easyJet: Breaking up hard to do, but a slot leasing angle? Move to Hold

研报英文原文证据摘录

easyJet: Breaking up hard to do, but a slot leasing angle? Move to Hold

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold easyJet 10 June 2026

Recommendation

Europe Change United Kingdom

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (GBP) 480.00

EZJ.L EZJ LN LSE EZJ

Price Target (GBP) 540.00

Transport

Airlines ADR ISIN 52-week range (GBP) 587.80339.70-

ESYJY US2778562098

Breaking up hard to do, but a slot

Valuation & Risks leasing angle? Move to Hold

Jaime Rowbotham

Serious interest but complex situation Research Analyst

Castlelake L.P. is a global alternative investment manager specialising in asset- +44-20-754-72690

based investing with over 20 years of experience in aircraft investing, leasing and

Harishankar Ramamoorthy

servicing. It already has a direct commercial relationship with easyJet, leasing four Research Analyst

A320neos to the company, owns a 2.14% stake and in 2023 was involved in a +44-20-754-12940

situation (SAS) where it bought undervalued aviation assets suffering cyclical

Gopal Krishan

stress before optimising and exiting. Their interest in easyJet should not be taken

Research Associate

lightly therefore, however other partners will likely have to be involved in any

successful take out to satisfy EU ownership & control rules, in our view.

Key changes

Fleet & order book an obvious attraction, but slots also? 340.00 to

TP ↑ 58.8%

We estimate the second-hand value of easyJet’s owned fleet of 208 A320s at ~ 540.00

$6bn, so ~£4.5bn which is ~30% higher than the current market cap. easyJet also Rating Sell to Hold ↑

has 287 firm aircraft orders and an additional 100 purchase rights. The timing of Source: Deutsche Bank

these orders, the nature of the buyer and the lack of delivery slots currently available