3Q FY17 results – 10% EBITDAR miss & 4Q guidance cut on stronger price pressure & bad weather
Wizz Air reported its 3Q FY17 result today and updated its full-year FY17E guidance, cutting its net profit guidance by c.EUR 20m to EUR 225-235m. The 3Q FY17 net profit came in at EUR 14m, 26% below both our forecast and the Bloomberg consensus, which was chiefly the result of stronger yield pressure, in our view: unit revenue (RASK) declined by 9% yoy, while we expected only a 5% drop. However, the company was satisfied with its 3Q results, given that it reported the highest passenger growth in the industry, and its EBITDAR margin improved by 2ppts yoy.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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