|Bid||3,112.00 x 0|
|Ask||3,114.00 x 0|
|Day's range||3,066.72 - 3,286.00|
|52-week range||32.94 - 4,526.00|
|Beta (5Y monthly)||1.03|
|PE ratio (TTM)||12.33|
|Earnings date||29 Jul 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||35.73|
Heathrow Airport is calling for the UK to introduce a passenger testing regime.
Hungarian low-cost carrier Wizz Air <WIZZ.L> said off and on-again COVID-19 restrictions meant the travel industry's recovery would be bumpy, and it could not provide financial guidance for the current year. Britain reintroduced a 14-day quarantine for arrivals from Spain this week, and worries about a second wave of coronavirus infections in Europe pose a new challenge for airlines seeking a recovery after the pandemic grounded flights for months. "I think this is going to become more of a rollercoaster," Wizz's chief executive József Váradi said when asked about the shape of the recovery on Wednesday.
A raft of data is due, showing unemployment numbers across Europe and the US, as well as economic sentiment and GDP.
Low-cost airline Wizz Air <WIZZ.L> urged the European Union on Thursday to reinstate airport slot rules following a suspension that has allowed carriers to hold on to take-off and landing rights during the coronavirus crisis. Under normal rules, airlines that use fewer than 80% of their scheduled slots at congested airports have to give them up for reallocation to competitors. The demand by Wizz Air, which is seeking more slots at airports such as London Gatwick, sets up a conflict with European rivals that are pushing for the waiver to be extended through the coming winter season until March 2021.
The chief executive of Wizz air <WIZZ.L> said airlines faced months of uncertainty as some countries reintroduced restrictions and that the recovery of flying in Europe would not be "a straight line". Wizz Air was flying 77% of its 2019 capacity last week, putting it ahead of many larger airlines which are still flying at less than half of last year's capacity as the travel market restarts slowly from months of lockdown and restrictions. Wizz Air's CEO Jozsef Varadi said on a webcast at a virtual version of the Farnborough Airshow on Wednesday that airlines would have to be flexible and be able to quickly redeploy capacity in the current environment.
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(Bloomberg Opinion) -- When times are tough at the airlines Willie Walsh oversees, the corporate art collection is one of the first things to go. Walsh cashed in on Aer Lingus’s artwork when he restructured the Irish carrier almost two decades ago. Now it’s the turn of British Airways to sell its canvases. Like Aer Lingus, BA is part of International Consolidated Airlines Group SA, which is battling to preserve cash after the Covid-19 epidemic grounded most of its fleet.Politicians and trade unions won’t shed tears for the Damien Hirsts that adorn the company’s offices and executive lounges, but they’re exceedingly peeved about the 12,000 jobs that BA plans to axe — almost 30% of its workforce. Members of the U.K. Parliament have branded the airline a “national disgrace” and accused it of a “calculated attempt to take advantage of the pandemic to cut jobs and weaken the terms and conditions of its remaining employees.”On Monday, Walsh, who will retire as IAG’s chief executive officer in September, shot back: “This is not a disgrace. Lying down and surrendering without a fight would be a disgrace and we will not do that.”Criticizing BA is a national pastime for Brits, and the attacks are often deserved. For example, IT problems have inconvenienced passengers, who complain that the “world’s favorite airline” isn’t what it was. But blasting the company for trying to prevent its own collapse is unfair. It’s burning through about 600 million pounds ($759 million) of cash every month. That isn’t sustainable. BA has tapped 300 million pounds of U.K. government-backed loans, and receives wage subsidies from Britain’s job retention program. Meanwhile, IAG’s Spanish units have benefited from about 1 billion euros ($1.1 billion) of state-backed loans. But that’s peanuts compared to the billions that the U.S., German and French governments have showered on their carriers.Walsh didn’t protest partly for philosophical reasons but also because his company’s cash reserves are pretty decent. Instead of applauding the company for not depending on handouts, politicians have made its life harder: First, by bungling the initial coronavirus response, and then by imposing a misguided 14-day quarantine on passengers arriving in the U.K. Compared to budget carriers such as Ryanair Holdings Plc and Wizz Air Holdings Plc, BA is more reliant on business travel, which will take longer to recover. But most airlines will have to downsize. While bailouts and wage subsidies buy you time, they don’t change the economics. Regrettably, job cuts are inevitable. In the U.S., the terms of government assistance prohibit layoffs until Oct. 1, but employees face a bleak period thereafter.Any downsizing needs to be handled sensitively — a quality that Walsh, who once earned the nickname “Slasher” for his cost-cutting zeal, isn’t renowned for. The unions say BA is trying to tear up the gold-plated employment contracts of long-serving staff via a “fire and rehire” strategy. No wonder the atmosphere has become toxic.There are echoes of the crisis that U.S. carmakers faced before the last recession, when management and unions clashed over generous pay and massive healthcare liabilities that had made the industry uncompetitive. Ultimately General Motors Co. and Chrysler filed for bankruptcy to jettison some of those obligations and start afresh. There’s a long history of U.S airlines availing themselves of Chapter 11 proceedings to do similar. To its credit, BA is determined to avoid such a fate. Until recently, BA was very profitable — it achieved a 14.5% operating profit margin last year. Suddenly, though, the stakes are as serious for the airlines as they were for Detroit in 2008. The fight over BA’s job cuts won’t be the last. The airline must tread carefully, but politicians shouldn’t attack it for trying to keep the lights on.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Europe’s airlines aren’t all made equal. German flag carrier Deutsche Lufthansa AG will receive a 9 billion-euro ($10 billion) bailout and it was obliged to offer only limited concessions to Brussels in return. Meanwhile, low-cost Hungarian rival Wizz Air Holdings Plc has benefited from only limited state support. Goliath gets the goodies, and David the gruel. But anyone paying attention to these two companies’ earnings presentations this week will have concluded that Wizz is much better placed to profit as Covid-19 travel restrictions are lifted. It sounded pretty upbeat about demand and wants to expand its network, as the lumbering debt-laden Lufthansa prepares to shrink. Wizz is one of the few airlines whose shares have risen over the past year.Lufthansa’s core network airlines derive about half of their revenues from business travel, which won’t recover quickly — lots of companies have banned employees from flying. At Wizz, only 7% of customers fly for business and two-thirds are traveling to visit friends and family or work overseas. Those trips didn’t happen while countries were in lockdown, and people are itching to see their loved ones again.Wizz is fortunate that its core central and eastern European markets suffered less severe coronavirus outbreaks than places like the U.K., Spain and Italy. It also has a relatively young customer base: The average Wizz passenger is a sprightly 36 years old. Three-quarters of Lufthansa’s passengers are over 40. While airlines say mask wearing and other hygiene measures will make flying safe for everyone, the young might be willing to risk boarding a plane sooner — they’re less likely to get the worst Covid-19 infections and die. (Millennials aren’t just keen to fly, they’re investing their cash in airlines too.) Happily for Airbus SE, the aircraft manufacturer, Wizz still plans to take delivery of the planes it has ordered and it claims airports are begging it to add routes. It aims to operate about 60% of its planned flights over the busy summer quarter and as much as 80% during the autumn and winter.As with Ireland’s Ryanair Holdings Plc, Wizz’s low costs should help it offer cheap fares to stimulate demand, and it hopes to attract customers with new bases in Milan and Abu Dhabi. Having been quick to cut about a fifth of its staff, Wizz is now consuming less than 100 million euros of cash a month.By contrast, Lufthansa expects to have restored only about 40% of capacity by the autumn. Demand should recover by 2023, but even then it expects 100 of its 760-strong fleet will be surplus. The heavy restructuring required to restore profitability mostly lies ahead still. In the meantime, the German group is burning through about 800 million euros a month of cash, excluding a 2.5 billion-euro ticket refund liability. Without a bailout, Lufthansa would be sunk and it must now devote all of its energies to paying down debt.Naturally, this bifurcation of Europe’s airlines hasn’t gone unnoticed by investors. Wizz’s stock has rallied more than 80% from a March low and it’s higher than it was a year ago. Lufthansa’s shares are deeply negative over the same period. While a big bailout is nice, a handout doesn’t guarantee you a competitive business model.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lufthansa pledged tough restructuring on Wednesday, even as budget rival Wizz Air upgraded a Middle Eastern expansion - underscoring the contrasting fortunes among airlines grappling with the coronavirus crisis. Lufthansa warned that deep cutbacks and asset sales will be necessary to pay off 9 billion euros ($10.1 billion) in German rescue aid, with more to come from Austria and Belgium. The group, whose carriers also include Swiss, Austrian and Brussels Airlines, expects a significant 2020 earnings decline and has begun talks on job cuts expected to impact as many as 20,000 positions.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
Hungarian low-cost airline Wizz Air <WIZZ.L> said its expansion plans would continue to be held back by coronavirus-related restrictions in its 2020-2021 financial year but it was confident on longer-term growth. "COVID-19 is a significant issue, making a significant impact on the industry, but at the same time, it is also creating quite some opportunities for us," Wizz's CEO Jozsef Varadi said in an interview on Wednesday. The coronavirus pandemic has wiped out air travel, forcing airlines to make job cuts, shrink their fleets and ask for state bailouts to survive what they see will be a smaller market for years, but Wizz has fared better than many competitors.
Hungary's Wizz Air <WIZZ.L> is adding new flights between Britain and Spain and opening a base in Italy as it sees opportunities arising from the coronavirus crisis which is forcing competitors to contract. "We are one of the very few airlines in Europe which can deliver growth capacity when everyone else is cutting and contracting capacity," Wizz Chief Executive Jozsef Varadi said in an interview. Wizz, Europe's no.3 budget carrier, said on Friday it was opening a new base at Milan Malpensa after announcing on Thursday new routes between London Luton and Spanish holiday resorts, taking the fight directly to Luton-headquartered easyJet <EZJ.L>.
Wizz Air <WIZZ.L> needs more details on British plans to quarantine travellers before it can assess their impact after seeing strong demand for the routes it has started operating during the coronavirus crisis, its chief executive told Reuters. Jozsef Varadi, the chief executive of budget Hungarian carrier Wizz, said on Monday that one option to lower the impact of any quarantine would be to make exemptions for those travellers who had recently tested negative for the virus. Britain announced the new travel restriction on Sunday, saying it would bring in a 14-day quarantine requirement on most people arriving into the country by air.
The company blamed the 'devastating' pandemic for hitting air travel, with cost-cutting plans leaving many staff without jobs.
Low cost airline Wizz Air <WIZZ.L> said it is planning for the easing of travel restrictions by starting new routes from Britain's London Luton airport to holiday destinations in Portugal from 16 June and to Greece from July. European flights have all but come to a standstill during the coronavirus pandemic with government restrictions meaning that only a few services are operating for essential travel such as people going to work or being repatriated, or for cargo. Wizz Air said on Tuesday that it was announcing the new routes as part of its planning for the easing of restrictions, and said that new rules it had introduced, such as compulsory face masks for passengers and staff, should give customers confidence to fly.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
The Dublin-based carrier flew just 40,000 passengers across 600 flights. Ryanair had originally planned to run over 75,000 flights in April.
Europe's biggest budget airline Ryanair posted a 99.6% fall in passenger numbers in April, while smaller low cost carrier Wizz Air said numbers plunged 97.6%, as the novel coronavirus halted most flying across Europe. Ryanair said it flew 40,000 passengers in April compared to the 13.5 million it carried in the same month in 2019. Wizz Air said that it carried 78,389 passengers in April, down from 3.3 million in the comparative 2019 period, but its figures will improve this month as it became one of the first European airlines to restart commercial routes from London Luton and Vienna on May 1.
Wizz Air's planned Abu Dhabi-based joint venture carrier is expected to start flying this year, the European budget airline said in a statement on Sunday. The joint venture with Abu Dhabi state holding company ADQ, announced in December, aims to start flights to Europe, the Indian subcontinent, Middle East and Africa, Wizz Air said. Wizz Air will also start flights from European cities to Abu Dhabi from June, which it said would supplement the launch of the joint venture.