Wizz Air Holdings - Tough Q4 means weaker-than-expected full-year out-turn

Davy Research
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It is difficult to overstate the effect COVID-19 has had on airlines’ performances and planning capabilities. Nevertheless, we are disappointed at the scale of Wizz’s losses for the FY21 period (reported loss €570-590m versus our expectation of €480m), particularly given modestly better-than-expected out-turns at Ryanair and easyJet for the March quarter. Helpfully, liquidity is not an issue and the company will have the required breathing room to rebuild operations as demand returns.