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Europe: EastJet Guides On Strong Q4, Divi Reinstated

Flash Figures: Medium-Term Strategy & FY23 Trading update

  • Record Q4 headline profit before tax expected to be between £650 - £670 million

    • Passenger growth +8% YoY

    • RPS +9% YoY vs guidance of c. 10%

      • Ticket yield per passenger +9% YoY

      • Ancillary yield per passenger +14% YoY

      • CPS ex fuel flat YoY

Record H2 headline profit before tax expected to be between £850 - £870 million

  • Passenger growth +7% YoY

  • RPS +15% YoY

  • CPS ex fuel reduced 1.3% YoY vs guidance of flat

  • FY23 headline PBT between £440 - £460 million

    • eeasyJet holidays continues to outperform and is expected to deliver around £120 million PBT for FY23

  • Q1 FY24 Guidance

    • Capacity c.15% ahead YoY

    • Yields ahead YoY with load factors broadly in line

    • Airline CPS ex fuel expected to slightly reduce YoY

  • New medium-term targets with the ambition to deliver >£1bn PBT

    • Group PBT1 per seat of £7-10

    • High teen ROCE2

    • Holidays PBT1 to >£250m

    • Capacity growth c.5% CAGR to 2028

  • Proposed aircraft purchase

    • 157 firm orders for delivery between FY29 and FY34 and 100 Purchase Rights, subject to shareholder approval

    • Existing order book of 158 aircraft for delivery by FY29

    • Conversion of 35 A320neo deliveries into A321neos within existing order

    • 315 aircraft now on order for delivery by FY34 alongside a further 100 purchase rights

Proposed new shareholder returns policy, commencing with FY23 results, payable early 2024

  • FY23 payout ratio of 10% of headline PAT

  • FY24 payout ratio expected to rise to 20% of headline PAT

  • Potential to increase level of future returns to be assessed over the coming years

A very strong Q4 and encouraging momentum and upbeat sentiment going forward. EasyJet has bounced back well post covid and anlaysts in Europe are rating the Stock as a BUY.

Disclosure, dre aviation via it's parent Company (SLCL/Syon Aviation Investments) own shares in EasyJet Plc, which are listed on the London Stock Exchange.

Full details including guidance and Corporate presentation as listed below:

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If you would like to discuss the financials and gain more insights, kindly get in touch and our Analytics team would be pleased to assist.

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