WOOD Flash - WIZZ: 3QFY23 results - RASK in line with guidance, CASK gradually improving, liquidity remains solid
Wizz Air (WIZZ) closed down 7% on 26 January, the day of its results, erasing the gains of the past three days. We believe the weakness is likely to be, at least partly, attributable to elevated expectations following the beat and upward guidance revision by easyJet the day before. We see the results as largely neutral. While the EBIT trailed consensus slightly (but was spot-on our estimate), the delta is small. Crucially, at nearly EUR 1.4bn, the liquidity is flat yoy, suggesting that WIZZ has not been burning cash during the past 12M, despite the absence of fuel hedges. The cash position also remains well above the internal threshold of EUR 1.0bn. We maintain that WIZZ should be able to navigate through the winter without being forced to raise equity. We expect the attention to shift from liquidity towards earnings.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.
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