EPS Revisions
Managers and Directors
Johan Peter Lundgren Chief Executive Officer & Director
Kenton Jarvis Chief Financial Officer
Robert John Orr Barton Non-Executive Chairman
Stephen Alan Michael Hester Chairman-Designate
Sam Kini Chief Data & Information Officer
Sector and Competitors
1st jan.Capi. (M$)
EASYJET PLC-6.38%4 067
DELTA AIR LINES, INC.1.42%26 005
RYANAIR HOLDINGS PLC2.58%22 086
UNITED AIRLINES HOLDINGS, INC.4.67%14 650
AIR CHINA LIMITED-17.70%14 361
CHINA SOUTHERN AIRLINES COMPANY LIMITED-7.79%13 630