Wizz Air - In-line results for FY22, no financial guidance for FY23
- Wizz Air posted a record reported net loss of EUR 642mn on revenues of 1.66bn for fiscal 2022, broadly in line with both consensus and our estimates after the Company posted preliminary results in early April. Passengers grew by 166% YoY due to the more diverse, resilient network, which trend is expected to continue in the coming months driven by the fleet expansion. The Company retained its strong liquidity position as total cash stood at EUR 1.38bn as of 31 March (incl. free cash of EUR 767mn, short-term cash deposits of EUR450mn and restricted cash of EUR162mn).
- Key positives: upward trend in bookings continued, Ukrainian crew are fully redeployed and flying now throughout Wizz Air network.
- Key negatives: load factor lags behind rivals, higher fare prices barely offset cost pressure, oil hedges are not enough effective and Wizz is not competitive in the short-term.
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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