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Wizz Air (WIZZLN; Ba1, NR, BBB-; S) April Traffic

CONSUMER CYCLICALS

April Traffic muted though its guided to a pick up in summer months ahead last week. BVAL offer on 26s still screen cheap for those that can find it.

  • Capacity was +0.4%yoy, passengers -0.3% driving load factor -0.6ppts to 90.3% in April
  • Single 26s came in 30bps last week on a trading statement ahead of FY24 results - It said FY (ending 31st March) revenue was €5.05-€5.1b with RASK in mid-single digit growth yoy & like easyJet bucking network carriers with 7-8% decline in ex-fuel CASK. Fuel costs was down 23-24%.
  • Co said summing bookings looked positive with pricing & load factors were trending higher yoy - we haven't seen that in the April numbers yet.
  • FY25 guidance was firm; operating margins to expand, increase operating cash & reduce net debt further.
  • At Z+106.5/G+131/4.5% hard not to have a screen cheap view on it - issue might be finding offer side.

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