Wizz Air Holdings

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.
  • TickerWIZZ
  • ISINJE00BN574F90
  • ExchangeLondon Stock Exchange
  • SectorTravel & Leisure
  • CountryJersey
Research Team

WOOD Morning (5 August June 2020)

HEADLINES: • OMV Petrom: honey, I'm tougher than the rest (upgraded to BUY) • European natural gas monthly: July 2020 NEUTRAL • Bank Pekao: big surprise on the bottom line driven by costs and NII POSITIVE • PKO BP: solid 2Q20 delivery, COR performance is much better than elsewhere in the sector NEUTRAL • Atrium 2Q20: encouraging turnovers in June at 77% vs. last year; 3% revaluation loss booked • Piraeus Bank: solid 2Q20 results across the board POSITIVE • Wizz Air: July passengers down 53%, vs 70% drop at Ryanair in July • BRD-GSG: notes from the conference call • Turkey macro: inflation...

Oliver Simkovic

Wizz Air confirmed at BUY, TP GBP 38.5 - Capturing market share

We confirm our BUY recommendation for Wizz Air with a new TP of GBP 38.5 (up from GBP 31.0) per share, on the back of a better than expected 1Q performance and capacity utilisation. The company responded well to the impact of the crisis by showing flexibility in its cost structure, reducing expenses by 74% yoy while capacities decreased by 88% in 1Q, which together with stronger than expected revenues (cargo & repatriation flights during the crisis, more ancillaries) resulted in a 1Q earnings beat. Going forward we also expect Wizz Air to outperform its peers based on fundamentals and the with...

Wizz Air shows the sector how to manage a crisis

 We lift our TP to 41.2 GBP/sh (prev. 34.0 GBP/sh) and upgrade our recommendation to BUY, reflecting Wizz’s very strong balance sheet, sufficient liquidity buffer, rigorous cost control and growing market share. The Hungarian carrier’s flexible and engaged management team gives a presentation to the sector on crisis management day by day. Despite rivals scale back, Wizz has uniquely taken aircraft deliveries in the last quarter ended on 30 June and opened new bases across Europe. Current expansion is elementary to Wizz to be able to grow rapidly and gain market share sooner than they’ve ever ...

Raiffeisen Centrobank Equity Daily 04.08.2020

 AT: AT&S - 1Q 20/21 sales and EBITDA above expectations due to FX, net below, 2Q outlook: sales flat, EBITDA in 20-25% range (neutral)  CZ: Komercni Banka - Conference call take-aways (neutral)  HU: Gedeon Richter - Richter received marketing authorization for a new product in the UK (neutral)  HU: MOL - July model refining margins turned positive, while petchem margins stayed under pressure (neutral)  HU: Wizz Air - July capacity utilization at 74% and 61% load factor (neutral)  PL: Alior Bank - Changed 1H 20 reporting date (neutral)  PL: LPP - Preliminary 2Q operating loss of PLN 40 ...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Overweight Global Technology & Industrials The absence of breakdowns in both the US dollar (DXY) and the MSCI EAFE vs. EM ratio along with the positive correlation between the two allows us to continue sticking with EAFE over EM... see charts below. As long as the DXY's uptrend remains intact, we expect EAFE to continue outperforming EM. Below we highlight attractive and actionable themes within developed int'l markets: • Technology and Industrial Manufacturing. Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account fo...

Wizz Air Holdings Plc: 2 directors sold after exercising options/sold

Two Directors at Wizz Air Holdings Plc sold after exercising options/sold 28,750 shares at between 3,508p and 3,532p. The significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is...

Oliver Simkovic

Wizz Air confirmed at BUY, TP GBP 38.5 - Capturing market share

We confirm our BUY recommendation for Wizz Air with a new TP of GBP 38.5 (up from GBP 31.0) per share, on the back of a better than expected 1Q performance and capacity utilisation. The company responded well to the impact of the crisis by showing flexibility in its cost structure, reducing expenses by 74% yoy while capacities decreased by 88% in 1Q, which together with stronger than expected revenues (cargo & repatriation flights during the crisis, more ancillaries) resulted in a 1Q earnings beat. Going forward we also expect Wizz Air to outperform its peers based on fundamentals and the with...

Wizz Air shows the sector how to manage a crisis

 We lift our TP to 41.2 GBP/sh (prev. 34.0 GBP/sh) and upgrade our recommendation to BUY, reflecting Wizz’s very strong balance sheet, sufficient liquidity buffer, rigorous cost control and growing market share. The Hungarian carrier’s flexible and engaged management team gives a presentation to the sector on crisis management day by day. Despite rivals scale back, Wizz has uniquely taken aircraft deliveries in the last quarter ended on 30 June and opened new bases across Europe. Current expansion is elementary to Wizz to be able to grow rapidly and gain market share sooner than they’ve ever ...

Raiffeisen Centrobank Equity Daily 04.08.2020

 AT: AT&S - 1Q 20/21 sales and EBITDA above expectations due to FX, net below, 2Q outlook: sales flat, EBITDA in 20-25% range (neutral)  CZ: Komercni Banka - Conference call take-aways (neutral)  HU: Gedeon Richter - Richter received marketing authorization for a new product in the UK (neutral)  HU: MOL - July model refining margins turned positive, while petchem margins stayed under pressure (neutral)  HU: Wizz Air - July capacity utilization at 74% and 61% load factor (neutral)  PL: Alior Bank - Changed 1H 20 reporting date (neutral)  PL: LPP - Preliminary 2Q operating loss of PLN 40 ...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Oliver Simkovic

Wizz Air 1Q 20/21 - Smaller loss than expected due to beat on revenues

As expected the first quarter was heavily impacted by Covid-19 related groundings and a related loss of EUR -107.5 mn on the bottom line. This is better than RCBe and consensus median expectations of EUR -143 mn and EUR -147 mn, respectively, with consensus being widely dispersed (mean: EUR -122 mn, range: EUR +33 mn to EUR -231 mn). Adjusting for losses on discontinued hedges of EUR 51.3 mn, which can be seen as one-offs, the adjusted net profit amounted to EUR -56.7 mn.

Research Team

WOOD Morning (5 August June 2020)

HEADLINES: • OMV Petrom: honey, I'm tougher than the rest (upgraded to BUY) • European natural gas monthly: July 2020 NEUTRAL • Bank Pekao: big surprise on the bottom line driven by costs and NII POSITIVE • PKO BP: solid 2Q20 delivery, COR performance is much better than elsewhere in the sector NEUTRAL • Atrium 2Q20: encouraging turnovers in June at 77% vs. last year; 3% revaluation loss booked • Piraeus Bank: solid 2Q20 results across the board POSITIVE • Wizz Air: July passengers down 53%, vs 70% drop at Ryanair in July • BRD-GSG: notes from the conference call • Turkey macro: inflation...

Research Team

WOOD Daily: SPL PW; YNDX US; AKBNK TI; TOASO TI; FROTO TI; BIZIM TI; WIZZ LN; SNP RO; OMV AV; GTC PW; AFLT RX; TRP RO; PL Utilities; PGE PW; CIE PW; GR6 BU; JSW PW; MTSS RX; OPL PW; ENG PW; PKN PW; ASELS TI; CPS PW

HEADLINES: • Santander Bank Polska: 2Q20 - strong delivery on costs, revenues under pressure • Yandex: 2Q20 results - softer ad market, but recovering swiftly • Akbank: 2Q20 highlights - in line, but earnings quality somewhat weak, new guidance • Tofas: 2Q20 results - all-time high PBT margin, guidance raised POSITIVE • Ford Otosan: 2Q20 results - beat on EBITDA, guidance raised, but reflected in the price already NEUTRAL • Bizim Toptan: 2Q20 in line with expectations NEUTRAL • Wizz Air: strong cash position maintained, strong momentum going into the summer NEUTRAL • OMV Petrom: 2Q20 resul...

Research Team

WOOD Daily: MIL PW; WIZZ LN; PBK RO; PPC GA; KGH PW; TELEC CP; EAT PW

HEADLINES: • Bank Millennium: 2Q20 - bittersweet delivery; business performance very strong and resilient • Wizz Air: capacity at 77% of last year's figure POSITIVE • Patria Bank: publishes revised budget for 2020E POSITIVE • Public Power Corporation: reportedly approves EUR 300-350m securitisation package NEUTRAL • KGHM: mine tremor and June trading update news • O2 Czech Republic: 2Q20E - 1% yoy EBITDA growth expected (due on 7 August) • AmRest: 2Q20E preview - 75% yoy EBITDA dive expected (due in late-August, date TBC) NEUTRAL • Short News (CIE, ENA, PLY, TELEC)

Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

WIZZ AIR HOLDINGS PLC. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of WIZZ AIR HOLDINGS PLC. (GB), a company active in the Airlines industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was GBp 3,270.00 and its potential was estimated at GBp 3,755.35.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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