Wizz Air - Weak can be weaker, profit warning as expected
Correction to our first take: In the morning, the press release contained a new fleet
guidance, which pointed to CY-end fleet size instead of FY-end (9-month lag). As a result,
the incremental increase in the fleet size by 2027 is substantially lower than our prev.
estimate.
First take: Wizz Air reported weaker-than-expected results for fiscal Q3/22 this morning.
EBIT loss amounted to EUR 214mn vs. BBG cons of 207mn and our est. of 178mn. More
importantly, they expect EBIT loss for fiscal Q4 to be slightly higher than it was in Q3.
Total cash position stood at EUR 1.4bn. However, fleet guidance was revised up
significantly, now pointing to a fleet of 383 a/c by calendar 2027 YE (31/Dec/2027) vs. its
prev. plan of 268 a/c by fiscal 2027 YE (31/Mar/2027) - roughly +20% vs. prev. guidance.
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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