WOOD Flash – Wizz Air: 4Q FY24 – largely in line, guidance may be seen positively, in light of Ryanair's recent comments
The 1Q24 results appear to be largely in line with expectations, as do the comments on the outlook. That said, in the context of Ryanair's recent comments, in which the company has toned down its expectations regarding the summer yields (to 0-5% unit revenue growth, from the 5-10% yoy growth expected earlier in the year), we believe Wizz Air's guidance – while largely confirming the market’s expectations – may be seen positively. We expect to see the margins and profitability per pax expanding back towards the pre-pandemic levels in FY25E. With its modern fleet, the lowest CO2 per RPK emissions among the European airlines, by far, and a competitive cost structure, we believe that Wizz Air is well-positioned to restart its capacity growth from FY26E onwards. We reiterate our BUY rating on the stock.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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