easyJet: Oddo confirms reduce rating
(CercleFinance.com) - easyJet will issue a "pre close statement" for its annual results to 30 September 2019, on Tuesday 8 October.
Prior to this publication, Oddo confirms its Reduce rating on the share, with a target price of 1,050p (about 9% downside potential, based on DCF model and a normative valuation). The broker believes that the share remains more sensitive to shocks on demand (Germany and UK) given a cost structure that is less flexible than its peer Ryanair.
Oddo expects 2019 PBT, before non-recurrent items of 404 million pounds, below the FactSet consensus of 418 million pounds, which incorporates i/ a decline in unit revenues - excluding FX factors - of -0.8% in H2, including -1.4%e in Q4, ii/ a decrease in unit costs before non-recurrent items, fuel and FX factors of 2% (less disruption, less wet lease ...) and iii/ a fuel bill of 1,380 million pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Prior to this publication, Oddo confirms its Reduce rating on the share, with a target price of 1,050p (about 9% downside potential, based on DCF model and a normative valuation). The broker believes that the share remains more sensitive to shocks on demand (Germany and UK) given a cost structure that is less flexible than its peer Ryanair.
Oddo expects 2019 PBT, before non-recurrent items of 404 million pounds, below the FactSet consensus of 418 million pounds, which incorporates i/ a decline in unit revenues - excluding FX factors - of -0.8% in H2, including -1.4%e in Q4, ii/ a decrease in unit costs before non-recurrent items, fuel and FX factors of 2% (less disruption, less wet lease ...) and iii/ a fuel bill of 1,380 million pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.