Canaccord Genuity reiterates 'buy' rating on Jet2
Sharecast
Published Feb 02, 2023 12:44
Updated Feb 02, 2023 13:16
Canaccord Genuity reiterates 'buy' rating on Jet2
Sharecast - Canaccord Genuity stated Jet2 bookings had "strengthened" and highlighted that average load factors were now "slightly ahead" of winter 2018-19 levels at the same point, on 24% more seat capacity, and said achieved pricing and margins were looking "significantly higher".
For the 2024 trading year, which includes two Easters, Canaccord said the seven-month summer 2023 schedule sees seats offered up 6.6% year-on-year and "encouraging" forward bookings to date.
The Canadian bank said winter unit losses had reduced, with it now anticipating a second-half pre-tax loss of £122.0m, compared to £163.0m for H2 2018-19.
Canaccord pointed out that costs were up, with FY24 seeing cost inflation, as well as a "supportive" revenue outlook and stated the group was likely to see more repeat customers and better revenue stickiness.
"We think summer 2022 proved Jet2's commitment to delivering holidays for customers (rather than the cancellations seen with competitors). We anticipate that the confidence and loyalty built will pay back in 2023's tougher market as Jet2 takes market share with its focus on all-inclusive holidays with 'customer first' service," said Canaccord.
Reporting by Iain Gilbert at Sharecast.com
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