Wizz Air Holdings (AO) | Reduce | Q4 results - first take: No visibility on FY27

研报英文原文证据摘录

Wizz Air Holdings (AO) | Reduce | Q4 results - first take: No visibility on FY27

Wizz Air Holdings Reduce | Target Price: 880p

Company description Management

Wizz Air is a Hungarian ultra-low-cost airline founded in 2003. It primarily Jozsef Varadi, CEO

operates flights across Europe, with a focus on Central and Eastern European Ian Malin, CFO

destinations. Known for its affordable fares, Wizz Air maintains a modern fleet - Diarmuid O'Conghaile, COO

primarily Airbus A320-family aircraft - and offers a no-frills service model that Key shareholders

appeals to budget-conscious travellers. Free float 76.79%

Indigo Hungary 18.33%

Capital Research 14.90%

Indigo Maple Hill 5.55%

Investment case Valuation methodology

We believe it is too early to invest as the company remains We value Wizz Air by a DCF model.

severely affected by the GTF issues and Airbus delivery delays. Risks to our rating

We only expect Wizz Air to be able to ramp up capacity in FY + 3, Upside risk if Airbus speeds up its deliveries and vice versa.

which is beyond the investment horizon of most airline Upside risk if P&W engine problems are solved earlier than

investors. expected and vice versa.

We doubt that investors will want to invest in a risky recovery A swift resolution of the Iran crisis might increase the share price

story in the midst of geopolitical turmoil

Catalysts

A prolonged crisis in the Middle East will be a major hit to Wizz

Air

P&W GTF engine replacement programme updates.

Airbus delivery updates.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses

Youngest and most efficient fleet. Badly hit by GTF engine issues.

Strong market presense in Eastern Europe. Eastern European exposure out of fashion with investors.