Fare environment softens, but not at Wizz this year
We revisited our model after Wizz Air reported its FY24 earnings on 23 May
and gave more colour on the current trading environment and operational
challenges during the conference call. Our TP remains unchanged at 33
GBP/sh, while we reiterate our BUY recommendation. It reflects the higherthan-expected FY24 earnings and the outstanding profit guidance for FY25
of EUR 500-600mn, which came broadly in-line with our forecast, but well
ahead of the consensus (EUR 515mn).
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.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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