easyJet - Recovering from the pandemic

Davy Research
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easyJet reported at the upper end of its October 13th trading statement – FY22 headline loss before tax of £178m (reported loss before tax of £208m). Guidance of -£170m to -£190m, Davy: -£182.7m. By Q4 next year, capacity will be back to pre-pandemic levels, with easyJet indicating that H2 early bookings look positive with Easter ticket yields showing strength year-on-year (yoy). There is unlikely to be a material change in consensus numbers.