easyJet PLC

EZJ: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 652.00	Mnd	Zjqbgvcp

Initiating Coverage of Six European Airlines With EasyJet and International Airlines Group as Top Picks

Joachim Kotze

Dec 17, 2020

We are initiating coverage of six European airlines with no-moat and stable trend ratings: Ryanair (with a fair value estimate of EUR 14.50), Wizz Air (GBX 5,000), EasyJet (GBX 1,090), International Airlines Group (GBX 320), Deutsche Lufthansa (EUR 14) and Air France-KLM (EUR 6.70). Our no-moat rating for the industry is predicated on low barriers to entry and irrational competition characterized by deflationary pricing, making it difficult to sustain economic profits.

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