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TRANSPORTATION: Wizz Air (WIZZLN 26s; Ba1/NR/BBB- Neg) CMD Day

TRANSPORTATION
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  • Co had its CMD yesterday and of interest for us is the last few slides. It does a little case study on the financing options for aircraft; sale and leaseback (asset light) or unsecured financing (outright owned).
  • Summary is it wants to shift to asset owned BUT in short-term will use leverage light financing to lift itself into IG. On that note it leaves net 2x target unch (was at 3.9x in 1Q).
  • Earnings are starting to flat line (mid point of FY guidance is +9%yoy) so it will need to take a more active role in reducing debt - no signs of that yet in 1Q (3m to June).
  • 1H results come on the 7th of Nov, €Jan 26s still left wide on mids (Z+230/€95.4, 3mar par call).

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  • Co had its CMD yesterday and of interest for us is the last few slides. It does a little case study on the financing options for aircraft; sale and leaseback (asset light) or unsecured financing (outright owned).
  • Summary is it wants to shift to asset owned BUT in short-term will use leverage light financing to lift itself into IG. On that note it leaves net 2x target unch (was at 3.9x in 1Q).
  • Earnings are starting to flat line (mid point of FY guidance is +9%yoy) so it will need to take a more active role in reducing debt - no signs of that yet in 1Q (3m to June).
  • 1H results come on the 7th of Nov, €Jan 26s still left wide on mids (Z+230/€95.4, 3mar par call).

Presentation here