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easyJet (Baa2 S, BBB P) {EZJ LN Equity} 1H earnings; 6-months ending March

CONSUMER CYCLICALS

Slight beat on results & BS squared away. We don't expect Moody's upgrade given lower cash generation this year (on higher Capex). 28s may screen value at Z+80/€93, our preferred consumer line there is the consumer staple WOWAU 28's (Aussie Tesco) at Z+91.


  • Results look in line, with pre-lim 1H revenue of £3.27b (c£3.22b) & EBIT loss of -£340m (c-£400m).
  • BS squared away at a net cash position of £146m, cash & eqv's at £3.3b.
  • Middle East impacted it by -£40m - not huge - it was only 0.3% of planned summer flying capacity - that will be redeployed now.
  • Bucking network carriers concerns, non-fuel costs per seat were flat yoy (in line with guidance) - it did add guidance for that to be up "long single digits" YoY in 2H.
  • Bookings for summer '24 look healthy; "increase in volume & pricing yoy".
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