Company Reports

EasyJet shares fell 12% on July 22 amid reports of a European Union review of airline ownership rules, then rose almost 6% the following day after it reported third-quarter profit before tax of GBP 85 million, beating consensus, and summer booking trends improved.

EasyJet shares rose 13% after Apollo Global Management agreed in principle to acquire the airline for GBX 715 per share in cash, a proposal the board is minded to recommend.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust, and competitors face barriers to entry due to limited slot availability.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust and competitors face barriers to entry due to limited slot availability.

EasyJet's board has agreed in principle to a takeover by US investment firm Castlelake for GBX 690 per share in cash, after rejecting four earlier offers as opportunistic. EasyJet shares rose around 10% to GBX 612 on July 6.

Recent European short-haul air traffic data indicates that while volume remains robust, supply growth is now slightly outpacing demand, consistent with a gradual easing of the previously ultratight short‑haul market conditions.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust and competitors face barriers to entry due to limited slot availability.

EasyJet’s first half saw airline passengers up 6% on 4% more seats, with load factors rising to 90%, EasyJet Holidays passengers up 22%, and profit at GBP 61 million, while cost per seat rose 5%, including a GBP 25 million fuel hit from the Middle East.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust and competitors face barriers to entry due to limited slot availability.

EasyJet reported a first-quarter fiscal 2026 headline loss before tax of GBP 93 million versus GBP 61 million a year earlier, despite 9% ASK, 7% passenger growth, and a 2-point improvement in the load factor to 90%, with total airline RASK flat year on year.

Profit before tax rose 9% and EBIT grew 18% year on year. Holidays delivered the strongest growth, with profits up 32%. Load factors improved despite a 9% capacity increase, and unit costs declined despite inflationary pressure.

EasyJet shares spiked over 12% last week amid speculation about a takeover by Mediterranean Shipping Co., then retraced after MSC dismissed the Corriere Della Sera report.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust and competitors face barriers to entry due to limited slot availability.

No-moat easyJet reported a first-half loss of GBP 394 million, in line with expectations and slightly better than the previous year once the timing of Easter is considered. We maintain our fair value estimate.

No-moat easyJet's financial year ending September 2024, showcased impressive results and strong progress toward the company's medium-term targets. The airline reported a headline profit before tax of GBP 610 million, representing a substantial 34% increase year on year, outpacing many of its European competitors. Despite management highlighting softening conditions, we maintain our fair value estimate.

We initiate EasyJet with a no moat rating and a fair value estimate of GBX 640. The valuation is being driven by improved business quality and the company increasing its capacity in slot-constrained airports and its ancillary revenue offering.

EasyJet is a European low-cost carrier operating primarily on high-demand routes between primary, slot-constrained airports, where demand is robust and competitors face barriers to entry due to limited slot availability.

We are dropping coverage of EasyJet. We provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

EasyJet returned to profitability for the first time since the start of the coronavirus pandemic as the group expects to generate headline profit before tax of GBP 480 million in the fiscal fourth quarter, which is just short of the GBP 528 million generated in the same quarter before the pandemic. A headline loss between GBP 170 million and GBP 190 million is expected for the full year, reflecting the challenges faced earlier in the year such as travel restrictions, the war in Ukraine, and staff shortages across the industry. We maintain our GBX 915 fair value estimate. Shares have dropped sharply, in line with peers, as investors avoid industries sensitive to inflationary pressures and economic headwinds.

Staff shortages across the aviation industry and the resulting disruptions resulted in GBP 133 million of related costs, driving EasyJet into a headline loss of GBP 114 million for third-quarter fiscal 2022. The airline, which has high exposure to the most disrupted airports, only managed to fly 95% of its planned schedule in the quarter. It has put measures in place to ease the disruptions such as additional crew, wet leases of aircraft, and seat blocking to lower onboard crew count. While disruptions have been eased on a run-rate basis, we believe the absolute costs in fourth quarter could be higher than in third quarter due to the magnitude of passenger numbers over the summer holidays. For perspective, we believe total costs related to the disruption could exceed 10% of EasyJet’s current market value.