goldfinger
- 12 Jan 2010 20:42
goldfinger
- 11 Jan 2013 14:48
- 3295 of 3532
Skinny I wouldnt be rushing to buy it.
goldfinger
- 11 Jan 2013 14:50
- 3296 of 3532
ITE going like the clappers today. I said thier was a temporary market glitch.
goldfinger
- 16 Jan 2013 09:31
- 3299 of 3532
goldfinger
- 16 Jan 2013 10:47
- 3300 of 3532
IOM IOMART
Breaking out from Flag chart pattern.
Take a look at chart.
Either a Flag or down trend channel breakout.
goldfinger
- 17 Jan 2013 17:31
- 3302 of 3532
looks a corker of a chart skinny. You been learning from fingers????? LOL.
Nice gap up from base line.
Think Ill buy this tomorrow.
Cheers Skinny.
goldfinger
- 17 Jan 2013 17:32
- 3303 of 3532
IOM going like the clappers again today.
Did tell you.
Dil
- 18 Jan 2013 02:51
- 3304 of 3532
Taught me everything I know gf .... thank f*ck I followed u not some of those ramping idiots who influenced me in bygone days :)
U really an accountant gf ? Did it myself at O Level standard I think but could never get my head round gross something (mingers) , how big my assets were ( :) ) and whether they were just current or fixed (depended on the girl/weather).
:-)
Said it before and I'll say it again but thanks for this thread , cheers gf , made me money and that's what its all about.
xxx
goldfinger
- 18 Jan 2013 08:53
- 3305 of 3532
Cheers Dil. im an economist turned accountant turned full time lay about LOL.
goldfinger
- 21 Jan 2013 16:09
- 3307 of 3532
Previously flagged this one up.
Just gone long. Got some momentum behind it.
goldfinger
- 21 Jan 2013 21:58
- 3309 of 3532
Breakout through the uptrend ceiling aswell SC.
goldfinger
- 22 Jan 2013 08:04
- 3311 of 3532
Yep one good reason why you should always remember to look at charts over at least 3 time frames.
Seymour Clearly
- 22 Jan 2013 09:11
- 3312 of 3532
Yep, I'm in a quandary. One day they'll get taken over, in the meantime, the yield is great (from where I bought them). Stick or twist? On this occasion, I'm going to stick.
goldfinger
- 22 Jan 2013 09:22
- 3313 of 3532
goldfinger
- 22 Jan 2013 09:39
- 3314 of 3532
D BANK full note from this morning.
easyJet Buy
Reuters: EZJ.L Exchange: LSE Ticker: EZJ
Tgt 745p to 940p. Ride any Q1-13 weakness; now is not the time for profit taking
Price (GBP) 857.50
Price target (GBP) 940.00
52-week range (GBP) 872.00 - 403.80
Market cap (GBP)(m) 3,498.6
Shares outstanding (m) 413
FTSE 100 INDEX 6,181.0
FYE 9/30 2012A 2013E 2014E
Revenue
(GBPm)
3,854 4,069 4,319
DB PBT (GBPm) 317 354 395
Stated PBT
(GBPm)
317 354 395
DB EPS (GBP) 61.74 67.78 75.55
DPS (GBP) 21.50 22.87 25.49
P/E (DB EPS)(x) 7.5 12.7 11.3
Can upgrades and commentary keep up with the share price?
easyJet reports Q1-13 results on Thursday 24th January. Given meteoric LTM
performance (114%, excluding the dividend), we see the debate as being whether to
take profits or continue to accumulate. We favour the latter. We acknowledge the
potential for profit taking on possible weakness around Q1- 13 due to winter
(conservative) commentary and the likelihood that it is still too early for precise
allocated seating guidance. Yet despite this, the three tenets of our fundamental
buy case remain intact (see below). We are raising our PT to 940p from a FY13
EV/EBITDAR multiple upgrade to 7.7x (the 5 year avg) reflecting a safer, dividend
paying stock with a structurally positive outlook.
What are the potential sources of weakness?
We think any potential short-term pressure may largely be from profit taking rather
than a fundamental change in the equity story. For example we feel there is an
expectation of allocated seating guidance which, in our view, would not yet be
forthcoming. In addition, we acknowledge yields could be weaker than expected as
easyJet is adding (strategic) capacity and winter commentary is typically
conservative. However the fundamental risks to our view are (1) On Time
Performance (OTP) deterioration from allocated seating, (2) an over-sized near term
aircraft order and (3) increased competition from low-cost subsidiaries of network
carriers. And of these, we think only OTP will be addressed at Q1-13. We are
optimistic of stable or only marginally impacted OTP performance.
But the three tenets of our fundamental buy case remain intact
easyJet is a structural winner in our view and we believe the following three factors
will drive commentary and forecasts over the next 12-18 months -
(1) Allocated seating; we think this will deliver high margin, incremental revenues
and, although most of the market has now upgraded forecasts, we still see upside
when easyJet eventually confirms a profit number,
(2) A benign competitive environment; with network carriers re-trenching we see
opportunity for profitable, tier 1 airport market share gains and
(3) Increasing business traffic mix; booking systems will be fully integrated with GDS
platforms from H2-13 and in conjunction with allocated seating we see this driving
more high yielding business traffic to easyJet.
Valuation and Risks
We now value easyJet using a FY13 EV/EBITDAR multiple of 7.7x (previously 6.5x)
which is in-line with the 5 year avg of the stock. (Over the last 5 years the stock has
traded between 4.7x - 9.2x). This has increased our PT to 940. Risks are discussed
in second paragraph (above).
Geof Collyer
(+44) 20 754-75325
geof.collyer@