Wizz Air - Reopening trade may continue, but the valuation is lofty
We reiterate our Sell recommendation, but raise our 12m TP to GBP 44.0 a
share (prev. GBP 43.4), implying a 9% downside from the previous closing price,
reflecting higher fuel prices and the rollover effect. Positive news flow around
reopening may help Wizz, but the valuation seems to be lofty. We also expect
Indigo to reduce further its stake in Wizz over the next weeks.
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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