EasyJet : Guidance at risk and a consensus that is not sufficiently adjusted
>Summer season under pressure... - At the publication of easyJet’s trading update for Q3 (on 18 July), we anticipate a cautious tone on full-year guidance and notably pricing, due to i/ the deterioration of pricing in Germany since H1, notably on routes that are in direct competition with Eurowings (on 17 June Lufthansa issued a profit warning on its low-cost subsidiary, now forecasting a decline in unit revenues for 2019 of 6% vs +0.5% previously). On our reckoning,...EasyJet and its subsidiaries are a low-cost airline carrier operating principally in Europe. Co. operates in the European short-haul aviation market. As of Sept 30 2017, Co. operated 862 routes. Co.'s total fleet as at Sept 30 2017, comprised 279 aircraft, split between 156-seat Airbus A319s, 180-seat A320s, 186-seat A320s and 186-seat A320neos. Co.'s main markets are the U.K., France, Italy, Switzerland, Germany, Netherlands, Portugal and Spain.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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